Virtual reality gambling will grow from its current market share of about $60 million to $600 million within the next 5 years as virtual reality platforms like Oculus Rift and Gear VR improve. In recent years virtual reality has come back into the spotlight as advances in technology have led to a new generation of virtual reality technology. Gone are the days of the rather cheap and flimsy headsets seen in the 90s. Today’s virtual reality headsets offer high resolution graphics, superior vision, and reasonable prices to offer a much more immersive experience for a wide audience. One industry in particular that will experience the virtual reality revolution is gambling.
While it might seem odd that gambling companies are looking to capitalize on the virtual reality trend there are some good reasons for casinos to consider it. Today’s youngest players are generally not interest in visiting casinos in person and would prefer to play online. This lack of interest in physical casinos presents a serious problem for the future of major gambling hubs like Las Vegas and Atlantic City. To solve this problem many casinos are turning to virtual reality to give younger consumers an experience similar to the console games they grew up playing. In a similar vein to casinos that are now offering games similar to popular mobile games like Angry Birds and Candy Crush Saga, there are now casinos aiming to ape home console entertainment.
Currently virtual reality casinos are in an infantile stage with only a few companies offering anything. An example of what’s currently available in the market is Jack’s World. Evolving from its predecessor Jack and the Beanstalk this VR offering delivers with its cutting edge 3D graphics and surround sound. The current market aims to offer something as close to going into an actual casino as possible. As the market evolves and technology allows for a better experience this will turn into something even more engrossing than what’s currently available on the market. The potential for VR is so great that hedge funds such as Goldman Sachs are already beginning to make predictions about the future of the VR Market and the role online casinos will play.
If we take the predictions of Goldman Sachs as truth VR is expected to exceed the revenue of TVs within the next ten years. When you add the value of the VR software itself the addition of the $72 billion brings VR profits up to $182 billion dollars. The profits that VR can generate are immense, but there are drawbacks. Currently only 35% of Americans are aware of what the Occulus