According to recent reports the New Zealand gambling market is projected to reach NZ$ 821 million in 2023, with a Compound Annual Growth Rate (CAGR) of 5.4%. This growth can be attributed to several factors including the increasing popularity of online gambling and sports betting platforms, as well as the government’s efforts to regulate and legalize these activities.
Analyzing the profitability of different types of gambling in New Zealand
Different forms of gambling have different levels of risk and reward associated with them. Lotteries, for instance, tend to offer lower payouts when compared to some other gambling games. On the other hand, establishments such as an online casino with NZ dollars (NZD) will offer players a chance to play their favorite games using the local currency. Needless to say, this can be a great advantage. The cost associated with each form of gambling should be considered when assessing its profitability. The cost can include entry fees, taxes, and other expenses related to playing the game. It is important to consider the regulations that are in place for each type of gambling in New Zealand. Different regulations may affect how much money can be won or lost from a particular game and this should be taken into account when assessing its profitability.
How has the growth rate of the New Zealand gambling market changed since 2020?
The New Zealand gambling market has seen a steady growth rate since 2020. According to the latest figures the total gross gambling revenue (GGR) in New Zealand was NZ$2.7 billion in 2020, an increase of 4.3% from 2019. This is mainly attributed to the rise in online gambling activities, which accounted for more than half of the GGR at NZ$1.5 billion. The number of people participating in online gambling activities also increased significantly during this period, with an estimated 1 million people playing online casino games and sports betting in 2020 compared to 800,000 in 2019. The growth rate of the New Zealand gambling market is expected to continue as more people turn to digital platforms for their gaming needs due to convenience and accessibility factors.
What are the most popular gambling activities among Kiwis?
Gambling is an extremely popular pastime among Kiwis. Some of the most popular activities include sports betting, lotteries and pokies. Arguably the most popular among the three is sports betting which is why many Kiwis are placing bets on both local and international sporting events. Lotteries are also very popular in New Zealand, with Lotto NZ offering a range of different games including Powerball and Strike. Pokies are also very popular in New Zealand, with many pubs and clubs offering these machines for players to enjoy. Online gambling has become increasingly popular over recent years as well, with many Kiwis taking advantage of the convenience that online casinos offer.
How will the expansion of casino resorts impact the New Zealand gambling market?
The expansion of casino resorts in New Zealand is expected to have a significant impact on the gambling market. The increased availability of gaming options should – and most probably will – lead to a significant increase in the number of people who gamble, as well as an increase in the amount of money spent on gambling activities. This could result in more revenue for the government, as well as more jobs and economic growth. Additionally, it could also lead to an increase in tourism, which would be beneficial for local businesses and communities. However, there are some potential drawbacks that should be considered when evaluating the impact of casino resorts on the New Zealand gambling market. For example, there may be an increase in problem gambling due to easier access to casinos and other forms of gambling. There may also be a rise in crime associated with casinos and other forms of gambling activity.
In conclusion, the New Zealand gambling market is expected to continue growing in the upcoming years due to increased consumer demand and technological advancements.