Online sports betting: Latest trends shaping the future of the iGaming industry
Technology has advanced at an unimaginable pace over the last decade or so, evident in the fact that nobody had heard about platforms like Airbnb, Bitcoin, Instagram or Snapchat a decade back and now one is well aware of technologies like AI (artificial intelligence) and VR (virtual reality) like the back of their fingers! For the iGaming industry which encompasses wagering and online casinos, there have been some significant changes as well.
Online sports betting
According to research, the global online gambling market in 2016 was worth $46 billion and is expected to be valued at approx. $88 billion by 2024. A closer look at the industry brings to light the possibilities of add-on gambling revenues online, primarily in the USA and Asia Pacific regions with sports betting taking the lead globally, followed by online casino gaming.
While sports betting is a tremendously popular pursuit, accounting for nearly 40% of online gaming revenue, its recent legalization in the United States has been a catalyst in the industry’s growth. Mobile and Online Sports bookmakers can now be reached in Nevada, New Jersey, Rhode Island, Pennsylvania, West Virginia and Iowa, with more states in the following.
There are a number of apps for betting on sports as well making it easily accessible to the players. With Europe leading the sports betting market globally and UK being a significant player, the future of sports betting in the US is a bit uncertain, to the extent that if 32 states join this revolutionary industry, its’ worth is estimated to go over $6 billion by 2023.
Besides sports betting, Online Casinos represent the 2nd largest market in terms of global revenue. For instance, in the United Kingdom, £2.6 billion comes from online casinos out of the total £4.5 billion, while £ 1.6 billion is marked by online wagering. In Europe, while sports betting represents 40.3% of the market share, online casinos rule a significant 32.1%. Most industry pioneers operate across different verticals like poker sites, online casinos, bingo and bookies.
Gaming technologies are the foundation as well as the future of the said industry that can transform the future of mobile games. Here are some top trends that will define the future of this industry in time to come.
- Live Interaction makes it more exciting for the gamers as people prefer live interactions during a game. From a variety of games available in mobile app stores, there are options to chat live, and engage in face to face interaction with other players, thanks to facial and voice recognition features.
- Another trend that promises to affect the face of gaming is Cloud Gaming, which isn’t exactly new to the business. Also known as gaming on demand, Cloud Gaming is an online feature that operates games on remote servers and streams them to a user’s device directly. The market for this particular technology is expected to increase owing to the increasing number of gaming devices.
- As the emphasis on mobile gaming and online wagering continues the 5G technology is equally important to the iGaming industry. The 5G technology enables sites to load faster and optimize mobile gaming, and boosting the online casino business.
- iGaming Platforms are increasingly adopting crypto-currencies as possible payment methods which is a lucrative mark in the gaming business. While the Blockchain technology will be the driving force in the next segment of iGaming evolution.