A recent study by Technavio research shows that Virtual Reality gambling is on the rise. By the end of 2025, it could be a $1.74 billion industry.
The forecast compound annual growth rate for the Virtual Reality segment in online gambling is an astonishing 53.13% for the period from 2020 to 2025. This positive impact is due to various factors, including the aftermath of COVID-19 closures at land-based facilities.
While more platform providers offer VR experiences to punters, this segment of remote gambling has its drawbacks. The high cost attached to this type of equipment means it is not within the means of all players, although the best casinos have the games available. According to the study, the largest percentage of growth will come from North America, the UK, and China.
Technavio reasons that the market growth for this segment is limited by the initial expense these digital tools demand. They believe that only early adopters and innovators see the need to invest in this niche. The report predicts that the rest of consumers will only adopt the technology once prices for VR sets drop significantly.
Why Could Gambling Be a Virtual Reality Niche?
VR is a known tool in gaming where virtual worlds transport players to unthinkable destinations and allow them to create their own realities. But how does this experience fit into online gambling and where is the growth surge coming from?
Technavio focused on post-pandemic statistics to show how the igaming industry adapts to meet the changing needs of consumers. Gamblers, on the other hand, discovered how satisfying online betting can be. The sky-high turnover for the past two years shows how online platforms burst out of their seams. The VR gambling segment alone showed an increase of 32.17% for 2021 compared to the previous period.
Although many brick-and-mortar casinos opened their doors last year after extended closures due to lockdowns, many punters remain within the igaming sector. This is where a virtual gambling world is a game-changer. Punters seek more authentic online gambling experiences and platforms do this through live dealer games, 3D graphics, and VR-powered gaming.
Through these types of offerings, online casinos make it possible for players to experience what they used to see, feel, and hear in land-based facilities from the comfort of their location of choice.
Punters have the opportunity to sit in a virtual casino, as the avatar of their choice and play games with hundreds of other punters from around the world. This allows platform providers to create unparalleled casinos with extraordinary designs where their guest’s imagination can take flight.
VR Gaming and the Future
VR innovation used to be something we saw in futuristic movies, but the tech company Oculus Rift developed the hardware and technology for an actual device which is now owned by Mark Zuckerberg. The owner of Meta, previously known as Facebook, acquired the Oculus technology company in 2014 for a mind-boggling $3 billion. Following the launch of the Oculus Rift VR headset in 2016, a few more brands released their head-mounted VR devices.
Today, punters can experience the most immersive VR gambling at leading platform providers, including 888 Holdings, Kindred Group casinos, Evolution Gaming casinos, and other leading brands. Players can interact with the live dealers and other gamblers while enjoying an experience much like the real deal.
Zuckerberg also announced their investment and plans for the development of the Metaverse, a virtual world that will replace the internet if all goes to plan. Here, gamblers could travel to many locations in their VR world that engage their senses and allow for unsurpassed interactive play.
Travel Without Leaving Your Couch
VR technology may be unknown to some people, but it has been part of modern technology for a few years already. As it becomes more attainable to consumers and with the Metaverse on the rise, a virtual future is inevitable.
Gambling anywhere in the world from the comfort of your couch will be the new normal. The question is whether land-based casinos will fall by the wayside or whether they will adapt and find a way to attract modern punters to their brick and mortar facilities.