In the past couple of months, the iGaming industry has always proven to be the most engaging and growing industry in the market. The industry is continually developing new opportunities for investors and players to get the best possible experience. With the update and innovation in the industry, there are many new opportunities, such as esports, casinos, blockchain, and many more have come into the market. Among them, esports platform development is the most trending solution for the iGaming industry to grow its business successfully in the market. Esports platforms is witnessing spectacular growth in the industry and also help in enhancing the number of players in the market.

Current Market Analysis for iGaming Industry

• As per the research released by global research, the iGaming market is expected to grow by 13%(CAGR).
• Casinos represent the leading sector in the market and hold more than 34% of the overall market.
• The revenue of esports is expected to grow by $1.1 billion in 2020.
• As per the market research, the iGaming industry is expected to rise by U.S. $102.97 billion by 2025.
• The number of registering a CAGR is 11.5% by the end of 2025.
• There are some trending alternatives added in the list of profitable markets of the iGaming industry.

Challenges faced by the iGaming Industry

With the growth of the iGaming industry, it faces many challenges and changes in the market. To remain competitive, it is important to get over from these challenges of the industry. The challenges faced by the iGaming industry are as follows:

Regulations

In every economy, there have been various strict regulations implemented on the iGaming industry. The operators of the industry need to frame strategies as per the regulations of different economies.

Emerging Mobile Gaming

 The turnover generated from mobile devices has increased by 70%. The operators of the iGaming industry need to understand the market of mobile gaming and create a mobile gaming experience for the audience.

Market Saturation

As the iGaming market is growing, many new competitors are arriving in the market. The operators need to create a better and engaging platform for the audience in the market. 

Players Retention

With the increasing competition, many operators in the industry are facing issues in retaining their audience and attracting new customers in the market. The industry needs to analyse consumer behavior and implement a better way of experience to the users. 

The above are the challenges faced by the iGaming industry and the only way to keep the industry safe to implement the recent trends of the industry. With the advancement of technology more personalized experience is given to the audience of the industry.

Some of the Top Trends of the iGaming Industry

There are many sports enthusiasts available in the market, and recently, the iGaming industry is in demand more by the audience, due to the outbreak of the coronavirus. However, there are various operators available in the market that offer better alternatives to the audience. By emerging in the latest trend,s the industry can survive its business successfully.

Esports

Esports is the most explored vertical for the iGaming industry as it involves exciting game events such as Overwatch, Legends of League, Counter-Strike, and many more. Many operators invest heavily in this sector as it allows multiplayer games with feature-rich options, demanded by the users. With the increasing hike of sponsorship by leading brands enhance the esports betting platforms for the major tournaments and events. The iGaming industry can take advantage of this vertical by implementing customized strategies in esports platforms for the audience. 

Cryptocurrency Casinos

As per the market research, the casino industry is on a boom, as the operators offer online casino games with the payment option of cryptocurrency. There has been a sharp rise in the cryptocurrency-based platform. The blockchain and cryptocurrency-based platform are preferred by the users as it is of decentralized nature. 

5G Technology

5G technology was recently introduced in the market. Recently, there are only a few players using this technology. Under this, the operators can develop their gaming platform of updated technology and can offer a fast, better, and engaging experience to the audience. 

 Virtual Reality 

Similarly, like other trends, virtual reality is also one of the trending sectors for the iGaming industry. There are many operators in the industry offering VR experience in their platform. This sector can be helpful for the operators in enhancing the number of users and attract new customers in the industry.

Online Casinos

With the increasing technology, currently the operators of the industry offering online casino and cashback casinos to the audience. Under this trend of casinos, if the player loses, they get cash back. This keeps the players engaged in the platform and gives them added value through the platform. These strategies can also help in developing the successful future of the iGaming industry. 

 Sports Betting

As with the cancellation of live sports events, the operators are offering sports betting platforms to their users. The bettors can bet on traditional as well as on esports tournaments. This could be a great opportunity to attract a large number of audience towards the industry.

As the iGaming industry is growing in the market and deals with several challenges, there are still opportunities for the industry to develop the platform in different trending sectors discussed earlier. These trends are on top of the industry and help the operators in developing the business successfully. 

Various Trending Betting Options

As per the market research, sports betting trends are growing well in the economy. There are different sports betting options available for the operators as follows:

Esports Betting Software

As per the new era of betting, esports betting software is an exciting betting concept. Under this concept, bettors can bet on traditional as well as esports tournaments such as Call of Duty, DOTA 2, Counter-Strike, and many more. Bettors can get a wonderful experience as there are wider options of betting and various feature-rich options are also available for them. This is the best platform for the operators as well, in generating revenue and offering an engaging experience to the users. 

Weather Sports Betting

Weather sports betting gives options to the users to bet on live temperature, storms, rain, etc. This betting concept is similar to betting on any other traditional sports. This betting concept can give a unique experience to the users and forecasts about the high temperature, low temperature, or a rainy day for their city.

Reality-TV and Sports-Related Events

Along with the virtual options, there are other options for the users to bet on real events, non-sports events. The audience can bet on reality television shows and other sports-related events. This option is helpful for the operators to enlarge their market share in the industry. 

Other Sports Betting Options

Along with the traditional sports, events and esports, there are other sports such as Sumo-Netball -Hurling, chess, etc. These game types can give a new platform to the audience to bet on and create new opportunities for the betting business. 

Celebrity Betting

In recent times, celebrity betting is a new concept of the iGaming industry. Under this the audience can bet on the scenarios of their favourite celebrity. Celebrity betting is an entertaining betting option for players at large. 

The iGaming industry can opt for this betting software to offer the best possible experience for the users. As mentioned, some operators are developing these software platforms to be on top of the industry.

Conclusion

The iGaming industry is the fastest-growing sector of the economy. As the industry is growing rapidly, it faces several challenges in the market. 

As discussed above, as per the market survey of the industry, there are various challenges faced by the operators. To overcome these changes and challenges, the industry needs to find some emerging trends that have a positive impact on the iGaming industry. There are many top trends available in the market such as esports, sports betting, casinos, etc. These trends help the business grow successfully in the future of the iGaming industry.