The Australian casino industry has come a long way. Currently, the sector’s experts claim it is in a state of continual growth. However, the growth process has experienced various ups and downs caused by external factors and industrial dynamism.
The online casino sector has contributed massively to developing the casino industry in Australia. For instance, Australian online casino Joe Fortune and other online casinos are more popular than their land-based counterparts. This piece looks at the development of the casino industry in the country.
Current State of the Casino Industry in Australia
According to reports, the Australian casino market size is $3.8 billion in 2022. Additionally, the market size is projected to grow by 8.6% this year. Interestingly, this growth is a decline from the 9.9% average annual growth between 2017 and 2022.
Nonetheless, the industry is on an upward trend, and many have started calling Australia a gambler’s haven. Reports suggest that three out of four Australians participate in gambling regularly. Popular gambling activities include wagering on online slots and also visiting physical casinos.
According to the AGC Guide, the country has over 200 000 gaming machines. On the other hand, Statista claims that the Australian government collected about $590 million from casinos and gaming establishments in 2020 from tourists.
Online Casinos vs. Land-Based Casinos
The popularity of casino gaming in Australia means that any new operators joining the sector have a high probability of thriving. Australians also love sports betting and any platform that allows them to wager on sports. The most popular sport they wager on is horse racing.
Casino gambling is available online and offline. The first brick-and-mortar casino opened its doors in 1993 in Tasmania. Since then, the casino has continued to grow, making it a billion-dollar industry. The initial casinos adopted the British-club style before American-style casinos replaced them.
Apart from the official casino establishments in urban areas, you can also wager on the on-field sites. However, online gambling establishments generate more profits than their brick-and-mortar counterparts.
Online gambling includes lotteries, poker, sports betting, and slots. These options generate 75% of the total revenues the industry generates. Moreover, players outside Australia can place bets on Australian online casinos. This could explain why the online casino sector generates massive income.
Contribution to the Economy
Physical casino establishments provide unmatched opportunities for the resurgence of many urban areas. Most of these casinos promote tourism in the areas they operate. This trend has been prevalent as tourists frequently visit the country to gamble. Reports suggest tourists spend around $4 900 during their trips.
Additionally, millions of people are wagering in the country, helping the industry create many job opportunities. For example, casino establishments include shops, hotels, and restaurants. These supporting businesses have created many job opportunities for locals and generated more revenue for the cities.
Also, online casinos usually generate more income, contributing to the government’s budget. The revenue comes from taxation, which the casinos submit, and license fees. Additionally, the industry’s taxation is high to help control the harmful effects of gambling, such as addiction.
Sports betting is popular among casino gamblers in Australia. Popular sports include horse racing, football, and eSports. Horse racing is particularly popular in the country since it hosts some of the best horse races in the world.
On the other hand, some popular online casino games are slots, poker, baccarat, and Blackjack. Additionally, live casino games have also become prevalent in Australian online casinos. With so many options on the table, consider reading some casino tips before you start playing.
Regarding gaming devices, Australians access casinos using desktops and mobile devices. However, mobile gaming seems to be more prevalent. Crypto casinos are also becoming commonplace in the Australian market. More casinos are embracing cryptos like Bitcoin and Ethereum on their platforms.
The casino industry has grown significantly in Australia in the last decade. Experts project that the industry will reach even greater heights in the future.