iGaming market growth
The global iGaming market may grow to $104.5 billion by 2028, exceeding the $81.09 billion estimate expected by 2024. This is expected to mark significant progress from the $20.7 billion recorded in 2017. The number of players is predicted to reach 593 million, up from 454 million in 2017, which could significantly impact revenue and customer satisfaction. The number of female players and revenue from mobile games are also expected to increase in this market.
Continuing growth of the virtual reality tech
Technology has always played a key role in the development of the gaming industry, and virtual reality is considered one of the latest and most important innovative steps to improve the experience of players. Online casinos and sports betting platforms are actively adopting VR technologies to provide their players with a more immersive and realistic gaming experience.
Thanks to VR, players will be able to immerse themselves in a virtual casino or stadium as if they were right where it all happens. They are able to interact with other players and characters, creating a realistic impression of the environment. This high level of immersion undoubtedly enhances the gaming experience and makes the gameplay more intense.
VR technology will continue to develop and start getting more accessible. The world’s first VR headset with a built-in computer is expected to be released next year. These innovations will lead to an increase in the number of users of VR headsets and an increase in the time people spend in the world of virtual reality while playing games.
VR headset market. According to IDC, the global VR headset market is expected to reach $18.8 billion by 2026, indicating a growing user base for VR experiences.
Social VR casinos. Platforms such as VR Chat are already offering virtual casino experiences, demonstrating the potential for social interaction and shared experiences in a VR gaming environment.
Wider use of blockchain technology
As the online gambling industry continues to grow, so does the need for increased transaction security and transparency. The Entertainment Software Association estimates that 64% of adults in the United States play video games every day. All these people need secure transactions. Blockchain technology offers a solution to this problem as it offers a secure and transparent way to make payments within games. Video games that include elements that use blockchain technology based on cryptography are known as “blockchain games” (also known as “NFT games” or “crypto games”). Many AAA publishers want to use so-called “play2earn” games, which allow players to earn Bitcoin through games. There are plenty of play2earn games available, with new games like Alien World and The Sandbox springing up every week.
The use of blockchain technology in online gambling transactions increases the level of security by ensuring a secure record and traceability of all transactions, making it easier to identify and prosecute those involved in illegal activities.
The transparency provided by blockchain technology will also benefit online gaming payment services. Since all transactions are recorded on a public ledger, it will be much more difficult for casinos and other gambling providers to commit fraudulent activities. This helps create a fairer environment for everyone involved and ultimately promotes a fairer and more transparent industry.
The use of blockchain technology when processing payments in online games increases the level of security and transparency. This creates a safer and more secure environment for everyone involved and ultimately promotes a fairer and more transparent industry.
Adoption Rate: TripleA’s 2023 study found that 40% of online players are interested in using cryptocurrency for gambling, highlighting its growing acceptance in the iGaming industry.
Smart Contracts: Smart contracts can automate game logic and payouts, increasing transparency and trust in game outcomes.
NFTs in Games: Non-fungible tokens (NFTs) open up new ownership and monetization opportunities in games, allowing players to buy and sell unique digital assets.
Continued growth of the mobile gaming market
Of course, mobile gaming is booming, with more people turning to their smartphones and tablets to visit online casinos and sports betting platforms. This trend will continue as the convenience and accessibility of mobile games attracts players of all ages and social groups. Some gambling statistics indicate that about 26% of the world’s population is addicted to this type of game.
For the future of online gaming, this means expecting even stronger growth in the mobile segment. About 31% of parents say their children are most interested in the mobile game Fortnite. This could lead to the development of more specialized mobile apps and websites, as well as an increase in the number of casinos and betting platforms that offer children-friendly versions of games and secure payment systems.
Market Share: Statista reports that mobile games accounted for 52% of the global gaming market in 2022, with that share projected to reach 54% by 2027.
Impact of 5G. The rollout of 5G networks will significantly improve the mobile gaming experience, delivering faster loading times, smoother gameplay, and the ability to stream high-quality graphics.
Cloud games. Cloud gaming services such as Google Stadia and Microsoft xCloud are gaining traction, allowing players to access games without downloading them, further increasing the accessibility of mobile gaming.
Increased emphasis on responsible gaming
There is no doubt that gambling can be addictive. While some people can gamble responsibly, for others it can be a disruptive factor in their lives. A survey shows that people who play online games are twice as likely to experience gambling addiction problems. Therefore, it is important to place greater emphasis on responsible gaming by introducing tools for operators to help players manage their behavior and prevent addiction.
Casinos and other gambling operators can take a number of measures to encourage responsible gambling. For example, they may offer self-exclusion programs that allow players to temporarily limit their gambling activities. They can also provide information and support to help players monitor their gaming activity.
Each person is responsible for their gaming activity. However, if more operators implemented measures to encourage responsible gambling, it would certainly reduce the problems associated with gambling addiction. Collaborative efforts to create a more supportive and informed gaming environment can play a key role in reducing the negative consequences of gambling addiction.
The emergence of new forms of online gambling
As online gambling evolves, we are seeing new forms of gambling emerge. One of the latest trends is skill-based games, which are becoming increasingly popular as people look for ways to gamble that require more than just luck. Some of the most popular games include chess, sudoku, checkers, chess and scrabble. Some of the less popular games are crosswords, word searches and hanging games.
Esports betting is another area where we are seeing significant growth as more people take an interest in betting on competitive video games. This is a relatively new phenomenon, but its popularity will certainly continue to grow.
The iGaming industry is on the cusp of a transformative era driven by technological advancements, changing consumer preferences and regulatory developments. By embracing these trends and adapting to the changing landscape, players and industry professionals can capitalize on exciting opportunities and contribute to the responsible and sustainable growth of the iGaming sector.
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