Industry Trends
The iGaming industry is rapidly evolving to encompass the latest breakthroughs in technology, enhance user experiences and to anticipate regulatory developments. These are some of the current key trends within the industry:
Mobile Technology is driving the growth of iGaming. Smartphones with improved internet access are becoming more popular and the number of mobile devices worldwide is only increasing. This allows iGaming to be more accessible than ever before and has opened up traditional gambling to a new demographic online.
Virtual and Augmented Reality (VR/AR) gambling platforms provide a more immersive and realistic experience, allowing players to step into virtual casinos and interact with the environment and other players. Although still in its early stages, VR/AR gambling is expected to grow as the technology advances and becomes more affordable.
Esports, or Competitive Video Gaming, has gained a massive following worldwide. As a result, online gambling has expanded to include esports betting. Players can now wager on their favourite esports tournaments and matches, similar to traditional sports betting. Esports betting appeals to a younger demographic and has the potential for significant growth in the coming years.
Responsible Gambling Initiatives are being championed by online gambling operators to promote responsible behaviour, such as self-exclusion programs, deposit limits, and responsible gambling tools. Regulators are also implementing stricter regulations to ensure player protection and prevent gambling-related harm.
Artificial Intelligence (AI) technologies are being utilised in various aspects of online gambling. AI algorithms can analyse vast amounts of data to detect patterns, improve fraud detection, and enhance personalised user experiences.
The market is expected to continue to grow steadily. Analysts are predicting that the global online gambling market will exceed $70 billion dollars by 2023. It is a dynamic and evolving sector, driven by technological advancements, changing consumer preferences, and regulatory developments.