While online gaming may not have seen the rapid expansion in the United States that sports betting has seen in the past few years, forecasters are predicting a massive expansion in revenue from the entire iGaming industry in the next decade.
a New report From Transparency Market Research estimates, the global online gambling and betting market will reach a value of $62 billion in 2021. The company now expects the industry to witness a compound annual growth rate (Compound annual growth rate) by 11.5% from 2022 to 2031, bringing total revenues to $182.2 billion. More gaming options and added technology are major drivers.
“Real-time in-play betting is gaining momentum as punters look for more dynamic and engaging experiences,” the report notes. “It allows users to place bets during live events, enhancing the excitement and potential rewards. Virtual reality (VR) technology is revolutionizing the way people experience online gambling.
Innovative industry
TMR He points to the move toward innovation and interactive gaming environments as helping to drive the industry. This includes incorporating the use of cryptocurrencies for faster transactions.
Adding social gaming elements has also helped attract a wider audience that has become accustomed to mobile gaming. PokerStars, PartyPoker and others have moved to a more social style of play in the online poker arena as well.
Additional features, such as player programs, challenges, and rewards, keep users engaged and loyal to individual sites. Tailoring content to specific regions and cultures is also becoming more important for online gaming companies, the report shows.
“Offering games, payment methods, and customer support in local languages and currencies enhances user engagement.” TMR Reports. “Specialized betting markets, such as politics, entertainment and virtual sports, are gaining popularity. These markets offer new avenues for bettors to explore.
Reaching potential customers
Acquiring customers and meeting their requirements and interests seems to be an increasing part of the industry as well. TMR It points to advanced data analytics and artificial intelligence in helping operators better understand user preferences, improve odds, and prevent fraud.
Augmented Reality (AR) technology, the integration of digital information with the player’s environment in real time, is beginning to impact online gambling through enhanced graphics and interactive elements. All of these changes and improvements seem to be good for gaming companies’ bottom lines.
I mentioned Entertain, the company behind PartyPoker, bwin, Ladbrokes and BetMGM Strong third quarter earnings Just this week, according to Wall Street Journal.
“Our focus now is on accelerating our actions to drive sustainable organic growth, expand our margins, capitalize on US opportunities and generate long-term returns for our shareholders,” the company stated.
Other key findings from TMR The survey includes:
- Many online gambling and betting platforms include live streaming features, which enhances user engagement.
- Shifting towards seamless cross-platform accessibility and flexibility, allowing players to play from smartphones, tablets and desktops for uninterrupted gameplay and rest.
- Europe boasts an established iGaming market, with strict regulations ensuring consumer protection while promoting growth.
- North America, especially the United States, is seeing a shift in online gambling. Legalization efforts are expanding the market, and Canada also offers significant opportunities.
- The Asia-Pacific region is a hotbed of online gambling growth, driven by the expansion of the middle class and the proliferation of mobile devices. Markets such as China and India have promising potential, but regulatory challenges remain. Macau is also examining the possibilities of online gaming.
