The online gambling industry has continued to grow enormously over the past few years. Many countries have legalised online gambling in part or whole, whether online casino gaming or sports betting. But what can we expect to happen in the iGaming world in the next decade?
This article will discuss what market leaders predict about iGaming and the expected trends. We will also highlight some figures in the market to show how true the growth experienced in recent years are. If you want to know about that and more, keep reading.
iGaming: How Far It Has Come
Before the internet, gambling was somewhat tedious, and many countries prohibited it. In countries where it was legal, players had to go to a gambling infrastructure before they could play their preferred games or bet on sporting events.
But now that the internet has arrived, it has changed a lot in the gambling world. Players can play different kinds of casino games at sites like Ultra Casino and enjoy an experience similar to the physical casino atmosphere. Besides, online sportsbooks have also become rampant, accepting hundreds of thousands of bets each day.
However, the iGaming industry did not just gain ground instantly. Many bettors did not accept the idea out of fear of being cheated. But with time, the number of online gamblers surpassed that of land-based bettors. In 2019, the market size of the online gambling industry was $58.9 billion. But this value increased to $66.7 billion in 2020 and is expected to hit 92.9% by 2023.
More Countries to Approve Online Gambling
According to several market leaders, we can expect more countries to approve online gambling. Many countries and regions still don’t have any clear laws on online gambling. Some even consider it outright illegal, such as Cambodia, Brunei, United Arab Emirates and Cyprus.
With numerous countries recording huge revenue from online gambling, it won’t be a surprise to see nations that currently prohibit online gambling loosen their grip and allow residents to place legal wagers.
Virtual Casinos to Keep Expanding
The virtual reality concept has found its way into the iGaming world, and many experts think it’s here to stay. VR casinos offer a more interactive and immersive gaming experience as bettors can lose themselves in the virtual worlds as they play other opponents.
Presently, playing at VR casinos is quite expensive, with VR headsets costing hundreds of dollars. But one thing seems sure, more applications of virtual reality technology will see the headsets become affordable. By then, more bettors will be able to afford the headset and play at VR casinos.
Cryptocurrencies
This shouldn’t come as a surprise. Blockchain technology is making waves and cutting across different industries, including the online gambling industry. Players are no longer limited to fiat-based payment methods. They can now fund their betting accounts at most online casinos and bookies using options like Bitcoin, Ethereum and Litecoin.
However, not every online casino accepts cryptocurrencies. Experts believe that this will continue to change in the coming years, and more operators will join the bus of those accepting this payment form. In addition, the possibility of Web 3, which will be based on blockchain technology, will also lead to enhanced security at online casinos.
Better Gambling Apps
If we are being truthful, gambling apps are more advanced than they used to be in the past. Players can now enjoy a more immersive betting experience with these apps, playing their preferred casino games and wagering on their favourite sporting teams. However, there are still aspects that need improvement. For instance, not all games are available to play on casino apps, and signing up on some betting apps is tricky.
Market leaders believe that betting apps will improve in the future. Betting operators will implement a modular technology stack to give users full control to enable and disable features according to their needs. This will lead to a more immersive mobile gambling experience.
Wearables
In recent years, smartwatches have become more popular among people. They are used for fitness tracking, messaging, and even gaming. Casino game providers are looking for ways to implement gaming solutions for these wearables. For instance, Playtech is already designing games to be compatible with Apple watches.
In the coming years, we can expect developers to optimise their games so they can be played from these wearables. And with the high-definition graphics of these wearables, it won’t be surprising to see these games become popular among bettors.
In a Nutshell
We’ve discussed the possible future of the iGaming market in this comprehensive article. If we can agree on one thing, the iGaming industry has continued to progress with newer technologies and solutions being offered each day.
Based on what market leaders think, we can expect more countries to approve online gambling and increase the acceptance of virtual casinos. Likewise, cryptocurrencies will likely continue to gain a foothold in the industry with more betting sites accepting options like Bitcoin, Ethereum and Litecoin. And while present gambling apps satisfy players’ needs to some extent, we will likely see more advancements in this area to ensure bettors can enjoy the best mobile gambling experience. Overall, the online gambling market will likely record immense growth in market size.
