Australia’s gambling industry is a big business. It has proven to be an economic power for the country, generating billions on an annual basis.
It’s not a surprise as the country has a rich gambling culture. It’s been found that almost 80% of adults have participated or played at least one form of activity over a 12-month period. Indeed, with the number of people who engage and the amount that is spent, it’s one of the world’s biggest markets.
However, it appears that it is a market that is only getting bigger and better. There have been several instances where revenue has increased while continual shifts in market trends have forced the industry to adapt and implement new strategies to make sure it remains as attractive as it already is.
Player appeal has not only been generated by a love for games of chance. In fact, there are several aspects that need to be considered. When looking for the best payout online casino, it’s important to consider the overall gaming experience. Elements like whether the site is mobile optimized has become high on the list of priorities and demands for Aussies, as they want to be able to play whenever they can. Other aspects have included safety that is offered, through technological advances and licenses available based on the regulations the industry has.
Indeed, each of these aspects – and more – all play a vital role in helping the industry be a success.
Australia’s Casinos Revenue Figures
As noted, the revenues that have been generated have typically been on the rise. Although there have been some moments in history where they have declined or slowed, most years have seen exponential increases.
According to findings from a study conducted by the Victorian Responsible Gambling Foundation in 2023, the following was obtained:
• Australia’s total gambling expenditure had increased by 13.2% from 2019/20 to 2020/21, going from $21.243 billion to $24.039 billion.
• This number was reflected by the increased expenditure per Australian adult. An increase of 13.2% was also experienced, as they went from spending $1,067.73 to $1,200.22 per year.
There were several instances whereby figures revealed that certain types of games were performing well with punters, with many experiencing an increase:
• Pokies and their physical machines generated a 19.5% increase in revenue as it went from $10.198 billion to $12.182 billion.
• The amount spent on keno increased by 36.8%, rising to $419 million from $306 million.
• Lotteries also saw more being spent on them, as they increased by 8.1%, recording an increased from $2.624 billion to $2.838 billion.
• Sports betting also experienced a rise, as it generated $5.815 billion with $4.567 billion having been spent the year before. This was an increase of 27.3%.
Australia Casino Market Trends
Interestingly, the same report had found that there had been a decrease in the amount of total casino expenditure across the same period. This had dropped by 22.4%, as it went down from $3.514 billion to $2.729 billion. This could be due to the natural increases that have been experienced, or the continued evolution of the market and its ability to meet and satisfy player demands.
Although casinos are finding that they may have to spend less on outgoings, they are still doing a lot of market analysis to ensure they are attracting as many players to join as possible. If they do not keep up with the latest market trends, then they are going to fall behind as the industry is extremely competitive.
Technology will usually play a big role in player behavior and can be a driver for success where online casinos are concerned. Everything is related or connected in some way, which is why it will be the most important facet to keep an eye on.
Operators will use technology in a variety of ways to try and create the best player experiences. They will likely attempt to do this by:
• Artificial intelligence continually advances and is likely to be used to create new gameplay methods, heighten security, and personalize the entire experience a visitor obtains from a site. This may involve bonuses, site layouts, and other customizable aspects.
• New ways in which games can be played to meet the continued demand players have. We could see virtual reality technologies be implemented to create ultra immersive and realistic gaming sessions, which could help the industry to grow.
• New payment methods can be made available. Cryptocurrency is widely adopted across Aus and has been shown to offer benefits that can integrate seamlessly across the iGaming sector.
Expect Australia’s Casino Market To Continue Growing
Australia’s gambling culture makes it an ideal market for the casino industry. It has all of the required conditions and criteria for growth and the evidence suggests that’s what is being achieved.
However, it will be up to the operators to make sure it does. They will need to invest in new technologies and keep on top of the latest market trends. If they don’t, it could be damaging for themselves, let alone the entire industry.
