Slots were introduced to the casino world more than 100 years ago and were an instant hit on the market. However, the real growth of the popularity of slots started two decades ago with the digitalization of the industry.
Nowadays, the online slot market is growing rapidly thanks to availability, fewer restrictions, and the entertaining nature of the games.
Slot games are now a must-have at every casino, just because the majority of people love to play these simple games. Although the market share of slots is the highest its ever been valued at 2890.2 million in 2019, it is still expected to increase by 8.91 billion from 2020 to 2025, with a market growth momentum accelerating at a CAGR of 12.14%.
Even though slot games are very popular at the moment, they still have a small market share of around 2% of the entire global casino market.
Obviously, slot games play a major role in the casino space, especially in the online gambling sector, as you can see by the example of 1Good.Bet. This is why we decided to dig deeper into the data and find out what are the slot key drivers or trends that shift the market in a forward motion.
Slot Machine Key Market Drivers
The exponential growth of vendor involvement in the market is the main driving factor for the growth of the slot market. There is also a rise in the number of casinos providing ample opportunities for vendors in the market by delivering casino-related products and solutions.
Additionally, another important driver to consider is the online gambling market where slots apply their dominance. Thanks to the many software development companies, slot games became more entertaining, versatile, and feature a new concept of games that players love.
On top of that, software developing companies are creating new slot games every day, which helps increase the market share of slots. By introducing new variants with different style, slot games are now more appealing to a wider audience which also increase sales.
Slot Market Trends
All the technological advancements that support the digital slot market are the main thing that pushes the growth of the slot market. Electronic gaming machines are now more user-friendly and they can be easily upgraded in land-based casinos making them more entertaining over a long period of time.
Additionally, the online slot industry is another key market trend that will support the growth of slots in the future as games become more focused on user experience rather than on the concept of making money.
Also, the introduction of new technologies is another driving factor for the growth of the slot market. For instance, the ability to choose different payment options from standard FIAT money to Cryptocurrencies makes slot games more versatile and therefore more attractive to a wider audience.
Slot Market Challenges
The digital gambling space strapped a rocket ship on the back of the gambling industry helping it reach never-before-seen market growth. However, there are some challenges ahead that might disrupt the growth of the online gambling industry, specifically online slots.
With the rising number of fraud cases in the digital gambling world, the slot market will face a challenge that will test the beliefs of the people in the market. Cyber attacks and privacy security pose a serious threat to the online slot market, which may drain significant betting volumes as people avoid such markets.
However, this challenge can be easily managed as big casino websites are already working on improving their security. Additionally, working on the education of the public can also help prevent such negative feedback about the online gambling industry.
It is impossible to get rid of all the fraud and scams when it comes to the online gambling industry, which is why public education can help people notice such shady activities and avoid them.
The slot industry is growing every day and this trend will continue at least for a couple of years. With the introduction of new technology such as Virtual Reality gambling and gambling in the Metaverse, the slot industry might reach its highest market share yet.