Online gambling sectors have undergone extensive growth since the start of 2022. Rapid developments in innovation and the adoption of technological advancements in recent months have resulted in the global iGaming industry now being worth an estimated $80 billion. Over 80 countries and states across the world have legalised numerous forms of online gambling, including recent expansions across the United States and Canada, Latin America and the Asia Pacific region.
Furthermore, leading European gaming associations have forecast a market growth of 7% for 2023, which could further increase industry revenues by as much as 34%. iGaming is clearly on an upward trajectory towards global domination, making 2023 a year for expansive growth and opportunity. With that in mind, what trends can we expect iGaming and casino to encounter over the coming twelve months?
The Rise of Crypto Gambling
The introduction of cryptocurrencies to the online casino vertical has opened up exciting new markets that will play a role in shaping the future of online gambling. Crypto gambling allows gamers to deposit, play and withdraw using decentralised currencies like Bitcoin, Ethereum and Doge; however, the application of crypto goes beyond simply being another payment option.
With more emerging operators launching their own coins, crypto gambling can be a way for a wider demographic of players to own and, therefore, trade cryptocurrencies.
It’s not just the casino vertical that will continue to be impacted by cryptocurrencies in 2023 and beyond.
Another prominent iGaming vertical, sports betting, will see crypto betting opportunities expand over the coming 12 months, particularly in conjunction with the continued growth of the eSports betting market.
Gaming fans the world over are becoming increasingly invested in eSports betting, seeing it as a way to add value to their experience and show support for their favourite players and teams. We can, therefore, expect to see numerous online bookmakers follow suit with the likes of Thunderpick, which already offers dota 2 esports betting with crypto.
Casinos in the Metaverse
The success of live dealer casino games since their emergence in the mid-2010s has laid the foundation for more immersive gaming experiences. Gamers the world over a looking for maximum engagement and maximum absorption into whatever genre they’re playing, with online casino verticals being no exception. The next logical step will be the integration of virtual reality technology to offer casino gaming in the metaverse.
Metaverse functionality and web 3.0 are already having an impact on leading tech industries, changing the way that consumers both work and play. Being such a dynamic industry, iGaming has the potential to launch brand new casino meta-worlds that meld VR/AR tech with other emerging markets like blockchain to deliver truly unique gameplay.
This concept will bring a fresh take on classic card and table games while encouraging cryptocurrency adoption for seamless payment processes.
Emerging Markets to Become Established
Emerging iGaming markets across the globe are on the cusp of becoming much more established throughout 2023. The online gambling industry is becoming more prominent throughout emerging markets thanks to improvements to industry regulations, the proliferation of affordable devices, widespread internet access, and a general shift in attitudes to online gambling. In Europe alone, new markets in Poland, Bulgaria, Greece, Germany, the Netherlands and the Czech Republic will contribute to the 19% predicted increase in iGaming revenues in Europe this year.
But that’s not all. Mainstream integration could also be on the horizon for the Latin American market as iGaming sweeps Brazil, Colombia and Mexico. The Latin American region includes an internet-connected population of 163 million people, who could contribute to an iGaming market that would exceed $10 billion in the area by 2025. While the regulatory landscape in the region is still uncertain, a proposal for the regulation of a legal digital gambling framework was approved in 2022, so it’s just a matter of time.
Meanwhile, the African market has the potential to spur on enhanced growth in the mobile gambling segment as the year progresses. Although the region only accounts for less than 5% of the current global online market, as mobile usage becomes more widespread across the continent, that percentage is set to increase by some degree. We’re already starting to see iGaming operators expand into the region, as demonstrated by Twain Sport’s new South African collaboration with a prominent betting brand.
A User-Centric Industry
We’ve seen a marked shift towards user-centric business models across numerous tech niches over the past few years, and in 2023, the global iGaming industry will join them. Over-development, for the sake of it, is becoming a thing of the past; players aren’t looking for more online casinos or digital sports betting apps, they’re looking for better gaming and wagering experiences.
In an oversaturated marketplace like iGaming, it’s crucial that operators focus on delivering a high-value player journey which engages them on a personal level from the moment they sign-up.
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