Upcoming Trends in iGaming
It is predicted that by 2024, the iGaming industry will reach a value of $94 billion worldwide. The development of this industry is driven by significant technological breakthroughs: the introduction of virtual and augmented reality, the use of artificial intelligence and the expansion of internet access.
What the iGaming universe revolves around today:
- VR and AR technologies — the compound annual growth rate (CAGR) for VR gaming will be 30.2% from 2020 to 2027
- Blockchain technologies — more and more iGaming platforms are accepting cryptocurrencies
- Regulation and legislation — the global online gambling market is projected to reach $158 billion by 2028, with regulated markets accounting for 87% of the total volume
- Social gaming trend — they are at the top, as the social media audience already exceeds 3.07 billion users
- eSports is a fast-growing industry sector, with total bets aiming for $14 billion compared to $7 billion in 2020.
The launch of casino mobile versions and sports betting on smartwatches is also expected to engage new audiences looking for quick access to online gambling features. Operators will continue to look for off-the-shelf software, API integration offering real-time access to clear and transparent data about their projects.
What’s Happening in i-Gaming Right Now
Tier-1 countries continue to be attractive to users due to high stakes. Tier-2 and Tier-3 countries also offer prospects for webmasters: India and Latin America suddenly became the leaders in gambling & betting and still hold that title. In addition, there is a sharp reorientation of arbitrageurs from the CIS to these countries.
Asia remains the largest region in the world with an audience of about 5 billion people. Dozens of countries with different living standards and needs are located here. It is Asia that sets trends: those who are ready to invest large sums pay attention to it. Special attention should be paid to the Indian market, which is successfully monetized. The interest of local users in cricket is gradually changing to classic gambling entertainment.
Asian Expansion: How i-Gaming Companies Capture the Market?
Asia’s gaming landscape is attracting online casino operators from all over the world. China, Japan, South Korea and India are experiencing rapid economic growth, and operators are increasingly facing a growing demand for online gaming. Plus, many Asian countries are actively working to improve the regulatory environment for gambling. Who to watch out for?
The country with a strong economy has gathered real fans of casinos and betting. Many offshore operators are interested in it, and even while the current taboo on online casinos doesn’t upset enterprising Japanese. They bypass the restrictions with the help of indirect winnings payment. For them, they receive souvenirs, which they exchange for real money. Today, pathological gamblers among Japanese are >4% of the country’s population.
The demographic is crossing the 1.423 billion mark: with it, the middle class is growing and infrastructure is developing, India is experiencing a boom in gambling. The turnover of gambling games rushes to $10 billion a year, at the same time, the legal status of the country wasn’t unambiguous for a long time. Only in 2023 a new regulatory system was introduced, which implies the creation of self-regulatory bodies that include online gambling businesses.
The technologically advanced country with the world’s fastest Internet shows a national passion for gaming. Koreans love to place sports bets, purchase lottery tickets and visit offshore gambling sites. Experts predict enormous revenues from 2023 to $17.5 billion per year.
The promising Asian market boasts a growing economy, loyal attitude of residents to any gambling type. Vietnam has something to offer investors in the i-Gaming industry. The process of legalizing gaming here started in 2018, allowing sports betting and casinos for foreigners, we can only wait for full regulation.
A similarly promising country with a fast-growing economy. It actively engages foreign investment due to its diverse population and technology development. The gambling industry here is one of the oldest: lotteries have been allowed since 1952, horse racing — since 1961.
Also, not to be overlooked is the Philippines, which has a huge turnover of more than $3 billion thanks to online casinos. In general, the Asian market has established itself as a place with great customer potential and a steadily growing economy. It is becoming a tidbit for most online casino operators.
Key Success Factor
To establish a platform in Asia, operators will require an international license. Many countries in the region are currently undergoing legislative changes that will soon bring the industry out of the grey zone. A similar situation is emerging in the cryptocurrency sector. The promising prospects for providers and entrepreneurs in Asia are driving increased demand in the online gambling market. Investing in and developing projects remotely in this market makes sense.
Financial consultants and experts of GamingLicensing offer a whole range of solutions in the offshore environment, including Asian jurisdiction. We help you to develop the optimal strategy for the business, choose the right partners, payment systems and game developers. Take advantage of our platform offerings with ready-made tools for launching and managing your business, licensing and consulting services. Penetrating the prosperous Asia is easy with us!