The gambling industry has been on a rollercoaster of tech upgrades and rule changes. With a 7.1% growth rate, we're looking at a global gaming market set to hit over $260bn by 2027. And the years 2023-2024 are pivotal in this ride.
So, where's iGaming at right now? It's stepping into the light from its shady past, getting legal and that's driving the growth of operators, service providers and payment methods. Plus, tech is taking centre stage, with big companies making it a priority in their projects.
At the same time, digital marketing is making a comeback. Everyone's realising the power of reaching customers effectively, so marketing strategies are getting smarter, more creative and personal.
But 2023 wasn't all smooth sailing. Different places had different vibes – some regions saw a dip in traffic thanks to bans on Google and Facebook ads. That meant businesses had to get crafty, exploring alternative platforms and channels to get the word out. On the flip side, some places were a paradise for business, with free-flowing traffic and everything legalised and humming along.
In the journey of iGaming: it's not just about tackling challenges but crafting a story of strategy, ethics and keeping ahead of the game
Payment systems also went through a shake-up. Credit and debit cards used to rule the iGaming payment kingdom, but by 2023, crypto casinos and new payment methods were stealing the spotlight. Think cryptocurrencies like Bitcoin, Ethereum and payment through mobile companies or e-wallet services.
But this shift brought headaches for suppliers. Suddenly, they had to hustle to keep up with the market, understand crypto nuances and find ways to make transactions with blockchain tech that everyone could trust. No easy feat, but the iGaming market is all about companies that can offer solid payment solutions and a range of options for players.
Competition was fierce, especially in Latin America, with Brazil taking centre stage. It's a showdown among online casino operators, affiliates and B2B providers, all aiming for the top spot. And where there's competition, there are tricks – some folks in the online gambling community cooked up fake traffic schemes, trying to boost their popularity by buying followers, likes, and comments. Sneaky, right?
Advertising got a facelift too. Advertisers started ditching affiliate programs for a more direct approach, wanting transparency and quality over quantity.
Tech took the spotlight with AI and VR making their entrance. AI is changing the game, offering a smoother user experience and personalised gameplay. VR is there too, but it's still a bit too pricey for the average gamer. However, companies are using it for marketing and PR.
Everyone's realising the power of reaching customers effectively, so marketing strategies are getting smarter, more creative and personal
Jump to 2023's global scene and ESG standards took the spotlight, putting the social, environmental and governance aspects of the gambling industry under scrutiny.
What's urgent? Gambling addiction is a real concern and so is cheating. Some places still lack solid regulations, creating issues with security and player protection. Operator responsibility is another hot topic. ESG standards kick in when some operators don't step up to protect players from the downsides of gambling. Online casinos seem to be doing a better job, stepping in to replace triggers that could lead to gambling addiction.
Looking into the crystal ball for 2024, the key is promoting responsible gambling and ethical business practices. Challenges are there, sure, but so are opportunities. Online casinos and B2B providers need to keep an eye on trends like live dealers blurring reality, the dominance of mobile gambling, blockchain and cryptocurrencies changing the money game, cross-platform accessibility, AI analysing player behavior, and the rise of skill games like poker and blackjack.
In the journey of iGaming: it's not just about tackling challenges but crafting a story of strategy, ethics and keeping ahead of the game. The canvas is wide and the game is a mix of tech, business, and making an impact on society.
