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In recent years, the iGaming market has experienced rapid growth. The global market is expected to reach over $60 billion by 2020. There are many factors that contributed to this rapid growth, including increased internet access and smartphone penetration around the globe, new technologies that make online gaming easier than ever, and increased acceptance by governments of gambling activities all over the world.
The convenience of iGaming has made it even more popular. You can play games anywhere, anytime. It offers many options, including table games, live dealers, sports betting, and slots. This makes it one of today’s most popular forms of entertainment.
The 2023 predictions are very positive, as iGaming has seen amazing results in recent years. We will give you a comprehensive picture of the iGaming industry conditions and trends in 2022. Also, we will make predictions for next year that will impact your gaming experience. Check out the details below!
A Quick Overview of the iGaming Industry in 2022 – An Overview
We mentioned that 2022 was a very positive year in the iGaming sector. As more people turn to online gaming as entertainment, companies saw a significant rise in popularity. This sector saw significant growth due to the rise of mobile gaming, and new technologies like virtual reality (VR), and augmented reality(AR). Esports tournaments also gained a lot of attention with millions watching them live on Twitch or streaming online.
Traditional sports betting companies began to offer their services online and leveraging technology to create new products like fantasy leagues. Because of their anonymity, low transaction fees and lower transaction costs than traditional payment methods such as credit cards or electronic wallets, cryptocurrency-based gambling sites have become increasingly popular. There are many types and options for iGaming sites and services, such as Bitcoin slots and Draftkings fantasy soccer betting. These diverse options made 2022 a great industry year, as well as for forecasts.
However, the iGaming industry faced some difficulties in 2022 due to a lack regulation and increased competition. This was not an issue that affected the entire market, but only a few areas. Companies had to find ways of distinguishing themselves from the rest while also providing safe and secure gaming experiences for their customers. Companies often had to invest heavily in marketing, customer support, and technological advances such as AI.
Operators also had difficulty complying with local laws due to lack of clear regulations regarding online gambling activities in different jurisdictions. Many operators were unable to meet local laws and faced financial difficulties, leading to many going out of business.
It is important to note that partnerships are very active in the current year. This included collaborations with leading software providers like Playtech, Microgaming and others to create online games that are more easily accessible to players all over the globe.
Many operators also partnered with payment service providers to provide better banking options for customers who play online. Most notable partnership in 2022 was the agreement between NetEnt, a game developer, and 888Casino, which gave players access to some top-rated slot titles on any platform. The partnership has grown to provide gamers with more entertainment options than ever before.
2023 Predictions – iGaming has Great Prospects
Experts predict that the iGaming sector in 2023 will be safer because of a new regulatory framework from EU. It is expected that stricter regulations will be in place, including increased customer protection, stronger anti-money laundering checks and better data security protocols. These measures will help customers protect themselves from fraudsters while also protecting their personal information.
Operators will have to follow stricter advertising guidelines to reduce inappropriate content on social media platforms like gaming apps and social media sites. These changes will likely lead to increased confidence in online gaming services, which will allow more people to play safe online by 2023.
However, the iGaming market in America will grow rapidly as gambling and betting become more legal. Many providers have begun to develop new game portfolios that will offer more variety for gamblers.
We can conclude that we can expect a safer gaming environment in 2023. This is due to the increased development of the USA market, and the increasing gaming portfolio.
