Is the iGaming Industry still Lucrative in 2023?

Is the iGaming Industry still Lucrative in 2023

The igaming industry has been one of the biggest growing markets worldwide in recent years. Since the market began in the mid-1990s, it has gone from strength to strength and utilised new technology and resources to boom in the last decade.

Today, bettors can play hundreds of slots and casino-style games at various well-known global betting sites, such as Casumo and others. But, even though the igaming industry has seen massive growth recently, can it sustain the widespread global growth moving forward?

One of the Biggest Online Gaming Markets

In 2023, the igaming sector continues to grow. Improved internet quality and the better usability of mobile phone devices give players more opportunities to play online casino games with ease.

The improving online technology has also opened more varied playing experiences for players. The use of improved graphics and socialisation methods through headsets, live dealer games and online poker has created a complete igaming culture. Bettors now have an array of igaming options available within minutes.

In addition, some emerging igaming markets and providers in regions like North America and Africa are seeing huge growth in the igaming sector due to decreasing restrictions and easier licencing laws in some areas.

Also, new, and willing customer bases are joining the online igaming market and more consumers are playing online casino games on various platforms. In the coming years, more areas in North America, Latin America and Africa are likely to embrace online casino gaming and igaming.

Therefore, the foundations for additional growth in the igaming industry are set and it is likely to maintain its status as a lucrative industry in 2023.

Potential Threats to Spark a Decline

Despite widespread growth and growing international appeal, some factors in 2023 and beyond could impact the igaming industry.

First, tighter restrictions implemented towards setting up gambling accounts and in-depth customer verification checks in some regions could limit player usage. While all reputable and reliable bookmakers must have a valid betting licence, some governments are trying to implement further financial and income checks on players before they join a site.

Ultimately, this could limit some of the freedoms of the igaming experience for the consumer as they could be limited on deposits and stakes.

Also, the igaming industry has many competitors in the wider internet and mobile gaming sector. Currently, players with a mobile device and an internet connection have hundreds of thousands of gaming options available. The increase in competition could impact the igaming sector as more players focus their attention and funds on more shared and varied gaming experiences through high-quality gaming apps or live streaming experiences via platforms like Twitch.

However, igaming giants have proven their ability to adapt to the latest technology and often aim to improve the player experience at online casinos and sports gambling. Yet the gap between the smaller and larger igaming companies could prove to be an issue moving forward and less competition in the market might impact player choice and variation.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.