Gamify & Thrive: The Evolution of iGaming Through Cutting-Edge Tech Trends in 2024

A brief look at the developments of the iGaming industry shows the economic influence that the industry has.

It brings significant revenues and encourages developing new ideas and technologies. Online gambling in all the European nations received a 23% growth in revenues which totalled €108.5 billion ($115.7 billion) in GGR by the end of 2023.

Their increase is fueled by online stores as well as physical stores. It proves prospects of steady improvement of the industry and its stability too. The online segment was up 8 percent from the previous year reaching €38.2 billion of GGR ($40.7 billion). What are the major technological purposes that are enabling this industry to develop? Let’s take a closer look at them in this article.

5 Essential Tech Innovations in iGaming That Will Shape 2024 and Beyond

A few revolutionary technological innovations in the field of iGaming are in the process of changing the entire notion in the coming years. These technologies will contribute to the development of new iGaming interfaces and will focus on creating captivating environments along with improved interaction.

1. Virtual Reality (VR) and Augmented Reality (AR)

As indicated by the report the current worth for the AR and VR market stands at $31.12 billion. Thus, the Mobile AR market is expected to grow from $12.45 billion in 2021 to $21.03 billion in 2024. Platforms like virtual reality casinos and augmented reality racetracks hold promises of bringing higher levels of engagement which is bound to turn any surrounding into a gaming zone. AR/VR games deal with the senses which makes people engage and think and to be encouraged to come back for something new. VR specialist offers bettors the Immersive entertainment environment in the field of iGaming, which enables them to generate personal 3D avatars. These avatars which are more customized by the players, their tastes and even disposition make the whole iGaming experience homely. That is why the gambling industry can benefit greatly from the metaverse tendency together with advanced technologies, and the growing popularity of the segment. Among these, the Metaverse possibly gives users a memorable play through placing them in a virtual environment that is filled with various games.

AI and Machine Learning in the iGaming industry

The use of social gaming components is another major advancement in the iGaming sector, to which AI and ML have made a peculiar contribution. Due to its technology-oriented profile, the iGaming sector did not take long to see the value that could be added by adopting AI across domains such as marketing and design or personalizing players’ experiences. This fast integration shows that beyond improving the operating models, AI is transformative in producing better user experiences and security. This tendency signifies that AI is on the edge of transitioning to the status of an industry base. This is because AI and ML can be considered as new tools that iGaming operators can use in order to further develop their line of businesses.

3. Integration of blockchain and cryptocurrency in iGaming

Crypto Reporter also noted that while in Q1 of 2021 people spent about 30 million dollars in bets in cryptos, this number rose and reached 63 million dollars in Q1 of 2022, which means that for over 116% there is a growth in this sphere. In light of cryptocurrencies and blockchain implementation the market of iGaming was expected to grow up to 95.05 billion US dollars in 2023. Another benefit for accepting cryptocurrency betting is that betting with cryptocurrency has lower expenditures because cryptocurrency owns minimal transaction expenses. This could help casinos to cut costs and improve on the services being offered to the players. The latest researched data shows that there are more than 420 million people interested in cryptocurrencies around the globe which is the fourth reason why the companies should accept payments in Bitcoin. This helps businesses access a large customer base of the global clientele that enhances availability and customer reach across different geographical areas that favor the elimination of the local service providers for payments. Cryptocurrency bets reached $75 million of the total $250 million accept bets made in the first quarter of 2023. The overall distribution of cryptocurrencies in popularity in iGaming was quite stable, with bitcoin being used to a significantly higher extent, specifically 74.9%, compared to second most popular Ethereum used in 8.9% of cases followed by Litecoin in 6.0% and Tether in 4.6% of cases and finally Dogecoin used in 3.0% of cases. Blockchain technology can enhance the number of transactions at nearly zero cost, enhance the customers’ privacy and anonymity, and offer them better probabilities and earning potentials. Thus, through experience of new generation applications across platforms, the industry is designated to go even further with the help of blockchain.

4. The emergence of 5G mobile gaming and progressive web applications

Games of chance constitute one of the most popular mobile gaming categories; currently, they account for 18.9 % according to revenue share. The advancement of the 5G revolution in the use of telecommunication networks has already greatly enhanced mobile games experiences through improved speeds, and low latency. In a report, Ericsson identified five ways in which 5G is changing the face of gaming, especially in the following ways; virtual reality gaming is possible through the support of 5G. Another advantage of 5G is the real-time interactions within virtual environments that do not have lag time or latency which contributes to gaming. Solutions such as conducting a live casino game, sporting events, live auctions can now be carried out on powerful servers in data centers while the feeds can be in real-time as long as there is a stable 5G connection.

Another popular concept that has emerged in the sphere of mobile gaming is progressive web apps (PWAs). PWAs blend the core aspects of both the native mobile apps and the mobile web to deliver better UX. Another market research company Facts & Factors estimated it to be around USD 1100 million in 2019, and is projected to reach a figure of around USD 7600 million in 2026, with a CAGR of around 34% for the period 2020-2026.

5. Real-time streaming via WebRTC and industry benchmarks

Web Real-Time Communication (WebRTC) is one of the most important technologies that facilitate real-time audio-video conferencing through the web browser; thus, it is deployed in diverse applications of the iGaming and gambling industry. Web Real Time Communication technology has impacted the iGaming business by availing voice and video options in established gaming platforms for the small to mid-sized gaming enterprises. It also helps in the other multiplayer games such as connecting the players and the server for sharing of information in real time. Thus, bettors who adjust their approach until the last possible moment will need high-quality streams and the ability to interact in real-time to receive up-to-date and accurate information. Live streaming is now present in various aspects of iGaming, and the usage of multiple camera views includes 3 to 5 perspectives of people such as the casino dealers and the auctioned items. Fans using live betting sports apps can freely switch the angles of how a particular event is being broadcasted or watch multiple games on a single screen. WebRTC has helped to improve the live online casino services by enabling the operators to stream videos almost in real time which is an advantage to both operators of online casinos and the users.

Leading iGaming Trends for 2024

In this section, we’ll explore key trends that are shaping the iGaming industry in 2024 and beyond, with a focus on enhancing a user-centric approach, driving innovations through data, and integrating secure payment systems.

Data-Driven Decisions and the Rise of Mobile Gaming

In the capacity of a game operator, your main objective is to create value for your clients, the players, by satisfying their demand. Thus, the value of the overall quality mobile gaming experience is a concern for 70% of players. New facts from Gartner and Forrester show that by 2019, the iGaming turnover was 69% on portable devices, and already by 2020, it rose to 74%, proving that the industry is moving away from desktop and becoming more mobile-oriented. Awareness of the mobile environment is equally important for the iGaming business. Consumers want entertainment on-the-go on their handheld devices and while the fight for the right orientation in gaming is between the portrait and landscape modes the mobile gaming UX in iGaming is yet in its infancy. Through benchmarking the leading operators set high standards for providing engrossing mobile experiences as they understood the importance of mobile gaming into their future strategies. Thus, it strengthens its position as one of the main drivers in the iGaming industry as it enables the development of fully-sophisticated individualized experiences based on the concept of mobile.

iGaming Market Projections

From Statista, the online gambling market around the world is expected to hit a revenue of US$107.30 billion by the year 2024. Out of this, the overall package beer market is expected to reach a market volume of US$98.16 billion in the same year and at a CAGR of 6.51% for the period between 2024 and 2028. Also, the user penetration in the online gambling market has been forecasted to amplify exponentially and touch the mark of 243.2 million by the year 2028. These figures clearly illustrate that the global popularity and the expansion of online gambling are rather impressive.

Promising iGaming Markets to Keep an Eye On

The iGaming sector is continuously expanding in many new territories as the government’s cross over their regulatory policies over gambling, thus enabling operators to enter newer geographically less explored casino and esports markets. This growth also benefits the seekers, as the organic iGaming brands penetration to new markets is the path to the better life, work, and experience.

Brazil, remains as one of the biggest unexplored markets in Latin America and the regulation of it is increasing at a prolific rate especially after the pandemic. The staff in the Brazilian administration like the minister of economy has supported sportsbook betting as a tool for boosting the economy and creating employment. Likewise, India is gradually coming into the list of leading players in the online gambling industry. In 2019, the India iGaming market was worth €750 million; it is predicted to reach €3 billion in the next decade due to the country’s young population keen on mobile gaming, 5.6 billion mobile gaming application downloaded in 2019. In Europe, Bulgaria remains popular among gambling brands looking for a new market to enter.

The growth rates of sports betting in the country are about 20% per year, and the online casino is growing 30% per year, the total market of it will be about € 134.60 million in late 2024 and expect it may exceed € 165.40 million in several years. These emerging markets especially in Brazil, India and Bulgaria have great growth rates and are promising for the operators; they guarantee great employment opportunities for the future which also denote a good future for growth for the iGaming industry as it seeks new markets to venture in.