What are the Upcoming opportunities for the iGaming industry in 2020?
The iGaming industry is one of the fastest-growing sectors of the market. The iGaming sector always believes in offering the best possible experience to its users. As with the involvement of technical innovation and changing economy, the industry needs to offer the best-customized services to the audience but currently, the industry is facing a downfall in the economy. Thus, the iGaming industry needs to upgrade in the trends of the iGaming industry to successfully empower the market. One of the trendy solutions for the iGaming industry is esports platform development services. The sector of esports helps the industry to enhance the count of more users. It creates a better opportunity for the industry in terms of growth in the upcoming years.
Market Survey of the iGaming Industry
- As per the market overview, the market size is expected to grow in 2019-2023
by USD 90.13 billion.
- Due to Cutting-edge competition in the market, casinos, esports, blockchain, etc. are some of the upcoming trends and changes demanded by the audience.
- The expected registered CAGR is more than 10% during 2019-2023.
- By the year 2020, players will spend more than USD 4.5 billion.
- The sports betting market in the iGaming industry is expected to rise by $144.44 billion.
- The growth of the iGaming industry is increasing with the per capita income and an increasing number of dual-income households.
Expected Challenges Faced by the iGaming industry
As with the growth of the economy, the iGaming industry faces several challenges in its path. The following are some of the challenges faced by the industry.
- As with the growth of the iGaming industry, stricter regulations are implemented by the economy. Thus, the operators need to implement the appropriate policies of the economy to maintain the profitability of the industry.
- Retention of users for the long-run is also one of the challenges for the industry. The iGaming industry needs to offer the best-customized platform to its users to increase the retention rate in the industry.
- As with the liberalization regulation in the U.S., there are too many operators in the industry, due to which it becomes difficult for the iGaming industry to survive in the market.
- Mobile gaming is taking over in the iGaming industry, as more people are shifting from desktop to mobiles. Thus the iGaming industry needs to offer more engaging mobile experiences for its players.
- Currently, the outbreak of coronavirus also affected the economy including the iGaming industry. To overcome this downfall, the iGaming industry needs to offer better platforms such as esports, casino, betting, and many more.
Therefore, the iGaming industry needs to explore some better opportunities to sustain in the market for the long-run. There are trending opportunities available for the iGaming industry that can be helpful for the growth of the business.
Growth Opportunities Available for the iGaming Industry in 2020
Like any other industry, the iGaming industry also has various trends available in the market. In the absence of real sports events, the market share for the iGaming industry increases to a great extent. Some of the growth opportunities for the iGaming industry are as follows:
Esports is one of the popular sectors in recent times. The increasing esports sponsorships by leading brands is also one of the great opportunities for the iGaming industry. The operators can overcome the loss from the cancelation of sports events by offering an esports betting platform on popular tournaments such as League of Legends, counterstrike, Fortnite, and many more. The esports tournaments are also available on game streaming platforms, which are most likely to be used by the operators. This industry will continue to explore new alternatives to the users. So, the operators of the iGaming industry must observe the sector and develop strategies to take benefits of the esports trend.
In recent times, the cryptocurrency and blockchain industry is considered as the trending rising sector of the industry. There are many operators, who are offering blockchain-based betting platforms with the payment option of cryptocurrencies like Bitcoin and Ethereum. The platform of the industry is also easy to be developed by the operators and can also get the approval of the regulators easily.
More Branded Slot Games
In the year 2020, slot games are proven to be a great success. Currently, the operators have developed a partnership with TV series, producers, and musicians to attract a new audience to the gaming industry. Recently many live casino games created by popular game shows, through which the iGaming industry implement innovative technology and offer the platform to the fans of specific TV series or films in the world of online games.
Virtual sports are also known as a trending opportunity for the iGaming industry. Virtual sports events involve football, table tennis, basketball, racing, and many more games for the audience. Some various sports-related events and games have been seen under this sector. It can help the operators in increasing the number of users as it gives adventurous experience to the users in recent times.
As with the cancelation of sports events, the operators of the iGaming industry are expected to raise the sports betting offer. This includes the promotion of sports betting platforms. It increases new opportunities for the industry and attracts a large number of audiences towards the industry.
These above are some of the upcoming opportunities that can be beneficial for the growth of the iGaming industry. The operators can move towards these opportunities to become successful in the market. To explore new avenues and remain proactive these alternatives can be wonderful opportunities for the iGaming industry.
Some of the trending Sports Betting Software for iGaming Industry
As previously mentioned, sports betting is one of the booming sectors for the iGaming industry. There are various essential sports betting software available for the industry to take advantage of in the new era of betting.
Esports Betting Software
Esports betting is the most trending option in recent times, as it involves betting platforms for major sports events such as overwatch, DOTA-2, call of duty, and many more. Esports betting gives a chance to the players to bet on their favorite games. Esports betting software is the best combination of adventure and competition that can be used by the operators to be successful in the market.
Weather Betting Software
Weather Betting software is similar to betting on traditional sports. Under this software, the players can bet on temperature, rain, storms, live weather, etc. of the place. It sounds like an exciting place for the audience to bet and also increase the number of new audiences in the industry.
This betting option is also a unique and exciting category of betting through which bettors can bet on the possible outcome performed by their favorite celebrity. This entertaining betting category can be a great option for the operators to engage their audience and entertain them long-run.
Other Sports Options for Betting
Along with traditional betting, some other sports are also being involved recently, such as chess, sumo-Netball, and many more. These sports can also be used for betting similarly to traditional sports. The option of these sports can create a new opportunity for the iGaming industry.
As we have seen, sports betting is going to be one of the leading sectors in the industry. The iGaming business must opt for these betting options to be in the best position in the market. Although the iGaming sector is facing challenges despite these challenges there are still many opportunities awaiting.
The iGaming industry will be on boom in upcoming years. Although emerging trends are affecting the iGaming industry, there are always upcoming opportunities available in the market.
As discussed above there are several challenges faced by the industry but still, there are many new alternate opportunities available to help the industry. As with the growth of sports betting, there are several betting software platforms available for the operators to engage their audience at large. There are many opportunities available for the industry such as esports, casino and many more to help the iGaming business in becoming the leading sector of the market.