Online Gambling Business in 2024: Main Trends of the Industry

This is a promising area that will only be strengthening its position in the global economy in 2024. The opinion is shared by the experts of Market Research Report, who in 2020 presented a comprehensive report on trends and prospects for the iGaming sphere.

Key Growth Indicators for the Gambling Industry

According to the Market Research Report, the annual development rate of the business will be 11.4% at least until the end of the decade. In 2028, the capitalisation of internet wagering will probably reach $158.2 billion.

Online gambling is developing correspondingly with the global economy. Furthermore, it is almost 3 times higher in terms of growth (11.4% vs. 4% predicted by the World Bank).

The main reasons for the active development of the segment:

1. Availability of gambling entertainment. The punters only need a stable internet connection to play. They do not leave their comfort zone (for example, their homes) to visit a virtual gaming room with slot machines. The increase in income from gamblers also affects the availability of casino entertainment. Accordingly, the players spend more money on iGaming services.
2. Implementation of IT tools. The launch of a casino business is an excellent springboard for the use of AI, Blockchain transfers, Big Data algorithms and other technologies.
3. Legislative loyalty. Last year, governments in many countries allowed digital wagering activities to increase revenues to local budgets. To run a respectable business, the entrepreneurs need to work in the legal framework and follow the principles of responsible gambling.
4. Active sponsorship. Operators are increasingly attracting public figures to advertising: celebrities, athletes, and TV presenters. In addition, many companies (for instance, betting holdings) become primary sponsors of sports teams. This approach is effective since it increases the target audience of online gambling.
5. Simple control. iGaming is a sphere, free of real estate prices, labour costs, quarantine measures and other features of ground-based businesses. The web sphere is less exposed to financial risks, which has a positive effect on profits.

Market Segmentation by Games and Devices

Wagering is a sector of the economy with many business areas. Entrepreneurs can open an online casino or a web poker platform, focus on mobile gambling apps or create a desktop product line.

Let us review the statistics of the iGaming industry:

Types of Gambling Entertainment

The analysts of the Market Research Report predict that by the end of 2022, the internet sports betting sector will provide the greatest profit. Online wagering will generate $29.9 billion or 40.3% of the industry's total revenue.

The popularity of web betting is explained by:

• increased interest in sporting events after a slight calm during the pandemic;
• sponsorship and successful advertising campaigns involving famous athletes;
• legalisation of betting in many prestigious states with high incomes among the population (for example, in the USA and New Zealand).

The second most profitable iGaming sector is online casinos. Slot machines and live entertainment will bring in $24.9 billion in 2022, which will be 33.6% of the total industry capitalisation.

The most promising market is the Asia-Pacific region. Locals enjoy playing such live games as roulette, blackjack, baccarat, and Sic Bo. Good income will also be generated by slot machines that are in demand in all key markets — North America, the USA and Asia.

The third most popular gambling group is online lottery draws, which will bring in $11.2 billion, or 15.1%. Internet sweepstakes are allowed in many countries (for example, India and China) with an ambiguous attitude of the authorities toward wagering.

Bingo and virtual poker will generate $5.9 billion and $5.1 billion respectively. Their target audience is young people aged 18–34.

Popular Types of Devices for Online Games

According to the Market Research Report, in 2022 the wagering revenue will be distributed as follows:

• 50.8% — profit from mobile casino platforms;
• 40.6% — revenue from desktop gambling sites;
• 8.6% — income from other devices (tablets, iPad).

Mobile casinos are the leading sphere nowadays, offering punters a convenient and uninterrupted gaming experience from the comfort of their homes. The profitability of this wagering industry is influenced by the availability of smartphones. Such IT giants as Samsung, Apple, Huawei, and Xiaomi produce high-quality digital devices at affordable prices.

Wagering business on desktops is also providing high profitability. Half of the users prefer to spin slot reels on PCs. Gamers enjoy the large size of desktop screens, their excellent performance and increased storage capacity.

Digital Technology and Gambling

The use of modern IT solutions is one of the key indicators of the growth of the iGaming industry.

Analysts of the Market Research Report identify technological advances to be relevant in the next 5–7 years:

Blockchain

The immutable-net cryptographic system is used to:

• make fast, anonymous and secure transfers from anywhere in the world;
• create multiplayer entertainment with improved game mechanics;
• provide online casino honesty control.

Blockchain solves trust issues between users and the gambling site.

The technology stores all records of operations such as credited funds, passed rounds, and paid bonuses. Punters can access the transaction history and verify the solvency of the entrepreneur.

Artificial intelligence

Machine learning algorithms are used for:

• the creation of chatbots — smart assistants that play on behalf of the platform and solve many technical problems;
• the collection and analysis of information about user preferences;
• the identification of gamers with signs of gambling addiction.

AI makes casino sites more secure by identifying wagering abusers.

One of the recent developments is the internet platform by the independent organisation BetBuddy Limited. This AI-powered casino software tracks problem gamblers by analysing linked accounts.

VR & AR

The use of virtual and augmented reality helps:

• provide an immersive gaming experience based on interaction with the 3D rendering of casino tables;
• improve social cooperation (players can see themselves and other customers in a three-dimensional environment);
• expand the geography of the entertainment (participants can visit different casinos every day using a VR headset).

Promising iGaming Niches to Invest in 2024

The Win Win company recommends the following modern gambling projects:

Telegram Casinos

The gaming platform is presented as a multitasking chatbot. The assistant works in the Telegram social messenger and then redirects the target audience to the wagering site.

The main reasons to buy a Telegram casino:

• an increase in the number of iGaming platforms (punters play both in the messenger and on the website);
• expanding the geography of users (operators can attract an audience from those countries where gambling is prohibited);
• automation of routine tasks (a chatbot advises clients, helps to bypass blocking, and installs a website mirror).

Mobile Casinos

It is a modern gambling platform with HTML5 games and a responsive interface design.

The main reasons to order a cellular solution from the Win Win Casino provider are:

• a modern UX design with options for playing with one hand;
• a wide range of entertainment from the best software manufacturers;
• an up-to-date PWA system for gambling through the selected browser or a convenient download application;
• high-speed content playback in HD quality.

Live Casinos

This entertainment serves as a kind of replacement for a terrestrial gaming room. Punters can follow the actions of the dealer in real-time, interact with other casino users, and receive a decent reward for playing.

The top reasons to open a live casino are:

• a huge interest of punters;
• low fullness of the live niche;
• a large selection of software providers with well-thought-out solutions for key markets (Asia, Europe, America).

Features of Gambling Regulation in Diverse Regions

In 2021, many countries legalised online wagering. It is more profitable for local governments to establish transparent rules for the market than to fight illegal bets, money laundering and growing gambling addiction.

According to forecasts, Europe will show the highest profitability in the iGaming sector — $30.9 billion or 41.6% of the total industry income in 2024.

The key growth indicators for the European wagering segment are:

• rich sports history and presence of a large number of fans;
• legalisation of online gambling in many countries — the United Kingdom, Sweden, Italy, Germany, and Ukraine;
• availability of several offshore territories with attractive business conditions (Gibraltar, Malta, and the Isle of Man);
• high level of income of citizens.

North America and Asia will also show growth in profitability. The income of operators from the USA and Canada is associated with sports betting, while live dealer entertainment prevails in Asian countries.

The Main Things about the iGaming Prospects in 2024

Our universal system works as a PWA application. Users can play from mobile devices and PCs, as well as spin slot reels in land-based terminals.

Gambling software from Win Win Casino is equipped with modules for data protection and multicurrency payments.

• In 2024, the iGaming industry will grow by 11.4% and bring $74.2 billion in profit. The chief incentives for the development of gambling are IT investments, growth in incomes of the population, legalisation of the sphere in promising jurisdictions, and successful advertising of entertainment.
• Mobile gadgets are the leading devices to play games. The main regions that bring the most revenue to operators are Europe, North America and Asia. Entertainment is dominated by sports betting and casino games.
• In 2024, it is most profitable to invest in mobile, Telegram, and live casinos. The projects based on Blockchain, AI, and virtual or augmented reality guarantee good profits and high interest from the target audience.

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