The iGaming industry is big and growing, as more countries implement rules for the sector, and more innovative technology emerges to push the boundaries of what is possible.
Expert projections indicate that global revenues are expected to reach US$97.15 billion by the end of 2024, reaching an annual growth rate of 6.47% between the current period until 2029, totaling an impressive US$132.9 billion.
But what is driving this growth? And why is now a good time to invest in iGaming?
New markets
The first reason is the expansion of the industry. More and more countries are moving to regulate online casinos and sports betting, tempted by the large revenues that governments can earn from gaming taxes (and which are impacted by illegal market platforms where gambling is prohibited).
The iGaming boom in Latin America is sending ripples around the world, with major markets like Brazil, Mexico and Colombia making headlines while their neighbors like Peru hold their own. African countries like Nigeria and Kenya are buzzing with sports betting fever.
The US has seen a huge wave of states legalizing combinations of casino gaming and sports betting, and even Japan and the UAE are expected to open land-based casinos in the not-too-distant future — is it hard to imagine that online options would be far behind?
Newly regulated markets present a great opportunity to enter an industry before it is completely saturated — a perfect option for investors looking to start a new online casino brand.
While entering a market in Europe, for example, immediately pits you against well-established companies with widespread brand recognition, there is more room to maneuver in countries that have recently started allowing online casinos and sports betting.
New technology
Plus, there’s the way iGaming is a magnet for new technology. As a dynamic and fast-paced industry, iGaming is always ready to embrace innovation.
Cryptocurrencies are widely accepted across the industry. Cryptocurrency casinos, which focus on cryptocurrencies or even accept them exclusively, are increasingly popular.
Investors and entrepreneurs who like the appeal of next-generation technology will find their interest piqued by platforms that specialize in blockchain-based games, with smart contracts and verifiable fairness — all big attractions in the eyes of gamers.
Additionally, many platforms have found success in creating their own currency, a move that players are responding to very positively.
Of course, there is also the sharp rise of AI and machine learning. This gives startup platforms powerful tools to implement marketing strategies, secure their platform, and perform business analysis.
Additionally, by using AI tools, companies can handle larger volumes of data. They can also automate more processes and ultimately do more effective work. This gives players the exciting gaming experience they are looking for.
NFTs may have risen and fallen as financial assets. It turned out that they are not worth as much as fine works of art. However, they have found their place in the iGaming space. Collectible and customizable NFT tokens can appear in game rounds. It gives players something familiar, something that feels personal to them.
New game options
It has also never been easier to focus on a niche, as the options available to entrepreneurs seem to have multiplied. In addition to classic options such as casino games, live sports, lotteries and bingo, online gaming platforms can now specialize in live dealer casino games, eSports betting, virtual sports, crash games, shooting games and other blockchain-based verticals.
The more the audience grows and diversifies, the more options there are for you to dominate the market. With so many verticals to choose from, there are countless options for specialized platforms, such as blockchain casinos with their own in-game currency. There are countless ways to interest even the most unique tastes players may have.
New players
While the question of how to attract Gen Z, solutions are emerging. First, socialization is key for these younger gamers — and remember, these digital natives grew up with most of their experiences taking place online. Casino games are something fun to do together, despite any physical distance there may be between them.
Therefore, ensuring there is a social component — an in-game chat option — is a great way to offer online gaming as a way to spend time with friends. Many Gen Z players will come from the social casino world, where socialization is paramount, but new gaming formats make the transition easier.
In 2024, freedom and flexibility are essential parts of the dream of work-life balance. Investing in online gaming can grant you both.
There have never been more licensing options around the world, with something for every level of investment. Basically, in today’s market, you can be licensed in Curacao or Anjouan. Thus, operating in Nigeria or Colombia, and based in any tropical beach city that suits you best.
And, of course, there is the unyielding demand. People have always loved games, and (as we now know) not even a global pandemic can crush gamers’ appetites. It’s been one of humanity’s favorite pastimes since time immemorial, and that simply isn’t going to change.
Slotegrator consults with an expert
Slotegrator consulted William Sarto, PR & Marketing Specialist at CasinoRIX, and as an affiliate project, CasinoRIX completely agrees with the perspective: the best time to start is now!
Sarto points out some key reasons such as increasing competition, rising entry barriers, team expansion and regulations.
“Every year, new companies enter the market. The longer you wait to launch, the bigger the gap will be between you and your competitors. An important factor in SEO promotion is the age of your website — starting early gives you an advantage.
Furthermore, the longer you delay your launch, the more investment you will need to grow your business. The cost of acquiring players continues to rise. For example, in SEO, the price of links increases every year, and in some geographic areas, this gap has become significant,” says Sarto.
Speaking about the team’s expansion, CasinoRIX notes that “in recent years, there has been a noticeable trend of companies getting bigger, with many M&A deals happening. Big players are getting stronger, making it harder for smaller teams to compete.”
“In our industry, affiliate licenses are gradually becoming available in countries such as the US and some European regions, creating new entry opportunities. For example, in Canada, Alberta is undergoing regulation (operators are expected to begin in 2025 ), and Ontario already regulated it two years ago.
In this industry, affiliate licenses are slowly becoming available in places like the US and some European regions, opening up new opportunities.
Moment of the iGaming industry
With new frontiers, accelerated growth and powerful new technologies, has there ever been a better time to invest in iGaming? It’s hard to imagine. With the right advice, help applying for a license, and quality software, gaming, and payment systems solutions, new online casino operators have many incredible opportunities to choose from.
Slotegrator offers jurisdictional consultancy services to choose the right licensing authority for your business and all the software solutions you need, from the turnkey online casino platform to the APIgrator gaming integration solution. .
