The iGaming industry has been on a steady ascent over the past decade, transforming the way people play online games. With advancements in technology and changes in consumer behavior, the shift to online platforms has been significant.
As we cast our gaze towards 2024, the horizon is teeming with promising prospects and revolutionary transformations. The iGaming world, which has witnessed a significant increase in popularity over the past few years, is set to scale new heights with the power of advanced technology and emerging trends.
This convergence of gaming and technology promises a future where players will not just passively play games but also experience them in a more immersive, secure, and personalized manner.
The future of iGaming looks nothing short of promising, with the industry set to reach unprecedented heights of success and innovation. So, let’s delve into the trends and developments we can expect in iGaming by 2024!
The Rise of iGaming
The iGaming industry has experienced a rapid rise in the last decade, fundamentally reshaping the gaming landscape in profound and unprecedented ways. This seismic shift from traditional brick-and-mortar casinos to dynamic digital platforms was initially sparked by the growing ubiquity and affordability of Internet access, which brought about a new era in the world of gambling.
The digital revolution sweeping across industries globally made its way into gaming, providing the impetus for the birth and subsequent growth of iGaming. As more people gained access to the Internet, the potential of the online market became increasingly evident.
The Internet didn’t just offer a new platform for gaming; it transformed the very nature of the activity, making it more accessible, flexible, and user-friendly.
As technology advanced at warp speed, so did the allure of online gaming. The advent of high-speed internet, powerful computing devices, and sophisticated gaming software contributed to a gaming experience that was not just on par with, but often superior to, the conventional casino experience.
No longer were players bound by location or operating hours. They could engage in their favorite games anytime, anywhere, right from the comfort of their homes. This level of convenience was simply unheard of in the traditional casino scenario.
According to a report by Grand View Research, the global online gambling market is expected to reach USD 127.3 billion by 2027, growing at a CAGR of 11.5% from 2020 to 2027. The rapid
progression in technology, high internet penetration, and the increasing popularity of mobile devices are key factors driving this market growth.
So, What to Expect from iGaming in 2024?
Increased Adoption of Cryptocurrencies
Cryptocurrencies have experienced a surge in popularity over the past years, impacting various facets of the global economy. The global cryptocurrency market size was valued at USD 1.49 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 30.3% from 2021 to 2028.
With the global acceptance of cryptocurrencies like Bitcoin, Ethereum, and others, we can expect more iGaming platforms to adopt this form of digital currency. Cryptocurrencies offer anonymity, quicker transactions, and lower fees, making them attractive to both operators and players.
Virtual Reality and Augmented Reality
VR and AR technologies are set to revolutionize the iGaming industry. By 2024, we can expect more online casinos to incorporate these technologies, offering immersive and interactive gaming experiences that mimic the thrill of a land-based casino.
A PwC UK report predicts that by 2030, the adoption of VR and AR could add $1.5 trillion to the global economy. This is an indication of the rapid adoption of these technologies across various industries, including the iGaming industry.
What About Artificial Intelligence?
Artificial Intelligence (AI) is rapidly transforming the world around us, promising unprecedented advancements in various fields, from healthcare and education to the iGaming industry. We can safely say that AI’s potential to revolutionize industries is boundless.
AI can help improve customer service, tailor personalized gaming experiences, and even assist in detecting and managing problem gambling. A report from McKinsey states that about 20% of companies surveyed are using AI as a core part of their business, and it’s expected this number to double in 2024.
The Rise of Online Slots
One type of online game that has seen significant growth in popularity is online slots. A report by the UK Gambling Commission shows that online slots accounted for 69.1% of online casino games played in 2020, making them the most popular form of online casino game in the region.
One of the reasons why online slots are so popular is the bonus features they have. This includes free spins, multipliers, and special symbols. As a result, we can witness how new online slots are being launched on a daily basis. According to Slotswise, online slots will account for 58.9% of the global online gambling market by 2025.
Responsible Gaming and Regulatory Changes
As the iGaming industry expands, there’s an increasing focus on responsible gaming and regulatory changes. In 2024, we can expect stricter regulations aimed at protecting players and ensuring fair play. This will include measures like setting betting limits, self-exclusion tools, and more comprehensive age verification processes.
The future of the iGaming industry in 2024 looks promising, marked by transformative technologies and innovative adaptations. As we look towards the horizon, we can foresee a period of unprecedented growth and evolution driven by the industry’s response to emerging trends and advancements in technology.
Cryptocurrencies, virtual reality, augmented reality, AI and online slots are some of the biggest trends we’ll see shining in 2024. These technologies will provide a more immersive, realistic gaming experience, taking the thrill of iGaming to new heights. The iGaming industry is well-equipped to navigate the future, leveraging these emerging trends and technologies to provide an enhanced gaming experience for players worldwide.
