The iGaming industry is a rapidly growing and constantly evolving sector worth billions of dollars. It encompasses a wide range of activities, including online casino games, sports betting, online lottery, and newer forms of entertainment such as virtual reality and social casino games.
The industry’s rapid expansion has been fueled by the proliferation of internet access and the increasing popularity of mobile devices, making it easier for people to access and play iGaming activities from anywhere. According to a report by SOS Game, slots are by far the most popular on mobile devices.
Given the size and importance of the iGaming industry, it is crucial to understand where it is headed in the future. This will help players make informed decisions about how to participate in the industry and help policymakers develop effective regulations and protections for players. By staying up-to-date on the latest trends and developments in the iGaming industry, we can all be better prepared for the future. Let’s take a closer look at some of the key trends shaping the direction of the iGaming industry in 2023 and beyond.
Trend 1: Continued growth of mobile gaming
One of the key trends likely to shape the iGaming industry in the coming years is the continued growth of mobile gaming. Mobile gaming refers to using mobile devices, such as smartphones and tablets, to play games. It has become increasingly popular in recent years, thanks to the proliferation of mobile devices and the convenience and accessibility they offer.
Mobile gaming makes up a significant portion of the iGaming industry, and this trend is expected to continue in the coming years. According to a report by Newzoo, the global mobile gaming market is expected to reach $196.4 billion in 2022, up from $127.3 billion in 2018. This represents an annual growth rate of 11.3%, making it one of the fastest-growing segments of the iGaming industry.
There are a few reasons for the continued growth of mobile gaming in the iGaming industry. One is the increasing popularity of mobile devices, which has made it easier for people to access and play games on the go. Another is the wide variety of games available on mobile platforms, which appeal to a wide range of players. Finally, the convenience and accessibility of mobile gaming make it an attractive option for many players.
Trend 2: Expansion of the iGaming market into new regions
Another trend likely to shape the iGaming industry in the coming years is expanding the market into new regions. Currently, online gambling regulation varies widely around the world, with some countries and areas permitting it and others banning it entirely. This can make it challenging for players to find and access legal iGaming options, and it can also impact the growth and development of the industry.
Nonetheless, several countries and regions are considering the potential benefits of regulating and taxing online gambling. This includes countries where online gambling is currently banned and countries that have not yet addressed the issue. By regulating online gambling, these countries and regions could potentially generate new revenue streams, create new jobs, and provide protections for players.
Some of the countries and regions that may begin regulating online gambling in the coming years include:
- India: Online gambling is currently illegal in India, but it is now considering ways to regulate and tax it.
- Japan: While land-based casinos are currently illegal in Japan, the country is considering legalizing online gambling as part of a broader effort to boost tourism.
- Russia: Online gambling is currently banned in Russia, but the country is considering ways to regulate and tax it to generate new revenue.
Trend 3: Increased regulation and oversight of the iGaming industry
As the iGaming industry continues to grow and become more mainstream, there is likely an ongoing trend toward increased regulation and oversight. This trend is essential for some reasons, including the need to protect players, prevent fraud and scams, and ensure that the industry operates fairly and transparently.
Currently, the regulatory frameworks for iGaming vary widely around the world. Some countries and regions have comprehensive regulations in place, while others have no regulations at all. This can impact the protections available to players and the overall integrity of the industry.
In the coming years, there will likely be increased pressure for more robust regulatory frameworks and greater oversight of the iGaming industry. This may include the development of responsible gambling measures, such as age limits and self-exclusion options, as well as stronger player protections, such as guarantees of fair play and the use of trusted payment methods.
Trend 4: Emergence of new technologies and platforms
One key trend likely to shape the iGaming industry in the coming years is the emergence of new technologies and platforms. The iGaming industry is already heavily reliant on technology, with many platforms and technologies used to power online casino games, sports betting, and other forms of iGaming.
Some of the current technologies and platforms that are used in the iGaming industry include:
Web-based platforms: These are accessed through a web browser, such as Chrome or Safari. They are widely used in the iGaming industry and offer a high level of accessibility, as they do not require players to download any special software.
Mobile apps: Many iGaming operators offer mobile apps that players can download to their smartphones or tablets. These apps provide a convenient way for players to access games on the go.
Virtual reality: Virtual reality (VR) technology is used in many iGaming applications, including online casino games and sports betting. VR allows players to experience games in a more immersive way, and it is expected to become more widespread in the industry in the coming years.
In the future, we will likely see the emergence of new technologies and platforms that will further transform the iGaming industry. This could include using artificial intelligence (AI) to power more sophisticated games, developing blockchain-based platforms that offer greater transparency and security, and emerging new virtual reality technologies that provide even more immersive gaming experiences.