Home » Innovative Moves Power Global iGaming Industry to Over $107 Billion in Revenue
To enter 2024, the global online gambling marketplace surpassed the $100-billion mark. In fact, according to some projections, it blazed past $100 billion to eclipse $107 billion. With a further compound annual growth rate of some 6.5 percent expected, the industry could reach over $135 billion by the time 2028 comes around. Its rapid growth has been greatly spurred by iGaming being given the green light in many more markets, including the US, but it’s clear that competition-driven innovations have also contributed.
Now more so than ever, platforms and even game developers are seeking to stand out as the best of the best. Of course, last year was very much one of artificial intelligence exploration and adoption, as we relayed at FintechZoom.com in reports on the likes of WeFox, and while iGaming companies certainly delved into the potential of AI, the starkest innovations were far more apparent to users. Here’s where several brands were able to innovate and make the industry all the more appealing.
Innovating in the primary space of competition
Easily the most front-facing, primary battleground for competing brands is welcome offers. A storied tradition in online gambling, brands have upped the ante to craft and deliver bonuses that better reflect the desires of customers as well as offer something new and different. Just looking at the range of bonuses from 200+ providers available on the aptly-named platform Bonuses.com, it’s clear that more thought than ever is going into making these offers appeal to virtual passersby.
A huge hit in this regard is the no-deposit and no-wagering bonus. The former allows players to get bonuses without committing any real money to the platform. This allows for a completely free exploration of the site and some of its top games. No-wagering bonuses dispel one of the primary hindrances – but perfectly understandable conditions – of most welcome bonuses. Instead of needing to roll bonus winnings several times over, these often smaller bonuses just reward the bonus winnings as real cash.
Innovating the ways to play
Slots and table games have long been the staples of casino gaming. Some land and online providers would also throw in more niche games like keno or fan tan, but for the most part, you’re looking at slots, roulette, blackjack, baccarat, poker, and craps. However, with online competition raging, providers were pushed into introducing whole new ways to play to the industry.
Live casino gaming took some bold steps in this direction with big wheel games and other such game shows. In 2023, though, it was all about the crash and mine games. Both are very clear-cut, gamified forms of gambling. Crash games see the player bet, and the game begins. As it progresses, the return increases, and the player can cash out at any time. Do so too late, and the bet loses. In mine games, players can usually pick the size of the grid and the number of mines. Next, they pick blocks to reveal an increase in return or a mine and, again, can cash out at any time.
For investors, the cryptocurrency fad may have taken a backseat, as Cointelegraph.com details, but for online gambling firms, crypto is becoming an increasingly useful tool. Cryptocurrencies and the associated blockchain technology can offer real utility to sites as they use very fast, secure, and often incredibly cheap transaction methods. Not only are they practical, but offering crypto payment methods also looks good for sites, showing them as tech-savvy and progressive in the eyes of users.
For customers, of course, the appeal is that these popular options are being explored. Some online casinos are now built on the blockchain with specialized crypto games to play, making the industry one of the few reliable places for crypto enthusiasts to spend and use their coins. While adoption was picking up in the late 2010s, many vendors in other industries have dropped crypto due to its inherent volatility. iGaming has done the opposite and can even be seen as doubling down on crypto.
Innovations in these key areas have helped to propel the iGaming industry to new heights as we commence 2024. As competition ramps up, we can only expect further creative moves to be made.
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