Now is as good a time as any to take a closer look at the trends that will have a significant impact on the gaming industry this year and in the years ahead. The online gaming sector has grown exponentially over the last two decades, thanks to technological advancements. Despite this, the industry shows no signs of stopping. In 2017, the industry’s entire market value was around $46 billion.
It is expected to reach a remarkable $94 billion by 2024, nearly tripling in size in only seven years. The iGaming industry will be propelled by trends similar to those observed in other sectors of the gaming industry, but with a few significant peculiarities that are unique to this sector. Let’s see which one is the most prevalent. We are witnessing the installation of new gaming regulations across the board. This trend started a few years ago, and even nations that have traditionally been receptive to iGaming operators, like Malta, are debating or passing legislation that would disrupt the industry’s day-to-day operations. Financial regulations will be tightened as a result of the European Organization for Gaming Law’s push for tighter anti-money laundering measures.
The opening of national markets in many countries to operators from other countries will result in more competition and an increase in the cost of doing business. Players are the only ones who stand to benefit from these changes, as they will improve both their safety and the entire atmosphere.
Increasing while retaining the existing player base
It is essential and the single most significant requirement for the continued expansion of the iGaming industry that the total number of players continue their upward trend. This is the most significant obstacle that the majority of operators are currently confronted with and will continue to be confronted with in the not-too-distant future.
Players are notorious for their capriciousness as a result of the intense level of competition, and they have no problem leaving a casino in favor of another establishment that provides greater benefits elsewhere. This results in increased costs, which, when combined with a newly enacted law that places restrictions on advertising, may provide a significant challenge for the vast majority of online casinos. As a direct consequence of this, they will modify the process by which they acquire new players and maintain the players they already have.
A Growing Number of Female Players
Although there are presently a few casinos that cater particularly to women, we believe that the number of such casinos will grow in the coming years. This will have ramifications for many parts of the iGaming industry, including game development. This is already happening in numerous countries, including the United States, where female gamers make for over 40% of the total player count. This will benefit the industry as a whole because of the significant increase in money; nevertheless, casinos will need to shift their focus more toward their new female players and adapt to their needs and preferences.
A Demonstration of Virtual and Augmented Reality Technologies
Virtual reality (VR) and augmented reality (AR) technologies appeared to be on the approach to mainstream acceptance at the start of this decade. This, however, has not been the case. The cost of the necessary equipment for end users is the limiting factor, especially in the case of virtual reality. Even while prices have dropped substantially, a good virtual reality headset might still cost several hundred dollars or more. People shun it because cheaper alternatives cannot possibly deliver the same amount of satisfaction as the original. This, in turn, has an impact on game developers, who, because there isn’t a large enough audience for their games, don’t include it. It is hoped that if the price continues to reduce and more people can afford to buy it, this vicious cycle will be broken, encouraging software developers to create apps for it.
AR is also in a difficult position. Because of the phenomenal popularity of Pokémon Go, it appears like augmented reality is on the cusp of making a breakthrough; yet, those hopes have been disappointed because there have been no follow-up apps that make use of the technology.
Virtual reality (VR) and augmented reality (AR) have enormous potential for use in the game industry, and some industry experts believe that their time has finally come. Despite this, and even though there have been numerous announcements that were very similar in the past, we have opted to maintain our cautious optimism about them.
Sports Betting Online
The worth of the company has exploded ever since the decision of the Supreme Court to overturn the prohibition that the government had placed on betting on sporting events. The overall amount gambled on officially sanctioned sports betting topped $10 billion in 2019, with online wagers accounting for a sizeable portion of that total. In 2019, the total amount wagered on illegal sports betting reached $1.6 billion.
It is not something that online casinos can ignore, especially considering the fact that the vast majority of industry experts predict that the rising trend will continue and even increase over the course of the next few years. Traditional forms of gambling and betting that may be done online are likely going to become more integrated in the not-too-distant future. This is due to the fact that operators are putting in a lot of effort to provide their customers with a more rounded experience and a wider variety of options.
Although this is already the case in Europe, the industry in the United States is just beginning to catch up. Despite this, it is anticipated that the American market will soon become an essential battleground for customers and the bets they place.
The development of information technology has always been one of the most important factors in determining the level of success that the online gaming sector enjoys. Because of this, it should not come as a surprise that industry leaders will continue to look for ways to acquire a competitive advantage in new and developing technologies in the future. It is the only thing that can ensure its continued existence.