With this decade ushering in the age of the “blockbuster” video game, where console game releases regularly generate more than eight or nine figures in revenues, you’d think console gaming would have it in the bag.
However, this is not the case. While the console gaming market represents around $67 billion out of the $137 billion global gaming market, online casino gaming is set to be worth a staggering $73.4 billion by 2024.
This puts casinos on track to eclipse console gaming completely in just a few short years, representing nothing short of a revolution within the entertainment industry. If you’re wondering how such an unprecedented trend came to be, read on to find out.
Such astonishing growth in such a short period of time can only be achieved through maximum accessibility. Part of online casino gaming’s appeal over more traditional console gaming is that players don’t need to invest several hundred dollars in a console and then commit to it for eternity. Anyone with an internet connection and a smartphone or laptop can enjoy full access to every type of casino game, from the most basic slots to the most advanced VR live blackjack games. The snowballing globalization of the industry also means that people in pretty much every corner of the globe have access to every casino game available, which is a far cry from the current global availability on console gaming.
Simply put, accessing and playing your favorite online casino games can work out a lot cheaper in both the short and long-term than playing console games. The average console game costs considerably north of $70, with prices continuing to rise at a rate that is outstripping inflation. Casino gaming, on the other hand, can be enjoyed completely for free, with the best online casinos offering new players hundreds of dollars’ worth of free slot spins and poker games in exchange for nothing at all. One could simply move between different casinos and play real-money games for years without having to spend a penny.
Sure, there is no shortage of hyped-up console releases throughout the calendar year. However, this doesn’t even begin to compare with the vast array of online casino games that are regularly released. Anyone with an online casino account can instantly play hundreds of different games, whilst hundreds more are usually being released in the background. Console gamers, on the other hand, have to wait patiently for months, if not years, for their favorite sequel to hit the shelves. Online casino players simply enjoy a much greater degree of variety and output than console players do.
While casino gaming pre-dates console gaming by a considerable margin, the online casino devs are never ones to shy away from technological change. While Xbox players are dealing with the same controller system they’ve been using for over a decade, online casinos are busy furiously experimenting with virtual reality, cryptocurrency payments, augmented reality and live-stream gaming. These are all areas which are growing in popularity, yet remain a niche within the console industry. It’s casino gaming’s innovation which is pushing them past the console giants in the global league tables.
Once casino gaming has definitively surpassed the console gaming sector in terms of market size, there’s no indication that the latter will ever catch up again. The next few years will certainly be interesting for anyone watching the gaming industry.