In 2019, the global online gambling market was valued at 53.7 billion USD and is expected to increase at a CAGR of 11.5% from the prediction period 2020 to 2027.
This shows that the iGaming industry has grown huge and will continue to boom in upcoming years. More and more entrepreneurs and operators will be investing in this thriving market. The advancing technology and innovative iGaming ideas are major factors behind this exponential growth. And why not? We all love innovative, entertaining, and convenient stuff. The iGaming industry offers the same to the audience. iGaming software companies emphasize staying abreast of the latest technologies to offer cutting-edge online gambling solutions to the industry. In 2021, we will see more impressive trends emerging in every segment of the iGaming market, including online sports betting, lotteries, casino, bingo, and poker games, and more.
If you are thinking of starting a business in this realm, or want to get a competitive edge with an existing gambling business, then you must understand and implement these trends. To help you with this, we have created a list of 7 trends that are leading to the exponential development of the iGaming market.
AR and VR
AR and VR have marked their presence in almost every industry and iGaming is no exception. However, in this and upcoming year, we will witness AR and VR adding a new facet in many iGaming operations. Developers are more focused on integrating AR into casino games to take the gambling experience to the next level. And latest frameworks like ARKit 4 and ARCore will be crucial weapons of the iGaming software developers. Moreover, VR and VR headsets will enable gamblers to enjoy virtual casino games and get a real-time casino feel. The emergence of these two incredible technologies will result in a great transformation of the online gambling industry.
This year we will witness more operators integrating cryptocurrency support into their platform to boost player engagement and their profits. Crypto-payment is seen to be a more convenient, secure, and fast means of transaction in online gambling. Moreover, the use of cryptocurrencies like Ethereum, Bitcoin, Litecoin, BitcoinCash, and Dogecoin in iGaming eliminates the headache of handling and exchanging fees as it is a peer-to-peer transaction between the users. There are no middlemen. Thus, crypto-payment is widely preferred by many players and iGaming software companies.
Live streaming is another emerging trend catching the attention of many operators. Many iGaming platforms including sports betting software, online casinos, eSports, and more have started offering live game streams for an improved gambling experience. Players can watch live streaming of gambling events, tournaments, or gameplay and plan their betting strategy accordingly. This trend can be widely observed, especially in the sports betting market. Bettors can enjoy live match streams and place bets simultaneously, on the same platform.
Almost half of the world population is using smartphones and will continue to. Therefore, the demand for mobile gaming and gambling is growing exponentially. People find it more convenient and comfortable to gamble with their Smartphone rather than sitting in front of a desktop for hours. This makes it essential for iGaming operators to offer mobile versions of their platform. Not just this, they have to come up with higher quality mobile play and offer enhanced mobile gambling experiences. Thus, this year, we may see some more innovative mobile sports betting and casino apps on the app stores.
Distributed cloud technology aims at distributing cloud services to different geographical locations, unlike a conventional centralized cloud model in which services are stored in one location. In 2021, distributed cloud technologies will gain more popularity across the iGaming industry. A distributed cloud system can manage the load, transfer data from one place to another, and divide data into public and private clouds. Thus, this technology will have a crucial role in improving iGaming operations by reducing latency and data loss significantly. With distributed cloud technologies, operators can offer improved experiences to the players and can increase the player’s engagement.
Data & AI
AI will have a significant role in the development of the iGaming industry in 2021. With AI, operators can process required data more quickly and accurately and make more intelligent decisions. Also, operators can build recommendation engines for games in order to detect abnormal player behaviors, which results in more responsible gambling.
The combination of data and AI will help iGaming platforms to provide players with better, personalized experiences. Moreover, AI will empower software developers to create smart dashboards that not only show the problem but also provide suggestions and solutions.
Lack of transparency and integrity has been a common complaint about many gambling sites and online casinos. Many operators are addressing this problem with the help of Blockchain technology. Integrating blockchain technology into the iGaming platform allows everyone to see all the operations precisely. This helps boost trust amongst the players and prevent fraud in online gambling. With blockchain, iGaming businesses can reach more players and offer them improved experiences.
What’s in the Future?
These emerging trends will transform the iGaming software development area significantly. New operators will come up with more powerful, innovative, and highly secure iGaming platforms. More and more people will be attracted to iGaming, due to the improved transparency, secured payment modes, AR/VR experiences, and other add ons. Overall, the games will get more engaging, platforms will get more cutting-edge, and the industry will keep thriving.
Want to Integrate Latest iGaming Trends into Your Business?
With the increasing competition, it is indispensable for every iGaming operator to stay abreast of such emerging trends and adopt the same. If you own a sports betting platform, online casino, or any other iGaming business, you must integrate these latest technology trends to outperform the competition. At Betfoc, our professionals can help you build cutting-edge iGaming software that comprises all the technology trends including Cryptocurrency, Blockchain, mobile gaming, and more. Reach out to our iGaming experts now!