The iGaming industry is one of the fastest-growing industries in the world. In 2019, the global iGaming market was valued at $53.7 billion and is expected to reach $196.4 billion by 2025, growing at a CAGR of 22.9% from 2020 to 2025 (Statista, 2020).
There are many factors driving this growth, including the legalization of online gambling in many countries, the increased use of mobile devices, and the availability of new technologies. As the industry continues to grow, certain trends are emerging that are transforming the way iGaming businesses operate. Here are the trends to watch out for in 2023.
Esports gambling is on the rise, and is projected to be a $1 billion industry by 2023
Esports gambling is quickly emerging as one of the top esports markets today. According to recent reports, esports gambling is projected to reach a massive $1 billion in just five years, a monumental success due to the surge of esports events and esports viewership. E-sports are becoming increasingly lucrative with the growth of streaming technology and platforms, allowing loyal esports fans to engage with their favorite esports players from the comfort of their own homes. As esports continues its path towards global expansion and appeal, so does esports gambling. With an expected future compounded annual growth rate of over 25%, esports gambling looks set to be one of the most promising markets in the near future.
Augmented reality will play a big role in casino and gambling experiences in the future
Augmented reality (AR) is transforming the way people experience gaming and could play a major role in the future of casino and gambling experiences. Augmented reality technology has already seen success in the world of iGaming, providing players with an immersive 3D visualization of their game. AR can also provide more interactive games, allowing players to access special features or bonuses that wouldn’t ordinarily be available in traditional settings. Augmented reality also enables gamblers to track their position within a casino floor via maps, potentially allowing them to identify their bet management strategies and hone their playing style. Augmented reality technology has tremendous potential for improving customer experience and loyalty; it’s safe to say it will become a regular feature of the casino landscape very soon.
Cryptocurrency is becoming more popular for online gambling transactions
Cryptocurrency is becoming an increasingly popular option for online gambling transactions due to its many advantages over traditional payment methods. Cryptos offer an unprecedented level of privacy and anonymity, allowing users to enjoy a high level of security when it comes to their casino transactions. Furthermore, the lack of geographic restrictions on bitcoin makes it one of the most sought-after payment options available at crypto casinos. Transactions using cryptos are processed faster than their traditional counterparts and incur minimal fees, making them particularly attractive to savvy players seeking the best value on their gaming experience. Cryptocurrency’s growing popularity in the online gambling space is likely to remain strong in years to come.
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Social media platforms will continue to be used for gambling purposes
As social media platforms become ever more integrated into everyday life, it seems likely that they will continue to be used for gambling purposes as well. Whereas it was once difficult to gamble from the comfort of one's own home, social media has made it astonishingly easy - privately, quickly and conveniently. Platforms such as Facebook and Twitch have enabled innovative gambling trends to emerge; social casinos or slot machines offer instant winnings, while aspiring gamblers can even pay real money for virtual currency in video games. Clearly social media has revolutionized online gambling - and this could spell trouble for those battling with a gambling addiction, who may now find access to gambling all too easy.
Virtual reality will provide an even more immersive experience for casino and gambling enthusiasts
With virtual reality, gambling enthusiasts can experience a whole new level of immersion and entertainment. In virtual reality casinos, customers can traverse virtual locations and play casino games with players from all over the world. VR casinos are incredibly interactive, as users can move around inside the virtual casino environment using their VR headset, pick up chips to use for betting and win virtual prizes. Due to the immersive nature of virtual reality gambling, it is easy for users to lose track of time while having fun, making this an ideal experience for those who love both competing and escaping into virtual worlds. Moreover, virtual reality casinos bring together the most popular elements from land-based casinos with high tech elements such as detailed graphics and natural movement tracking for an unequaled gambling platform that guarantees hours of thrilling entertainment.
Live dealer games are fast-becoming the go-to option for online gamers
Live dealer games are fast-becoming the go-to option for online gamers who want to experience an authentic casino feel, with all the convenience of playing from home. Live dealer games put players right in the center of a real casino setting as they can see and interact with an actual live dealer in real-time via webcam. No longer do players have to travel long distances to play cards at a physical table; they can simply log on to their chosen platform and enjoy interacting with professional dealers in an environment that replicates that which is found on a traditional casino floor. Live dealer games offer everything one could desire from a gambling experience, plus much more!
Rise Of Mobile Gaming
The mobile gaming industry has been growing rapidly in recent years and is now a key part of the igaming landscape. This growth has been driven by mobile gaming's convenience and its ability to offer users an enjoyable, immersive experience that doesn't require players to be in or near a casino or other physical location. Many mobile game developers are now focused on creating engaging mobile experiences that are accessible from any device, making use of high-quality graphics, intuitive controls, and virtual reality technology for an enhanced experience. By doing so, mobile gaming is helping to add life and excitement to the igaming industry while also bringing in more people looking for a great online gaming experience.
In conclusion, igaming and online gambling are expected to continue growing in 2023. Consumers are likely to see increased accessibility of iGaming platforms on mobile devices, cryptocurrency being used as a form of payment, more immersive virtual reality experiences, and the rise of esports betting. For those looking for an exciting way to gamble or play games, 2023 is shaping up to be a great year with plenty of new and innovative trends to enjoy.