The Social Casino Market Is Growing, Boosted By Smartphone Usage
It’s anticipated that the worldwide social casino market will grow from $6.84 billion in 2022 to $7.40 billion in 2023. This represents a compound annual growth rate (CAGR) of 8.2%. Further growth is expected at a CAGR of 8.1%, resulting in a value of $10.10 billion in 2027.
Aug 31, 20236.8K Shares132.6K Views
It’s anticipated that the worldwide social casino market will grow from $6.84 billion in 2022 to $7.40 billion in 2023. This represents a compound annual growth rate (CAGR) of 8.2%. Further growth is expected at a CAGR of 8.1%, resulting in a value of $10.10 billion in 2027.
The increasing number of smartphones in the world is helping to propel social casinos forward. This is because using a mobile device gives people easy access to social casino games from any location with Internet access at any time of day. In addition, using the latest smartphone tech allows top players in the social casino market, like Zynga Inc., International Game Technology, Scientific Games Corporation, and Caesars Entertainment to enhance gaming performance by providing better graphics and high-end specifications.
What Are Social Casinos?
Playing at a social casino, often referred to as an online sweepstake casino, is an alternative to typical online casino play. These casinos provide free games that are similar in appearance and origin to traditional casino games.
However, players do not use real money to access the games. Instead, they play using virtual coins. So, there is less financial risk attached to social casino play.
How Mobile Phone Usage Is Promoting The Growth Of Social Casinos
As we mentioned earlier, smartphone tech boosts the performance of social casino games. The more this performance improves, the more people are likely to play the games. Of course, they can only do this if they have access to a smartphone. So, it follows that smartphone penetration is linked to social casino growth.
Globally, smartphone penetration grew to around 68% in 2022. This figure is based on estimates suggesting there are around 6.3 million smartphone subscriptions worldwide and a global population of approximately 7.4 billion. In North America, the largest social casino market in the world, smartphone penetration is higher. For example, research suggests that 85% of Americansown a smartphone.
As 5G continues to take off globally, it will enhance the mobile experience in North America, where almost two-thirds of mobile connections are expected to use 5G by 2025. The improved experience is likely to further increase the use of smartphones and will have a positive impact on social casino usage.
Product Innovation Also Vital To Social Casino Growth
In addition to increased smartphone penetration, product innovation is integral to boosting the social casino market. So, major players in the industry are concentrating on creating fresh and exciting products in order to increase their share of the market.
The relevance of smartphones and innovation in the social casino market combined in October 2021 when Scopely Inc. acquired GSN Gamesfrom Sony Pictures Entertainment. Scopely Inc. is a premier mobile-first game developer and publisher, and GSN Games is a renowned provider of cross-platform entertainment, such as social casino games. So, the $1 billion acquisition is good news for Scopely Inc. as it strengthens the company’s ability to create innovative games that engage players in the long term.
As the social casino industry continues to thrive, developments like this are likely to become more common, with developers and mobile-first tech combining to enhance the player experience.
Hajra Shannon
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Hajra Shannona is a highly experienced journalist with over 9 years of expertise in news writing, investigative reporting, and political analysis.
She holds a Bachelor's degree in Journalism from Columbia University and has contributed to reputable publications focusing on global affairs, human rights, and environmental sustainability.
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