The iGaming industry is an ever-evolving and developing beast. The sector continues to change and grow in significant ways, with 2023 highlighting just how much success the market has been able to have.
More and more people are discovering the numerous advantages that an online casino can provide them, with convenience and accessibility being among its key benefits. Technology has played a key role in making these benefits available; users are now able to play from their smartphones/tablets for authentic and realistic gaming sessions.
As players have increased, so has revenue within the iGaming industry increased as well. Estimations put its estimated worth at $63.53 billion as of 2022 and with an expected compound annual interest rate of 11.7% from now until 2030 a great amount should be generated in profit from it.
Many developments and innovations have directly impacted the iGaming industry in 2023, with the vast majority of the changes to have been experienced has been highly positive.
Regulations
There have been instances whereby regulations have been changed in locations around the world that have allowed the sector to thrive. For instance, the industry has started to evolve in regions such as North America, Latin America, and Asia as new regulations are brought in that provide favorable conditions. This includes law changes and new safety protections for residents, thus encouraging safer gambling.
New technologies
A rise in the availability of new technologies has helped to enhance the offering that iGaming operators and companies are able to offer their players, thus making the industry more attractive. Players are now able to enjoy live casino experiences where they can play their favorite games from home but feel as though they are sitting in a casino room and across from a dealer. Virtual reality (VR) and augmented reality (AR) technologies are becoming more widespread, which provides an entirely new gaming experience, while the use of cryptocurrency has also helped the industry to grow further because of the benefits virtual currency provides in comparison to fiat methods.
Responsible Gaming
Although many have taken issue with the industry due to its addictive nature, the iGaming sector was still able to grow in 2023 thanks to a greater emphasis on player safety from companies. Firms now take greater precautions in protecting members as they recognize its significance. Though not always straightforward, new regulations and checks have helped create safer gaming environments that have helped propel the growth of the iGaming industry.
What does the future of the iGaming industry look like?
It can be very difficult to try and predict how the iGaming industry might look, especially with so many different developments and innovations directly impacting it. As highlighted, there is expected to be an annual compound growth of approximately 11.7% over the next seven years or so, but this could change very easily.
Nonetheless, it would seem the industry is thriving and going from strength to strength as of the present day, and there is no suggestion that this will not continue in the near future, either.
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