A new year has begun, and many businesses are asking what will shape the iGaming industry in 2024. Today, the industry is worth billions of dollars and is expected to grow in the coming years.
Even though this market has been around for several decades, it has started to gain more attention in recent years, and 2024 is set to be open to even more probable possibilities, especially for those who know how to navigate the trends.
One of the reasons is that the iGaming industry has become an integral part of the global gaming market, with millions of players worldwide seeking new games and experiences.
In this article, we’ll explore key trends shaping the industry and what they mean for brands in the iGaming industry or want to be. We’ll also see how these trends are expected to impact the industry in the coming years.
Undoubtedly, this industry is constantly evolving, and new trends are always emerging. Here, we have compiled some of the latest trends that are shaping the iGaming industry in 2024:
One of the biggest trends in the gambling industry is using new technologies, such as virtual reality and artificial intelligence. These technologies are changing how people play games and opening up new possibilities for game developers. Notably, mainstream virtual and augmented reality is expected to become more prevalent in the coming years.
Let’s look at some examples of how new technologies are being used in iGaming:
Blockchain Technology: Cryptocurrencies and blockchain technologies have had an exceptional impact on the evolution of the iGaming industry. Supporting cryptocurrency payments on gambling platforms opens up new advantages: no personal data is needed, the number of payments is not limited, and transactions are carried out without commissions and intermediaries, guaranteeing fast deposits and payouts. Blockchain technologies can also be used to record transactions between the user and the casino — all bets, deposit amounts, and payouts on winnings are recorded in encrypted form.
Virtual Reality and Augmented Reality: The increasing prevalence of virtual and augmented reality is expected to bring new possibilities for players and game developers.
Artificial Intelligence: AI-powered chatbots are driving growth and innovation in the industry, providing players with a more secure, personalised, and immersive gaming experience.
Progressive Web Applications (PWA): PWAs are launched as a regular web page of a gambling site; For instance, a player can install the application he is interested in directly via Chrome or Safari without using online stores. By clicking the “Add to home screen” button, an Android user can add the casino to their mobile phone.
Fair Casino Technology: Providing fair wagering technology is one of the most expected changes in the iGaming industry. Brands will do that by allowing players to verify that their results were governed by a smart contract code, and not influenced or manipulated by humans.
Another trend shaping the gambling industry is the increasing popularity of mobile gaming. With more and more people using their smartphones and tablets to play games, mobile gaming has become a significant force in the industry.
Here are some examples of how mobile gaming is operating in the industry:
Mobile-optimised games: More and more iGaming brands are developing mobile-optimised versions of their games to cater to the growing number of mobile gamers.
Increased use of smartphones: With over 60% of the global population using smartphones, mobile gaming has become a significant force in the iGaming industry 34.
Innovative mobile gaming experiences: The rise of mobile gaming has led to the development of innovative gaming experiences, such as augmented reality and virtual reality games.
As the iGaming industry grows, so does the need for alternative payment methods. Players are looking for more convenient and secure ways to make deposits and withdrawals, and brands offering these options will likely see increased success in the coming years.
Following the report by SoftSwiss, alternative payment methods are becoming increasingly popular in the iGaming industry. Let's see the examples of alternative payment methods that are commonly used:
E-wallets: E-wallets are digital wallets that allow players to store their bank accounts, credit cards, and other payment methods in one place. They can be used to make deposits and withdrawals to and from online casinos.
Cryptocurrencies: Cryptocurrencies are becoming more prevalent in the iGaming industry, with Bitcoin being the leading cryptocurrency used in online casinos. Dogecoin is another cryptocurrency that is gaining popularity in the industry.
Prepaid Cards: Prepaid cards are another popular alternative payment method in the iGaming industry. They allow players to make deposits without having to use a credit or debit card.
Bank Transfers: Bank transfers are a secure and reliable way to make deposits and withdrawals to and from online casinos. They are prevalent in countries where other payment methods are not available.
Mobile Payments: Mobile payments are becoming more popular in the iGaming industry, with players using their smartphones and tablets to make deposits and withdrawals.
Affiliate marketing is another trend that is expected to become more prevalent in the iGaming industry in 2024. Brands are increasingly turning to affiliate marketing to reach new audiences and promote their products and services.
Let's see the best ways to approach the iGaming industry by investing in affiliate marketing strategies in 2024:
Influencer Marketing: The channel is an effective affiliate marketing strategy for achieving desired marketing goals this year. Brands partner with influencers with a large social media following to promote their products and services.
Live Streaming: It has started to revolutionise the affiliate industry with platforms such as Twitch and YouTube. Brands can partner with streamers to promote their products and services to a large audience.
Affiliate Platforms: Those platforms not only connect affiliates with brands but also the brands to manage the entire process. These platforms provide a range of tools and resources to help brands and affiliates collaborate and reach their goals effectively.
Cryptocurrencies have been gaining popularity in recent years, and this trend is expected to continue in the iGaming industry. More and more players are using cryptocurrencies to make deposits and withdrawals, and brands offering these options will likely see increased success in the coming years.
According to a report by SoftSwiss, Bitcoin (BTC) is the leading cryptocurrency used in iGaming, representing roughly 75% of the crypto use. Dogecoin (DOGE), a popular “meme coin,” represented 3% of the crypto used in online casinos.
Cryptocurrencies are also being used for microtransactions in iGaming. In-game items can be purchased with cryptocurrency, allowing players to make small purchases without using real money.
The iGaming industry is constantly evolving, and new trends are always emerging. Brands that want to succeed in the industry will need to stay up-to-date with the latest trends and adapt to the changing landscape. By doing so, they can position themselves for success in the future.
Thinking about Local Regulation, the iGaming landscape is evolving with a patchwork of local regulations, reflecting individual countries’ efforts to tailor frameworks to their social and economic goals. These regulations signify more than legal requirements; they represent a nation’s commitment to cultivating the iGaming sector for its benefit. Brands will need to comply with these regulations and adapt to the changing landscape.
Moreover, gamification is a pivotal future focus, responding to the evolving iGaming landscape where the lines between gaming and gambling are increasingly blurred. This move aims to cultivate a gamified experience that aligns with players’ evolving expectations – engagement extending beyond basic gameplay. Leveraging gamification will be essential to enhance the gaming experience and offer benefits to players.
Gamingtec will be at ICE 2024 in London, and our team eagerly awaits the opportunity to engage with you.
We are prepared to discuss the latest trends and significant events that will influence the iGaming industry this year. Additionally, you will have the chance to discover how Gamingtec solutions can assist you in entering and thriving in this dynamic sector.