Amusements Market - Unpredictable Weather Conditions To Restrain The Current Industry

The global amusements market reached a value of nearly $511.3 billion in 2018, having grown at a compound annual growth rate (CAGR) of 4.5% since 2014 and is expected to grow at a CAGR of 6.3% to nearly $652.6 billion by 2022.

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Growth in the historic period resulted from the growth in the experience economy, favorable visa policies and initiatives, growth in emerging markets, rapid urbanization, the rise in mobile gambling, and increased number of female gamblers. Factors that negatively affected growth in the historic period were high tax rates on casinos, and unpredictable weather conditions. Going forward, legalization of gambling, global economic growth, increasing use of social media, and changing consumer gambling habits will drive growth. Factors that could hinder the growth of the amusements market in the future include stringent government regulations on gambling, and demographic changes.

Rise In Mobile Gambling –The rise in mobile gambling positively impacted the growth of the amusements market. Mobile is a predominant part of lifestyles and most games which feature on online casinos can be easily downloaded via an app on smartphones, and the players can get an enhanced gaming experience. Mobile gambling is fast, convenient and provides easy access to the games.

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Weather Conditions – Unpredictable weather conditions in the western countries and frequent storms and hurricanes compelled amusement parks and gambling centers to remain closed. Strong winds along with heavy rains affected normal lives frequently during the historic period. These weather conditions damaged the equipment in amusement parks compelling them to shut down for safety reasons or repair works, leading to a slow growth in the market.

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