The iGaming industry has seen rapid growth in recent years, with the global market reaching over $60 billion in 2020. This was due to a number of factors such as increasing internet access and smartphone penetration worldwide, new technologies that have made online gaming more accessible than ever before, and an increased acceptance of gambling activities by governments around the world.
The popularity of iGaming is further enhanced by its convenience. Players can enjoy games from anywhere at any time without having to travel or wait for opening hours. Additionally, it offers a wide variety of options including slots, table games, sports betting, and live dealer experiences which appeal to different types of players across all ages and backgrounds – making it one of the most popular forms of entertainment today.
As during these recent years iGaming has had amazing results, 2023 forecasts are pretty positive. In this article, we will try to show you a detailed picture of iGaming industry trends and conditions during 2022 and outline some predictions for the next year which will affect your gaming experience. So make sure you check all the details down below!
iGaming Industry In 2022 – A Quick Overview
As we mentioned before, 2022 was a pretty positive year for the iGaming industry. Companies saw a major surge in popularity as more people turned to online gaming for entertainment. The rise of mobile gaming and new technologies such as virtual reality (VR) and augmented reality (AR) were some of the main trends that drove growth in this sector. Additionally, esports tournaments gained tremendous traction with millions tuning in to watch them live or streaming on platforms like Twitch.
There was also an increase in interest from traditional sports betting companies who began offering their services online while leveraging technology to create innovative products such as fantasy leagues. Finally, cryptocurrency-based gambling sites became increasingly popular due to their anonymity and low transaction fees compared to traditional payment methods like credit cards or e-wallets. There are many types of iGaming websites and services such as Coinplay bitcoin slots, Draftkings fantasy football betting, and others. So these diverse alternatives made 2022 a great year for the industry as well as forecasts.
On the other hand, there were some challenges during 2022 in the iGaming industry that were largely caused by a lack of regulation and an increase in competition. It was not a common problem for the whole world’s market but for some areas. With more players entering the market, companies had to find ways to differentiate themselves from their competitors while still providing a safe and secure gaming experience for users. This often meant that companies needed to invest heavily in marketing, customer service, and technological advancements such as AI.
Additionally, due to the lack of clear regulations on online gambling activities across different jurisdictions, it was difficult for operators to ensure legal compliance with local laws. As a result of these issues, many operators struggled financially or even went out of business entirely throughout 2022.
During this overview, it is also needed that the current year is very active when it comes to partnerships. These included collaborations between leading software providers such as Playtech and Microgaming to create new online games that are more accessible to players around the world.
Also, several operators joined forces with payment service providers in order to offer customers better banking options when playing their favorite games online. The most notable partnership of 2022 was an agreement between game developer NetEnt and casino operator 888Casino which allowed players access to some of the best slot titles available on any platform at that time. This partnership has since gone from strength to strength, providing gamers with even more entertainment choices than ever before!
2023 Predictions – iGaming Has Great Prospects
Experts predict that the iGaming industry in 2023 will be much safer due to a new regulatory environment from the EU. This is because stricter regulations are expected to be implemented, such as increased customer protection measures, more stringent anti-money laundering checks, and improved data security protocols. These measures should help protect customers from fraudsters and ensure their personal information remains safe.
Additionally, operators will also need to adhere to tighter advertising rules which should reduce inappropriate content being exposed on digital platforms such as social media sites or gaming apps. As a result of these changes, it is likely that confidence in online gaming services will increase significantly over time leading many more people to play safely online by 2023 than ever before.
On the other hand, it is expected that the iGaming industry will increase dramatically in the USA too as their betting and gambling become more legal than it was in 2022. On the other hand, many provider companies have already started working on new game portfolios which will increase the diversity for gamblers.
To conclude, in 2023, we should expect a safer environment for gaming as regulations will be much more clear and completely implemented, also the high dynamic of development on the USA market and most importantly increased gaming portfolio.