iGaming Industry Set for Tech Overhauls
When it comes to gaming markets, many analysts have kept their focus on eSports. After half a decade of meteoric growth, the industry has stabilized—but not everyone is turning their focus elsewhere. While eSports remains a hot topic in headlines and amongst market analysts, the iGaming industry has quietly taken the world by storm.
In 2023, Yahoo Finance estimated the iGaming market was worth just over $702 billion. According to Statista, the global video gaming market was worth less than half of that at just over $363 billion in 2023. Though it’s no surprise that iGaming has continued to grow and perform well, the industry is starting to change rapidly thanks to advances in technology and more favorable regulations in places like North America and Australia.
The shift online has been particularly impactful. Rather than heading to a brick-and-mortar casino, players today can shop around for a casino bonus straight from their laptop or smartphone. All a player has to do is choose a casino, register their legal and financial information, wait for approval, and then get started playing.
But when it comes to iGaming, virtual availability is only the tip of the iceberg. Looking at the next decade, more changes are expected to come, many of which will follow closely on the heels of technological advances. But which will have the strongest impact and leave their mark? Let’s take a closer look.
Crypto Platforms
One of the hottest topics in iGaming is the transition toward blockchain. The blockchain has obvious benefits for casinos, as the added ledger security can help them account for each transaction. However, it’s worth pointing out that no major casino provider has shifted toward blockchain or crypto.
There are multiple complications. While it might be feasible for a casino like BetMGM or Caesars to implement a blockchain-ready virtual platform, these casinos don’t exist in a vacuum. They work closely with casino game creators like Play’n Go and Evolution Gaming in order to license and host popular slots, blackjack games, and more. Until multiple parties are ready to jump to blockchain, this might not pan out quite as quickly as some analysts believe.
Developers Diversify
That being said, it’s worth pointing out that many casino game developers are expanding their portfolios. Though Evolution Gaming doesn’t run on blockchain, it recently announced plans to release NFT Megaways, the first slot game that includes real NFTs. The game will run on Ethereum’s blockchain and marks the first time that a major casino game developer has shifted toward crypto assets.
Aside from pursuits related to crypto, developers have also started to dabble with new types of games. Game show games combine the magic of game shows with table games. Some combine multiple games, mashing up slots with money wheels with pachinko. These exciting new titles have made a splash with players—and have proved far more appealing than crypto casinos.
Big-Name Crossovers
Historically, casinos and their developers have faced difficulties in terms of marketing regulations and restrictions. The ebb and flow of these policies will always change—but if there’s been one huge coup for US-based casinos, it’s the availability of sportsbooks.
In the US, sports betting, casino gaming, and online poker are treated as separate iGaming pursuits—but they’re regulated similarly. In certain states, sportsbooks and casinos are allowed to run concurrently, meaning that users can seamlessly jump from one page to the next so long as they’re registered.
This has already led to a few big-name advertising deals and branded content. For example, multiple casinos in Las Vegas sampled Super Bowl-themed slot games ahead of the championship game last year. These slots are officially branded with NFL logos, teams, and even players. They’re designed to appeal to NFL fans who may not have ever played a slot before, along with casino gamers who love the league. Though they haven’t been released yet, they’re a fantastic example of big-name institutions dipping a toe into the iGaming waters.
