iGaming, providing an immersive gaming experience to users, has taken the world by storm over the past 10 years.
Today, friendlier local regulations and advancing technologies such as artificial intelligence have created a new iGaming generation that far surpasses the old one. It’s not just about entertainment any more, but a more sophisticated blend of software technologies and payment methods presenting an interesting development in the industry.
In the realm of mobile gaming and online gambling, 2024 is set to be a banner year for the industry. In this blog, we’re going to detail some of the hottest iGaming trends set to drop in 2024, highlighting key features and functionalities that will redefine how users interact with casino games.
Online casinos leading the charge
Online casinos are one of the leading iGaming trends as changing laws lead to the unleashing of pent-up demand.
In particular, North America has had a turbulent relationship with gaming, but changing perceptions have opened up a golden age for the online casino industry. Casinos like Justspin Casino have changed the game, inviting a new generation of players to explore this iGaming niche.
And revenue is already booming, with billions generated annually in Ontario alone. Plus, there are no signs that this trend is going to reverse anytime in the near future.
Licensing
Licensing is always a hot-button issue within the iGaming industry as providers seek to extend their reach into new markets.
In 2024, more markets are expected to open to overseas providers. However, this is tempered by the fact that these new markets are expected to be locally regulated, meaning companies must carefully consider how they’re going to step into new markets while protecting their interests.
New payment systems
Accommodating the rapid expansion of the iGaming industry has also opened up new payment options. As legacy payment systems struggle to keep up with this changing landscape, operators are thinking outside the box.
The iGaming industry is combining well-established payment systems with next-generation options localized to fit each market. Of course, bank transfers and credit card payments will continue to form the bulk of iGaming payments, but the wider adoption of digital coins is an aspect the 2024 iGaming industry will pursue.
This is being led by countries seeking to issue their own digital coins. For example, Ukraine has launched the e-hryvnia together with NBU as part of its drive to digitize its economy.
Changing player behaviors
Product-centric business models have long reigned as the go-to option for iGaming operators everywhere. However, when it comes to business strategy, increasing competition is forcing operators to switch to player-centric models.
Winning customer loyalty and bolstering player retention rates are going to be key to the industry in the years ahead. And this applies to all iGaming businesses, because product-centric models are quickly becoming unsustainable as the market opens up.
Gamification
Gamification as an idea has been present within iGaming as part of the digital revolution for years now. It has emerged in line with a desire to enhance user engagement. In other words, it’s the idea that getting a player to play your game isn’t enough for a sustainable long-term business.
Instead, gamification transforms otherwise uninteresting scenarios into entertaining, customer-oriented experiences. This all comes back to the desire to create a customer-centric model. By treating each player as a VIP, it encourages players to play for longer and to keep coming back for more.
In an industry well-known for its heavy churn rates, gamification is viewed as a powerful tool to combat them.
Heavy security
Concerns over data security and privacy permeate every industry. As cyberattackers become more adept at uncovering new attack vectors, and consumers experience the reality of falling victim to cyberattacks, iGaming operators must step up their game to protect their players.
Firstly, in the context of GDPR and other similar regulations, operators will consider data privacy policy compliance to be a priority. But iGaming operators must also consider how these policies play into their responsible gambling strategies.
Bolstering general cybersecurity strategies is already a priority, but operators will begin thinking more about how to deal with the issue without compromising their commitments to players and the need to entertain.
Live dealer experiences
Online casinos offer a completely different experience that appeals to a certain segment of the gaming population. This has long been the avenue that iGaming brands have concentrated on to build their businesses.
However, players are increasingly demanding more immersive gaming experiences. The ordinary Flash graphics of old are no longer good enough. This is especially true as more North American urban centers see more brick-and-mortar casinos popping up.
It underlines the need to create an immersive, realistic experience. And the 2020s represent the first time this technology has become available. That’s why more casino operators are implementing live dealer games to allow players to immerse themselves in their favorite games.
Stream betting will take control
Live streaming for video games is a niche worth billions of dollars and this is providing a new entertainment channel revolving around the iGaming industry. It’s also a natural evolution of video game streaming itself, making it an ideal channel for future exploitation.
In the past, stream betting has garnered a following, but Twitch’s decision to ban the practice without official licensing put a stop to it. New-age platforms such as Trovo, Mixer and DLive are growing quickly, and this is expected to spur a second growth era for this niche.
Players have shown an interest in stream betting and this will be something 2024 will see facilitated more and more.
AI integration
AI is also set to find its place within the iGaming sector. This is a technology that is expected to improve player confidence and increase industry legitimacy.
Some of the ways in which AI is already being used within iGaming are:
- Learning more about player habits.
- Flagging suspicious betting.
- Pinpointing high-spending accounts.
In short, iGaming operators have a new tool to support their operations, which will help them orientate their businesses and push forward in the right direction.
Conclusion
The iGaming industry is one of the hottest economic niches in the world today. As the landscape changes and land-based gaming loses its top spot to remote gambling, this is a niche that has become a hotbed for innovation.
2024 is set to be another record year in some of the world’s biggest markets, making the competition even more cut-throat. With this in mind, players are the ones who will benefit.
What’s the trend you’re most looking forward to this year?
