One major economic force is the iGaming business. It provides significant money and stimulates innovation.
The European iGaming sector saw a 23% increase in income, reaching ? 108.5 billion ($115.7 billion) in Gross Gaming income (GGR) by 2023.
This expansion is being fueled by both online and offline businesses. The industry's stability and potential for growth are highlighted by it. The online segment increased its GGR by 8% over the previous year to ? 38.2 billion ($40.7 billion).
In this sector, what technological developments are most important for the future?
Let us unwrap them in this article.
What are the trends in the iGaming industry in 2024?
- WebRTC real-time streaming and industry standards
- The proliferation of progressive web apps and 5G mobile gaming
- Use of blockchain and crypto in iGaming
- Artificial Intelligence (AI) and Machine Learning (ML) in iGaming
- Virtual Reality (VR) and Augmented Reality (AR)
To succeed in this ever-changing environment, you need to be one step ahead of the competition, put the player experience first, and be able to adapt quickly. The future of interactive gaming (iGaming) in 2024 is about more than just games; it's about making experiences that players all over the globe can relate to through immersion, connectivity, and personalization.
5 Major Steps Forward in iGaming Technology that Will Influence the Future
WebRTC real-time streaming and industry standards
Web Real-Time Communication (WebRTC) allows web browsers to communicate with each other in real-time via audio and video. It has many uses, one of which is in the gambling and iGaming industries.
Thanks to WebRTC technology, even small and medium gaming companies can now integrate voice and video into their existing platforms, completely transforming the iGaming industry. With WebRTC, players and servers can exchange data in real time, allowing for peer-to-peer multiplayer games.
Having access to high-quality streaming and real-time interaction is essential for bettors who constantly tweak their strategies right up until the final moment. They require accurate and quick data.
In recent years, multiview camera angles have been ubiquitous in many iGaming features.
In live streams, they give three or five different points of view, covering everything from casino dealers to auctioned items. Fans using live betting sports apps have the ability to effortlessly switch between different camera angles or view multiple games at once.
Live online casino games can be enhanced with WebRTC since it enables operators to stream video content nearly instantly. By upholding quality and security, this is advantageous for both users and online casinos.
The proliferation of progressive web apps and 5G mobile gaming
One of the most lucrative subgenres of mobile gaming, casino games account for 18.9% of all revenue. Thanks to 5G's improved speeds, lower latency, and more immersive experiences, mobile gaming is undergoing a dramatic transformation. Ericsson claims that 5G technology is changing the gaming industry by making previously impossible virtual reality gaming experiences.
On top of that, 5G technology allows for seamless, real-time communication and teamwork in virtual spaces. This makes playing the game more enjoyable. Powerful servers in data centers can now host live auctions, sporting events, and casino games. Assuming a steady 5G connection, media is streamed to devices in real time.
One sector that is seeing explosive growth is mobile gaming, specifically Progressive Web Apps (PWAs). To improve the UX, the PWA integrates the greatest parts of both native mobile apps and mobile web.
Fakts & Factors estimates that in 2019, the worldwide market for Progressive Web Applications was worth around $1100 million. According to the report, the market is expected to reach a value of approximately USD 7,600 million by 2026, expanding at a CAGR (compound annual growth rate) of approximately 34% from 2020 to 2026.
The future of online gambling is clearly headed toward PWAs. Both operators and players can look forward to a better, more accessible future with them. Your iGaming brand's visibility and SEO ranking will be enhanced with PWAs because they are discoverable through search engines.
Bet365 and William Hill are just two of the iGaming giants that have embraced PWAs, proving how effective they are at providing a first-rate user experience. With the use of progressive web apps (PWAs), the iGaming industry can increase transactions while decreasing fees, protect players' privacy and anonymity, and provide them with better odds and returns.
A more vibrant and approachable mobile gaming environment is being shaped by the iGaming industry's integration of 5G technology and the adoption of Progressive Web Apps. Improved connectivity, new gaming possibilities, and better user experiences are all outcomes of these innovations.
The amount wagered in cryptocurrency by gamblers increased from approximately $30 million in Q1 2021 to $63 million in Q1 2022, as stated in a report by Crypto Reporter. That is more than 116% growth. In 2023, the iGaming market was predicted to be worth $95.05 billion, thanks to the growing popularity of crypto and blockchain technology.
Use of blockchain and crypto in iGaming
The reduced transaction costs are a big plus for cryptocurrency bets. Transacting with cryptocurrency is a frugal option. Casinos can save money and improve player services because of this.
Additional justification for businesses to think about taking Bitcoin as payment is the expanding crypto audience, which now exceeds 420 million users globally. By expanding accessibility and reaching customers in diverse regions, businesses can tap into an extensive global client base. The need to look for nearby providers and other conventional payment barriers are rendered obsolete.
The data shows that in the first quarter of 2023, wagers on cryptocurrencies made up 30% of all wagers. There is a clear hierarchy among the most popular cryptocurrencies in iGaming. Top ten cryptocurrencies by market cap: Bitcoin (74.9%), Ethereum (8.9%), Litecoin (6.0%), Tether (4.6%), and Dogecoin (3.1%). Improvements in transaction speed, privacy, and anonymity, as well as improved odds and returns for players, can all be achieved with the use of blockchain technology. The industry is poised for even greater advancements thanks to blockchain technology, which will propel new platform experiences.
Artificial Intelligence (AI) and Machine Learning (ML) in iGaming
The iGaming industry has been revolutionized by the incorporation of social gaming elements. A big part of this change has come from AI and ML.
The iGaming industry, known for its tech-savvy approach, has made quick work of Al's potential. The result has been its quick adoption in various fields like marketing, design, and personalizing player experiences. Such quick uptake exemplifies how Al is revolutionizing operational efficiencies and propelling a more customized and protected user experience.
According to the results of the SOFTSWISS survey, Al is about to become a foundational technology.
Let's take a look at how iGaming operators can manage their businesses with AI and ML.
1. iGaming that is tailored to each individual
With Al's ability to personalize gameplay, games become more interesting and fun to play for longer periods of time.
Platforms that analyze user behavior and make recommendations about games and bets are one example.
2. Personal digital assistants and chatbots
These innovations improve customer service by answering questions instantly, solving problems more efficiently, and showing players the ropes on the gaming platform.
Chatbots are available 24/7 to answer frequently asked questions and transfer more complicated problems to real people. An easy gambling experience, clear rules explanations, and helpful hints are all things that virtual assistants can provide.
3. Strategies for responsible gaming
Through the enforcement of self-exclusion policies and the detection and alerting of potentially problematic gambling behavior, Al can contribute to the promotion of responsible gambling. Keeping an eye on how players act might help spot warning signs of gambling addiction and guide them toward self-exclusion or other resources. Enforcing self-exclusion agreements by keeping an eye on users and banning them when needed.
In terms of customization, assistance, and responsible gaming, these are just a few ways that AI and ML are elevating iGaming experiences. More and more businesses will take advantage of these features as technology advances.
Virtual Reality (VR) and Augmented Reality (AR)
The combined augmented reality and virtual reality industries are worth $31.12 billion, as reported by G2. From $12.45B in 2021 to $21.03B in 2024, mobile augmented reality is projected to generate a significant increase in revenue.
New innovations like augmented reality racetracks and virtual reality casinos are going to increase participation. They have the ability to transform any space into a lively and engaging gaming arena. Augmented and virtual reality games captivate players by appealing to their senses, which in turn inspires them to think creatively and keeps them coming back for more.
In the iGaming industry, VR technology allows bettors to create their own personalized 3D virtual avatars, taking them on an immersive and interactive journey. Avatars like these add a human element to iGaming by reflecting each player's unique tastes and character.
A combination of factors, including rising popularity, improved technology, and the metaverse trend, bodes well for the gaming industry. In instance, by immersing users in a variety of virtual worlds and games, the Metaverse has the ability to generate a one-of-a-kind and memorable user experience.
Frequently Asked Questions on trends in iGaming
How about the gaming industry's next big thing?
The use of augmented and virtual reality in gaming is changing the game industry. The limits of reality are being pushed by developers in a variety of ways, including virtual reality and interactive augmented experiences. The proliferation of augmented and virtual reality video games is likely to coincide with the decline in the price and complexity of these technologies.
What are the new technologies in gambling?
New technologies such as virtual reality, artificial intelligence, and blockchain have completely changed the online gambling industry. Thanks to these innovations, players can enjoy more engaging games, tailored suggestions, and safe financial transactions.
Are we entering the era of Web3 games?
The year 2024 is shaping up to be an exciting one for Web3 gaming, thanks to a number of trends and developments: 1. The Use of Play-to-Earn Mechanics Has Grown: In recent years, play-to-earn (P2E) games have exploded in popularity, letting players participate in virtual economies in the hopes of earning real money.
How does artificial intelligence (AI) factor into the poker industry?
Data in Real-Time for In-Play Wagers
When it comes to betting while the game is still in progress, AI really comes into its own. In order to help gamblers make educated decisions as the game progresses, platforms such as Swish Analytics utilize AI to supply real-time data and predictions.
