A multibillion-dollar industry

Whether you’ve been gaming since you were old enough to pick up a console or you’ve only just ventured into this ever-evolving world, you probably know that gaming can cost you more than just your time.

In 2022 alone it brought in an estimated $347bn in revenue

On a worldwide scale, the gaming industry is extremely profitable. In 2022 alone it brought in an estimated $347bn in revenue – that’s almost double the amount it generated in 2017. And with the interest in gaming not expected to die down anytime soon, revenue is predicted to rise by another $136.8bn over the next five years (a 35% increase).

Those are some pretty huge numbers. But what do they mean for the average gamer’s wallet? To find out the true cost of being a gamer in 2023 and beyond, VegasSlotsOnline has taken a look at the cost of some of the most popular consoles, games, and accessories on the market today.

The cost of being a gamer per console

Your gaming habits will come with a different price tag depending on which console you use, so we’ve done the maths to determine which popular consoles are the most expensive to be a gamer on per year – and which are the least.

These costs factor in the cost of additional gaming equipment, like a gaming chair and controllers, as well as the cost of video games, subscriptions, internet access, and energy use.

We’ve also included the price of the console at release and gaming equipment in our yearly cost calculations, but bear in mind that most people tend to own them for at least a few years before upgrading or switching to new ones. This means that after the first year, the annual cost of gaming would include everything except the price of the console and gaming equipment.

1.    PC

• Average cost of a PC at release: £1,149.05
• Cost of a monthly gaming membership: N/A
• Average cost of additional gaming equipment: £501.35
• Average cost of a PC game: £36.42
• Average number of PC games bought per year: 11
• Monthly cost of internet: £30.19
• Monthly energy cost: £3.86
• Total cost for a year: £2,459.63
• Total cost for a year without a PC and gaming equipment: £809.23

PC gaming has been around for a very long time. In fact, Space War – which is considered the first PC game ever made – came out over 60 years ago in 1962.

the average annual cost of gaming on a PC totals £2,459.63 ($3,220)

These days, PC gaming looks completely different – and it’ll cost you a lot more, too. According to our calculations, the average annual cost of gaming on a PC totals £2,459.63 ($3,220), making it the most expensive gaming method on the list. This cost works out as 6.2% of the average annual salary in the UK, which is a pretty big amount.

This does also include the cost of buying a PC, however, so if you already own one you’re looking at a cheaper price of £809 ($1,059) per year.

2.   PS5

• Cost of console at release: £350.73
• Cost of a monthly gaming membership: £7.80
• Average cost of additional gaming equipment: £389.57
• Average cost of a video game: £42.99
• Average number of video games bought per year: 8.8
• Monthly cost of internet: £30.19
• Monthly energy cost: £1.96
• Total cost for a year: £1,596.34
• Total cost for a year without console: £856.03

The very first PlayStation console came out in December 1994, beginning a long journey of success for this beloved brand. Sony is now onto its fifth generation of PlayStation consoles, with the PS5 hitting the shelves in 2020.

Gamers who use the latest PlayStation console can expect to pay an average of £1,596.34 ($2,090) per year, which is 2.9%   of the average annual salary. If you don’t include the cost of the console and gaming equipment, this works out at a slightly cheaper £856 ($1,121) per year.

3.   PS4

• Cost of console at release: £311.67
• Cost of a monthly gaming membership: £7.80
• Average cost of additional gaming equipment: £344.57
• Average cost of a video game: £19.59
• Average number of video games bought per year: 8.8
• Monthly cost of internet: £30.19
• Monthly energy cost: £1.16
• Total cost for a year: £1,297.70
• Total cost for a year without console: £641.45

The predecessor to the PS5 greeted the world in 2013, and became PlayStation’s second-best-selling console after the PS2.

anyone still favoring the PS4 will spend an average of £1,297.70 ($1,699) per year

Many avid Playstation fans may have upgraded to the PS5 by now, but anyone still favoring the PS4 will spend an average of £1,297.70 ($1,699) per year on their gaming habit (or just £641 ($839) if you take off the cost to buy the console and equipment). That’s 2.6% of the average yearly salary.

4.   Xbox One

• Cost of console at release: £389.79
• Cost of a monthly gaming membership: £7.80
• Average cost of additional gaming equipment: £244.56
• Average cost of a video game: £28.79
• Average number of video games bought per year: 6.6
• Monthly cost of internet: £30.19
• Monthly energy cost: £0.60
• Total cost for a year: £1,286.05
• Total cost for a year without console: £651.70

Xbox is another gaming giant that even the uninitiated will recognize. The first Xbox console came out in 2002, with the Xbox One following as the third installment over a decade later in 2013.

The Xbox One has since been followed by a fourth generation of consoles (the Xbox Series X and Xbox Series S), but plenty of gamers still rely on the Xbox One to meet their needs. According to our calculations, these gamers pay an average of £1,286.05 ($1,683) per year including the cost of buying the console and equipment (2.5% of the average salary), or £652 ($853) not including them.

5.   Xbox Series X and Xbox Series S

• Cost of console at release: £311.67
• Cost of a monthly gaming membership: £7.80
• Average cost of additional gaming equipment: £244.56
• Average cost of a video game: £28.79
• Average number of video games bought per year: 6.6
• Monthly cost of internet: £30.19
• Monthly energy cost: £1.48 for Series X / £0.71 for Series S
• Total cost for a year: £1,218.49 for Series X / £1,209.25 for Series S
• Total cost for a year without console: £662.26 for Series X / £653.02 for Series S

The Xbox Series X and Xbox Series S were released simultaneously in November 2020, the same month as the PS5. Both consoles operate fairly similarly (and therefore incur similar costs), with the only real difference being the Series X has more powerful graphics hardware designed for higher-resolution games.

an average of £1,209.25 ($1,583) per year for the Series S

All in all, gaming with either console will cost players a similar amount: an average of £1,218.49 ($1,595) per year for the Series X, and an average of £1,209.25 ($1,583) per year for the Series S.

These costs equate to 2.2% of the average annual salary.

6.   Nintendo Switch

• Cost of console at release: £233.56
• Cost of a monthly gaming membership: £3.12
• Average cost of additional gaming equipment: £185.63
• Average cost of a video game: £39.29
• Average number of video games bought per year: 7.4
• Monthly cost of internet: £30.19
• Monthly energy cost: £0.06
• Total cost for a year: £1,110.33
• Total cost for a year without console: £691.15

The gaming world welcomed the Nintendo Switch in March 2017, just over six years ago. Since then it’s racked up over 125 million sales, rapidly becoming the third-best-selling console of all time.

It’s also the only portable console on our list – as well as the cheapest. Switch gamers will pay an average of £1,110.33 ($1,454) per year on their hobby (which is 1.7% of the average salary), or an even cheaper £691 ($905) if you leave out the cost of the console and gaming equipment.

strong line-up of incredible games – including the popular Animal Crossing: New Horizons

The Switch’s cheaper cost might have something to do with its mind-blowing success. But that could also be down to the simplicity of its handheld design, and its strong line-up of incredible games – including the popular Animal Crossing: New Horizons, multiple Pokemon games, and the newly-released The Legend of Zelda: Tears of the Kingdom.

H3: The consoles with the cheapest electricity costs 

Some consoles use less energy than others, meaning you can save on electricity costs by making them your go-to for gaming.

Topping the list is the Nintendo Switch, with a brilliantly low monthly expense of just 6p (8c). This makes it an excellent choice for budget or eco-conscious gamers who want to minimize energy consumption without sacrificing the joy of gaming.

Meanwhile, PC gaming is on the other end of the spectrum with £3.86 ($5.05) in energy bills per month.

The lifetime cost of being a gamer

We’ve taken a look at how much the average gamer spends per year – but how do these costs add up over their lifetime?

To find out, we took the average age Brits start gaming (16 years old) and the current life expectancy (80 years old), which leaves us with 64 years of potential gaming time. We then multiplied annual costs by 64, factoring in inflation.

And since gamers tend to own their consoles and gaming equipment for an average of six years before switching to a new one, we also added the cost of a new console and equipment every six years.

PC players will rack up the biggest gaming bills of all

Our calculations revealed that the average lifetime cost of being a gamer adds up to a hefty £108,201 ($141,694). PC players will rack up the biggest gaming bills of all at an average of £140,557 ($184,066), while those sticking to the Xbox Series S will actually spend the least at £96,856 ($126,837) on average.

How to be a money-savvy gamer

Now that we’ve determined how much it can cost you to be a gamer, not everyone has over £1,000 ($1,309) to spend each year. So here are some tips to saving a little while not having to give up this hobby.

1. Take advantage of sales

Stay up-to-date with daily deals on services like Steam, where you can find games at incredibly low prices. Take advantage of these sales to expand your gaming library without straining your budget.

2. Buy second-hand

Browse platforms like CeX, eBay, and GameStop for second-hand games or consoles. By opting for pre-owned products, you can often snag great deals and significant savings.

3. Use price comparison sites

Monitor price drops on pre-orders by using price comparison tools or websites. This way, you can be informed about any discounts or promotions and secure the best deal.

4. Be patient     

If you’re trying to save money as a gamer, patience is key. Game prices tend to drop dramatically after about a year, so you could save a substantial amount by waiting a little longer.

5. Use a subscription service

Consider using subscription services like Xbox Games Pass or PS Plus Premium, which offer cost-effective ways to enjoy a huge range of games. For example, Xbox Games Pass allows you to access a wide range of games for just £1 ($1.31) during your first month, while PS Plus Premium often offers free trials or adds new games to their service after a year.

By following these tips, you can maximize your gaming budget and ensure that your love for gaming doesn’t strain your financial resources. Happy gaming and happy saving!

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Methodology & sources

To find out the cost of being a gamer per console, we analyzed the costs associated with playing some of the most popular video game consoles on the market in the UK. The factors we considered were:

Based on these costs, we then calculated the average annual cost of gaming with each console. The cost of the console at release and gaming equipment were included in the initial yearly cost, but this would only apply to the first year as most gamers own their console(s) and equipment for multiple years before buying new ones.

To find out the lifetime cost of being a gamer, we calculated the possible number of years a gamer could play (based on the average age Brits start playing video games (16) and the average life expectancy (80). We then used this information to calculate the cost over a lifetime, factoring in the average lifespan of a console (6 years), and the Bank of England inflation rate.

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• Source: https://www.vegasslotsonline.com/news/2023/07/13/vegasslotsonline-reveals-the-true-cost-of-being-a-gamer/