Exploring Trends in iGaming: Anticipated Developments in 2024

Article by : Milena Petrovska Jun 17, 2024

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In 2023, the iGaming market experienced a 23% revenue growth. It reached an impressive mark of $108 billion. This growth is attributed to both online and brick-and-mortar gambling platforms. Moreover, according to Research and Markets, by 2028 the value of the online gambling industry will exceed $200 billion.

What technological advancements are the primary drivers of this industry’s remarkable progress?

Key Trends Shaping the Industry in 2024

In the upcoming years, the iGaming industry will experience a significant transformation through cutting-edge technological advancements. These innovations will redefine the landscape of gaming and offer more immersive experiences to players.  

New Game Formats are in High Demand

• Crash Games

The popularity of crash games is on the rise. This is especially important for younger demographics, as young players are drawn to fast-paced gameplay and innovative mechanics. According to surveys players between the 25 and 34 have demonstrated a strong enthusiasm for crash games. As a result, 75% of developers have either already incorporated crash games into their offerings or have plans to do so in 2024.

• Immersive Games

Cutting-edge technological advancements such as virtual reality casinos are also revolutionizing the way people engage with gaming. In particular, many top online casinos organize tournaments where players should use their HTC Vive or Oculus Quest headsets to participate.

• Live Games

Live casino games, live sporting events, and even live auctions can now be hosted on powerful servers in data centres. Top gaming software developers, such as Evolution, set live studios with top infrastructure for streaming. This infrastructure enables seamless streaming of video and audio to devices in real-time with a stable 5G connection. The result is an immersive and dynamic experience for users. This experience can blur the lines between the virtual and physical worlds.

Sports Betting Platforms Will Continue to Grow

The online sports betting market is experiencing consistent growth. Its amount was around $54 billion in 2023. Moreover, experts expect that by 2032 it will continue to grow by 10% annually. This growth is not unexpected, given the widespread appeal of sports betting. Players from all over the world regularly engage in various forms of betting on sports events.

The use of multi-angle cameras has become a common feature in almost all areas of iGaming and sports betting. These cameras provide 3 to 5 different views of live streams, such as live casino dealers and auction items. For example, in sports betting apps, fans can easily switch between camera angles. They can even watch multiple games simultaneously on a single screen.

We Will Witness an Increasing Volume of VR and AR Integration

Between 2020 and 2021 VR technology in the online gaming sector showed impressive growth of 800%. It provides an unparalleled and fully immersive experience that blurs the lines between observers and active participants.

Virtual Reality (VR) has been making significant inroads into such spheres as:

• Online casinos
• Live sports and
• eSports

Virtual Reality and Augmented Reality technologies seamlessly merge digital elements with the real world. AR/VR games offer players many benefits. These games:

• Immerse players in virtual realms
• Stimulate their senses and
• Foster a heightened imagination.

This innovation helps online gaming platforms cultivate a strong sense of anticipation.

The integration of VR technology has also elevated the thrills of eSports events. The incorporation of immersive and interactive experiences in iGaming platforms has allowed users to craft personalized 3D virtual avatars. These avatars reflect players unique preferences and personalities. As a result, this customization provides a more personalized touch to the iGaming experience. Moreover, it can foster a greater sense of realism and social interaction in online games.

Furthermore, the introduction of groundbreaking technologies such as Virtual Reality casinos and Augmented Reality racetracks has revolutionized user engagement. These innovations have transformed online environments into dynamic and interactive gaming arenas.

New Technologies Will Have More Impact

With the rapid pace of technological advancements, it is foreseeable that these technologies will shape the future of iGaming:

• Artificial intelligence
• Virtual and Augmented Reality, and
• Blockchain

These technologies create a new era of immersive and secure online gaming experiences.

Artificial Intelligence

According to the report published by SOFTSWISS, the iGaming sector has already recognized the potential of artificial intelligence. The research indicates that more than 73% of gambling operators worldwide use AI and machine learning in various aspects of their business operations.

The integration of Artificial Intelligence in online casinos has significantly transformed the industry by:

• Improving security measures
• Enabling personalized experiences, and
• Promoting responsible gaming policies

AI-powered algorithms can analyze and interpret large volumes of data, providing valuable insights and creating predictive models. This has the potential to greatly improve the personalized experience for bettors and operators.

Additionally, AI tools help online gaming operators support responsible gaming principles by identifying at-risk players and enabling timely interventions to prevent problem gambling.

In the near future, Artificial Intelligence and machine learning will play an even more prominent role in refining personalized iGaming experiences. These technologies will revolutionize how games are curated and delivered to players by offering highly tailored and customized experiences. AI-driven recommendations will:

• Take into account individual player preferences
• Gather details of a player’s gaming history, and
• Evaluate players’ style, risk attitude and specific preferences

As a result, players will receive a curated selection of games and experiences. These developments will deeply resonate with them on a personal level. Online casinos will be able to provide players with more engaging and tailored gaming content that is unique to their individual tastes and preferences.

Blockchain in Online Casinos

The above-mentioned SOFTSWISS report also reveals that around 13% of casinos are actively incorporating blockchain technology and cryptocurrencies into their daily operations. This demonstrates a growing trend of advanced technology adoption within the iGaming industry.

In the first quarter of 2021, the Crypto Reporter revealed that gamblers spent approximately $30 million in cryptocurrency on bets. Fast forward to the first quarter of 2022, that number surged to $63 million. In other words, it indicates a notable increase of over 116%. This significant surge in cryptocurrency gambling expenditure is a clear indicator of the growing trend in the crypto gambling sector.

Furthermore, with the continuous adoption of cryptocurrency and blockchain technology, projections suggested that the value of the iGaming market would reach a substantial $95 billion by the year 2023, but the actual number was much bigger. This underscores the rapid growth and potential of the crypto gambling industry. In addition, it reflects the increasing traction of digital assets within the global gaming and gambling landscape.

Accepting cryptocurrency bets offers several key advantages, including:

• Significantly lower transaction costs.
• Fast processing time and
• Higher security levels

Cryptocurrency transactions are known for being safe, fast and cost-effective due to the absence of intermediary fees and lower processing costs.

The rapid expansion of the crypto market has led to a substantial increase in the number of users, which now stands at over 420 million users worldwide. Given this immense global reach, businesses stand to benefit significantly by incorporating Bitcoin payment options. Embracing Bitcoin enables companies to cater to a wide-ranging international customer base, enhancing their accessibility and enabling them to connect with clients across diverse geographic regions.

Additionally, accepting Bitcoin payments removes the barriers associated with traditional payment methods, negating the need to seek out local payment providers.

According to the statistics, in the first quarter of 2023, cryptocurrency bets made up 30% of all bets placed, as reported by the latest data. Analysis of the most popular cryptocurrencies in iGaming shows a clear hierarchy:

• Bitcoin is the most common cryptocurrency in online casinos. It represents around 75% of all wagers in online casinos.
• In second place there is Ethereum with 9% of all online bets
• Litecoin shows 6%
• Tether shows 4.5%, and
• Dogecoin shows 3%

Emerging Regions and Markets for iGaming Growth

The online gambling industry has experienced unprecedented growth and is now bigger than ever before. According to Research & Markets reports, experts anticipate that the global value of the online gambling industry will more than double between 2022 and 2028, soaring to over $200 billion. This exponential growth signifies the industry’s increasing significance in the global economy.

According to research performed by Vixio Gambling, the top gambling markets by gross revenue in 2019-2023 years are:

1.   USA
2.   UK
3.   Australia
4.   Italy
5.   France
6.   Germany
7.   Canada
8.   Sweden
9.   Spain
10. Greece

Experts in the gambling industry state that the following markets have more impact on the expansion of iGaming:

• Asia-Pacific region
• Latin America and
• Africa

A growing number of international operators are strongly emphasising these regions to capitalize on potential growth opportunities. These markets are strategically significant for the entire industry, and the potential they offer for industry players is truly remarkable.

European Market

According to the Statista report, the European online gaming market will generate around $47 billion by the end of 2024. For the next years European market will show a stable growth at the rate of 4-5% annually. It will result that by 2028 the market revenue will be $56 billion.

The UK gaming market is considered to be one of the biggest gaming markets worldwide. Moreover, experts include gaming markets from other European countries into various ratings of top developed and fast-growing markets.

Asia-Pacific Market

Asia-Pacific online gaming market experiences a development boom. As of 2023, this market is valued at $35 billion. Moreover, it shows annual growth of more than 10%. Therefore, experts predict that by 2030 Asia-Pacific gaming market will have a value of over $72 billion.

There are several factors that drive the Asia-Pacific market, including:

• Affordable internet access
• Change of social role of online gambling
• Corporate sponsorships, especially in the sports field, and
• Availability of mobile technologies

The two main countries that drive gambling markets are China and India. China has population of over one billion people and India has a population of over 1.4. Therefore, these countries have significant impact on the global gaming market.

African Gaming Market

Most likely African gaming market will surpass $1 billion by the end of 2024. Experts evaluate that this market grows rapidly with about 11% annual growth. Maliyo Games Studio, a Nigeria-based company, published a report with the market overview. In its report, it states that the African market compiles more than 200 million gamers.

As these regions continue to evolve and open up to iGaming, they are poised to become major hubs for the industry’s expansion and development.

Regulatory Developments Expected in 2024

In 2024, online gambling operators should prioritize the following key points within the gaming industry.

Responsible Gambling

Responsible gambling principles envisage the implementation of various robust measures to promote responsible gambling. These measures include:

• Age verification
• Self-exclusion options, and
• Promoting awareness of problem gambling and many others

Ensuring responsible gaming and implementing safer gambling strategies are essential for fostering sustainable growth within the gaming industry. It is vital to strike a balance between providing high-quality gaming experiences and promoting safe gambling practices.

Top operators introduce new and innovative game types. These games are crucial for attracting and retaining players. As a result, these actions help online casinos to create partnerships with gaming content aggregators and offer new entertainment to their players.

Mobile-First Gameplay

Emphasizing the development and implementation of game designs and user experiences tailored for mobile devices, considering the growing popularity of mobile gaming.

There is a growing emphasis on mobile-first gameplay. It caters to the increasing preference for convenience and accessibility among players. Statistics show that approximately 80% of players are dedicated to using their mobile devices for gaming.

Sustainable Industry Growth

To achieve sustainable industry growth, gaming operators should focus on sustainable practices. These practices include:

• Environmentally-friendly operations
• Ethical business practices, and
• Long-term industry stability

In any business, it is crucial to have a deep understanding of a target audience. This holds especially true for the iGaming industry, which boasts a diverse and unique customer base. To effectively cater to this distinct audience, gaming operators should conduct thorough surveys among their clients and partners. In particular, gaming companies should:

• Gather customers insights
• Observe their behavior, and
• Learning about their expectations

As a result, casinos can gain valuable knowledge that will prove instrumental in various aspects of the business. Whether operators are launching new projects, venturing into different markets, or honing their business strategies, these insights will serve as a precious asset for successfully navigating the dynamic and ever-changing iGaming landscape.

Summary

Experts foresee that in 2024 and in upcoming years, the iGaming landscape will be exceptionally dynamic and innovative. Gaming.

There will be numerous technological drivers in the gaming industry. These drivers include:

• Artificial intelligence
• VR and AR technologies
• Blockchain and other technologies will force the evolution of the online gaming industry  

In particular, AI and Machine Learning will continue to revolutionize every facet of iGaming, starting from personalizing user experiences to enhancing game design and fraud detection. Companies that are open to embracing these changes, prioritize player respect, and continually innovate are poised to secure a prosperous future in the industry.

The most significant development trends in iGaming also include:

• Cutting-edge technological advancements
• Flexible regulatory measures
• Improved user interactions, and
• Heightened emphasis on sustainability and accountability

As a result, we can expect more engaging, diverse, and responsible gaming practices.

Experts also anticipate significant changes in regulatory frameworks across various regions. These changes will create promising opportunities for businesses that can quickly adapt to new markets and shifting consumer preferences.

Finally, the iGaming industry’s dedication to sustainability and responsible gaming practices will become more robust. Operators will place a greater emphasis on implementing eco-friendly initiatives. Furthermore, there will be a heightened focus on prioritizing responsible gambling measures, including the implementation of enhanced player protection tools and resources. Ultimately, these changes will create a solid ground for a more sustainable and ethical iGaming environment.