Global Slot Machine Market To Grow By $8.9B
The slots gaming market should see $8.91 billion in growth by 2025, according to a new study done by Technavio.
Technavio, a respected global technology research and advisory company, has cited that the growth in the slots market “will be driven by the growing vendor involvement" in the industry. Beyond this, the existing vendors are offering new and innovative products to attract new customers.
Throughout a 120-page report, Technavio’s findings also account for external variables that could influence the parent market growth, also known as the global casinos and gaming market.
On top of the $8.91 billion in growth from now through 2025, Technavio also finds that the year-over-year growth is at 9.07%, and the compound annual growth rate is accelerating at 12.41%.
According to Investopedia, the compound annual growth rate is defined as “the rate of return (RoR) that would be required for an investment to grow from its beginning balance to its ending balance."
The regions and countries used to collect this data were the United Kingdom, Italy, France, United States, China, South America, and MEA.
Throughout these areas, Technavio comprised a list of the key vendors:
- AMATIC Industries GmbH
- APEX pro gaming AS
- APOLLO SOFT s.r.o.
- Aristocrat Leisure Ltd.
- Eclipse Gaming Systems LLC
- International Game Technology plc
- KONAMI HOLDINGS CORP.
- NOVOMATIC AG, Scientific Games Corp.
- Universal Entertainment Corp.
Upon listing these key vendors, Technavio cited some of the key offerings for some of these vendors:
- Amatic Industries GmbH - CX 30 upright slot machines for games.
- APEX pro gaming AS - Slot machines under the brand name Pinnacle and Apex.
- APOLLO SOFT s.r.o. - Gaming solutions that can play in slot machines.
In total, Technavio found that the UK, Italy, and France will account for 35% of the market’s growth from now until 2025. After that, however, the market growth rate will be slower. The reason for this is that the regulations and the changes throughout Europe will be the deciding factor in what will drive slot machine growth throughout this forecast period.
United States Online Slots Casino Market
Though a lot of the growth will come from overseas markets, the U.S. is also helping fuel the growth. Online slots are very popular, as they are offered in New Jersey, Pennsylvania, West Virginia, Michigan, and Connecticut. More states are expected to follow.
In New Jersey, the leading internet slots market in the U.S., the Garden State industry saw $1.33 billion in online casino revenue in 2021, the bulk of which was from online slots. Michigan and Pennsylvania had similar numbers.
Online casinos first came to the United States in 2013, launching in New Jersey. Since then, the United States has been relatively slow in legalizing online casino play some inaction in state legislatures.
Prior to the 1991 Professional and Amateur Sports Protection Act (PASPA) being overturned in May 2018, few states pushed to legalize online casino play. Once PASPA was overturned, though, and online sportsbooks started opening across the country, these online sportsbooks also made a push for online casinos and launched them after the online sportsbook.
Still, to this day, online casino slots are only legal in a handful of states.
Here is a complete list of all of the states that offer online slots games:
- New Jersey: Launched in November 2013.
- Pennsylvania: Legalized in October 2017 but did not launch until July 2019.
- Michigan: Legalized in December 2019.
- West Virginia: Legalized on May 27, 2019 and launched on July 15, 2020.
- Connecticut: Legalized and live on October 19, 2021.
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