Virtual reality continues to be a huge trend among the larger gaming market, with a worth of $7.92 billion in 2021. VR gambling, on the other hand, has been slow on the uptake – but a new study by Technovia reports a billion-dollar valuation by the year 2025.
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VR Gambling Report Findings
The report, published by Technavio, found that the market is currently fragmented with only a few operators providing various options for players. While the VR gambling market is still growing, companies like 888 and Drafting Kings are competing with one another by offering different products.
The study also found that North America is set to be the biggest contributor to the growth of VR gambling. Even though Europe has a more gaming market, Technovia estimates that North America will account for 43% of virtual reality casino growth in the coming years.
It does make sense when you think about it, though. More and more states across America are opening up their online gambling markets and, in those locations, players have been quick to flock to gaming and betting sites. If online gambling expansion continues at the current rate, it won’t take long for the majority of the USA to begin offering online casino products – making it one of the biggest markets in the world.
DraftKings also has a massive foothold in the American gambling market, so far. Since the brand is already working with VR gambling products, this is sure to drive growth in the United States.
Setbacks Affecting VR Gambling
One of the major reasons why VR gambling has been slower to catch on than traditional gaming is the price of equipment. Quality virtual reality headsets tend to cost hundreds of dollars and, even on the lower end of the spectrum, you’re looking at spending over $300.
Gamers who own gaming PCs or consoles already spend hundreds, if not thousands, on their setups. So, what’s another $500 for a VR headset?
Casino players, on the other hand, play on the mobile phones or their home computers. It’s a significant expense to add, when you don’t typically spend much money on gaming equipment.
The Online Gambling Market is Ready
In recent years, innovative software providers have been working with virtual reality products. Evolution Gaming recently released its first VR live casino game, Gonzo’s Treasure Hunt and Slots Million has its own virtual reality casino with dozens of games.
Even poker operators are getting themselves well-positioned to be at the forefront of the virtual reality gambling revolution. PokerStars VR is already a big hit on Steam, proving that there is an appetite for this type of online gaming activity.
The advancement of online poker graphics is also helping operators prepare to launch VR products. Recently, we saw the release of Polker, the first-ever online poker platform to run on Unreal Engine.
If you have a look at the trailer below, you can see how impressive the graphics are. This is definitely the standard that will need to be met by virtual reality gambling operators, and the technology is readily available.
This is an online gaming trend that we’re incredibly excited about, and we can’t wait to see what kind of innovative virtual reality products poker operators come up with.
Have you played VR poker or casino games? Leave a comment and tell us about your experience!