Get ahead of the game in 2024 by familiarizing yourself with emerging trends such as blockchain, mobile gaming, alternative payment forms, affiliate marketing, and the consistent growth of cryptocurrencies in the gambling sector.
With a new year underway, curiosity is rising about the future trajectory of the iGaming industry for 2024. Currently a multi-billion dollar industry, the iGaming sector is predicted to further expand in the ensuing years.
While this dynamic market has been in existence for quite a few decades, it has attracted much more attention in recent years, with projections for 2024 hinting at even more opportunity, especially for those adept at recognizing and capitalizing on trends.
One of the contributing factors is that the iGaming sector has established itself as a critical component of the global gaming market, with millions of players around the world seeking novel games and experiences.
This article delves into the primary trends influencing the industry and their potential implications for brands operating in or aspiring to enter the iGaming market. We’ll also investigate how these trends could reshape the industry in the upcoming years.
Key Developments in the iGaming Industry
Without a doubt, the iGaming industry is an ever-evolving landscape with fresh trends constantly surfacing. In this section, we will outline some of the most significant trends impacting the iGaming industry in 2024:
1 – Adoption of Emerging Technologies
One of the most prominent trends influencing the gambling sphere is the incorporation of emerging technologies, such as virtual reality and artificial intelligence. These technologies are revolutionizing gaming dynamics and paving the way for new possibilities for game creators. Importantly, the mainstreaming of virtual and augmented reality is presumed to become more widespread in the subsequent years.
Let’s examine some instances of how innovative technologies are being utilized in iGaming:
Blockchain Technology: The emergence of cryptocurrencies and blockchain technologies has significantly influenced the evolution of the iGaming industry. Enabling cryptocurrency payments on gambling platforms introduces several benefits: unnecessary personal data, uncapped transaction numbers, and commission-free transactions handled without intermediaries, thus ensuring rapid deposits and payouts. Blockchain technologies can also be deployed to record transactions between the user and the casino, logging all bets, deposit amounts, and winnings payouts in encrypted format.
Virtual Reality and Augmented Reality: The growing importance of virtual and augmented reality is anticipated to create new opportunities for gamers and game developers.
Artificial Intelligence: AI-fueled chatbots are a key driver of growth and innovation in the sector, offering gamers a safer, more customized, and immersive gaming experience.
Progressive Web Applications (PWA): PWAs are accessed as a standard webpage of a gambling site. Say, a player can install the desired app via Chrome or Safari without resorting to online stores. By clicking the “Add to home screen” button, an Android user can add the casino to their mobile phone.
Fair Casino Technology: The provision of fair gambling technology is one of the most awaited changes in the iGaming sector. Brands will accomplish this by enabling gamers to verify that their outcomes were determined by a smart contract code and not manipulated or influenced by humans.
2 – Surge in Mobile Gaming
Another development impacting the gambling sector is the surge in mobile gaming. As more individuals increasingly rely on their smartphones and tablets for gaming, mobile gaming has emerged as a dominant force in the industry.
Here are a few examples of how mobile gaming is making inroads into the industry:
Mobile-optimized games: An increasing number of iGaming brands are creating mobile-optimized versions of their games to cater to the expanding base of mobile gamers.
Rising smartphone usage: With over 60% of the global population using smartphones, mobile gaming has risen to a formidable force in the iGaming industry.
Cutting-edge mobile gaming experiences: The proliferation of mobile gaming has triggered the introduction of innovative gaming experiences, such as augmented reality and virtual reality games.
3 – Ascendency of Alternative Payment Mechanisms
With the growth of the iGaming industry comes a parallel need for alternative payment mechanisms. Gamers are seeking more user-friendly and secure ways to execute deposits and withdrawals, and brands providing these options are slated to witness increased success in the forthcoming years.
As per a report by SoftSwiss, alternative payment methods are growing in popularity within the iGaming industry. Let’s take a look at some common alternative payment methods that are gaining traction:
E-wallets: E-wallets are digital wallets enabling players to consolidate their bank accounts, credit cards, and other payment methods in one spot. They can be used to handle deposits and withdrawals to and from online casinos.
Cryptocurrencies: Cryptocurrencies are gaining ground in the iGaming realm, with Bitcoin emerging as the lead cryptocurrency utilised in online casinos. Dogecoin is another digital currency gaining favor in the industry.
Prepaid Cards: Prepaid cards have gained popularity as an alternative payment method in the iGaming industry. They allow players to make deposits without resorting to a credit or debit card.
Bank Transfers: Bank transfers offer a secure and reliable means to make deposits and withdrawals to and from online casinos. They are prevalent in regions where other payment forms are unavailable.
Mobile Payments: Mobile payments are trending in the iGaming sector, with players using smartphones and tablets to handle deposits and withdrawals.
4 – Affiliate Marketing
In 2024, affiliate marketing is predicted to gain greater traction within the iGaming industry. Brands are increasingly resorting to affiliate marketing to tap new audiences and endorse their offerings.
Let’s explore the optimal ways for the iGaming industry to leverage affiliate marketing strategies in 2024:
Influencer Marketing: Utilizing influencers to achieve marketing objectives is an effective affiliate marketing strategy for the upcoming year. Brands partner with influencers boasting a sizable social media following to endorse their products and services.
Live Streaming: Platforms like Twitch and YouTube are revolutionizing the affiliate sector with the introduction of live streaming. Brands can collaborate with streamers to advertise their offerings to a broad audience.
Affiliate Platforms: These platforms serve a dual function, connecting affiliates with brands and enabling brands to handle the entire process. They offer a suite of tools and resources to facilitate effective collaboration between brands and affiliates to meet their goals.
5 – Ongoing Expansion of Cryptocurrencies
In recent years, cryptocurrencies have gained considerable traction, a trend likely to continue in the iGaming industry. An increasing number of players are resorting to cryptocurrencies for deposits and withdrawals, and brands offering these options are likely to experience increased success in the imminent years.
As per a SoftSwiss report, Bitcoin (BTC) leads in terms of cryptocurrency usage in iGaming, accounting for approximately 75% of crypto usage. Dogecoin (DOGE), a popular “meme coin,” represents 3% of the cryptocurrency usage in online casinos.
Cryptocurrencies are also being employed for microtransactions in iGaming. In-game items can be procured with cryptocurrency, enabling players to make small purchases without resorting to actual money.
What lies ahead?
The dynamic nature of the iGaming industry guarantees constant evolution and emerging trends. Brands keen on making a mark in the industry must stay abreast of the latest trends and adapt to the shifting landscape. By doing so, they can position themselves for future success.
On the subject of local regulation, the iGaming landscape is changing in line with a mix of local regulations reflecting individual countries’ strategies to adapt frameworks to their social and economic objectives. More than mandatory legal requirements, these regulations signal a nation’s commitment to nurturing the iGaming sector for its benefit. Brands will need to comply with these regulations and adapt to the changing landscape.
Significantly, gamification will be a focal point in the future as the boundaries between gaming and gambling blur in the changing iGaming landscape. This initiative is designed to create a gamified experience in line with changing player expectations – engagement exceeding basic gameplay. Leveraging gamification will be crucial to enhancing the gaming experience and delivering benefits to players.
