Virtual reality (VR) gambling wagers are set to rise 800 percent in the next five years driven by "high rollers" using the technology, according to a new report released on Monday.

The total amount of bets from VR gambling will grow from just over $58.5 million this year, to just under $520 million by 2021, Juniper Research said in a study.

Technology giants from Samsung to Facebook are all betting that VR will take off with consumers. Juniper is forecasting that VR gambling deployments will revolve around putting the player in an immersive casino experience.