There is no doubt that the iGaming industry has been able to experience astronomical amounts of growth in recent years, and experts believe that iGaming will continue to grow even as casinos like Brazino777 casino and other gaming venues continue to attract new interest, especially after many got a taste for this particular pastime as they were forced to find new things to do when experiencing things such as lockdowns.
According to a study by the American Gaming Association (AGA), the iGaming industry is predicted to reach $90 billion by 2023. Similarly, in 2022 Statista revealed that the iGaming market had reached $59 billion, a trend that is expected to double within the following year.
Additionally, despite only being permitted in a few geographies, iGaming is the fastest-growing type of gaming, according to the AGA’s most recent State of the States report. In 2021, 73% of the total market gross gaming revenue was generated from regulated markets—an iGaming trend expected to continue as more and more countries continue to make this particular activity legal.
Governments are actively seeking new sources of income to compensate for the pandemic’s effect on their economies. In pursuing this cause, governments can generate revenue from gambling taxes and licenses, create more jobs, and reduce illicit betting by regulating agencies and legalising gaming operations.
Moving forward, sports betting is expected to lead the iGaming industry. H2 Gambling Capital estimates that 49% of all iGaming revenues come from the global sports GGR. With the sports share increasing even higher than the other items, experts anticipate seeing a definite iGaming trend. While 2022 might be considered a big year due to the FIFA World Cup, the American market is actually believed to be the main reason for its potential growth, as this market is passionate about its sports.
Mobile betting will remain popular. Over 50% of all markets’ wagers are placed on mobile devices, which has already surpassed 90% of all wagers in certain markets. Playing games on smartphones has never been more straightforward or fluid, thanks to the widespread use of 5G speeds. Some providers offer welcome packages specifically designed for mobile devices, which will help draw in more players.
Technologies like augmented reality, virtual reality, and smart TV apps are still in the early stages of widespread market penetration. When it comes to iGaming and online casinos, these technologies are even more in their infancy. However, as the technology gets more accessible and inexpensive for the typical consumer, Experts anticipate seeing them gain traction and develop into a true gaming sensation in the upcoming years.
Finally, cryptocurrencies are expected to contribute to the easing of payments. Because cryptocurrencies are processed faster, and there are fewer chances of data being accessed by hackers, they can be an essential driver of attraction to the iGaming industry.
Ultimately, every game industry operator will have to attract gamers to survive. Bonuses, promotions, awards, and excellent customer service are all excellent motivators, but if they want to stay in future, they’ll need to keep up with social and technical trends.
The adoption of technology will drive the industry forward and make it more profitable in the future.