Online Casino Business in 2024: Prospects of the Niche

Recently, the Market Research Report analytical group shared information on the latest trends in the iGaming market. Experts believe that by the end of 2023, the total capitalisation of the industry will reach $74.2 billion.

The gambling sphere is becoming a respectable business area with high profits and access to progressive IT tools.

In 2024, the decision to launch an internet casino is a great opportunity to make good money with a reasonable initial investment.

Rapid Development of the iGaming Industry

Experts of Market Research Report predict that over the period from 2021 to 2028, the casino business will annually increase by 11.4%. Analysts expect the market to reach $158.2 billion in 6 years.

The main growth rates of the sector:

1. Investments in information solutions. Companies are ready to pay a lot of money to offer their customers high-quality services, reliable transactions, and a wide range of entertainment. Users are attracted by innovative projects based on AI and Blockchain technologies with the best conditions of the game.
2. Increased purchasing power. According to the World Trade Organisation, the global economy will be in a growth phase at least until the end of the decade. People in different countries are starting to earn more and spend more on casino products.
3. The growing spread of smartphones. Mobile gadgets are the driving force of the iGaming segment. Thanks to the high-quality internet connection and the release of modern devices with the UX design, gambling has become available from anywhere in the world.
4. Corporate sponsorship and advertising. Such well-known holdings as NetEnt and Pragmatic Play Ltd bring multimillion-dollar revenues to local budgets, having secured the support of prestigious jurisdictions. The positive image of online casino games is also affected by the appearance of celebrities (sportsmen and artists) in advertising campaigns of major iGaming brands.
5. Legalisation of gambling. Many reputable jurisdictions are reconsidering their attitude towards this type of activity. Governments are lifting restrictions on slot machines, lotteries, and betting on the Web, thus ensuring good profitability for the casino business.

The pandemic of 2020 has also contributed to the development of the sphere. More and more entrepreneurs want to launch a digital casino or a poker room. Operators take into account temporary restrictions on managing land-based projects and such requirements of the government as social distancing.

It becomes easier, more convenient, and safer to spin the reels in an online game rather than offline.

Segmentation of the Market by the Types of Devices

Today, the establishment of a casino business is associated with the growing popularity of mobile applications.

Market Research Report predicts that by the end of the reporting year, the share received from digital platforms will be 50.8% of the total industry’s revenue.

Mobile internet platforms are popular for the following reasons:

• convenient and continuous play without leaving the comfort zone;
• availability of smartphones with high-end features (extended memory, HD graphics) at a reasonable price;
• support for HTML5 games that do not require prior installation on a personal device;
• availability of unified internet platforms for free downloads of products, bypassing paid solutions from Google Play and AppStore.

The desktop segment will also play an important role in the capitalisation of the iGaming industry.

Despite the growing popularity of mobile casinos, the use of a PC does not lose its relevance. Players like the large screen size of computers compared to smartphones and good performance parameters (image quality, the volume of sound, and storage capacity).

Statistics on the Industry Depending on the Type of Gambling Entertainment

Market Research Report experts predict that by the end of 2024, the casino business will generate a revenue of $74.2 billion.

The proceeds will be distributed as follows:

Betting solutions will become the leading segment of the iGaming industry with the highest profitability. Despite the cancellation of many major competitions due to the pandemic, the sports niche is slowly recovering. As a result, the attendance of sportsbook platforms is currently growing.

The popularity of online betting is also affected by the active support from large companies. For example, at the end of 2020, the well-known bookmaker, William Hill, became the title sponsor of the US National Football League.

The second most profitable segment, online casinos, will generate a revenue of $24.9 billion. The main indicator of growth is the increased interest in card games and online slot machines in the Asia-Pacific region.

Besides, more and more operators offer live casino software. HD broadcasts are conducted from professionally equipped studios and large casino complexes in Macau, Hong Kong, and other entertainment centres.

The high profitability of lotteries is explained by the fact that daily raffles are allowed in most countries, even those that have an ambiguous attitude to gambling. A good example is India. Online slot machines are banned in the country but people can freely participate in lottery drawings.

It is expected that bingo and online poker will be extremely in-demand among young gamblers aged 18–35 with a good income and a desire to make money.

Introduction of Information Technologies in the iGaming Sphere

The use of modern IT tools is one of the key factors in the growth of online casinos.

In the next 6–8 years, businessmen will invest in such solutions as:

Artificial Intelligence

Machine learning technology is actively used in the industry to perform the following tasks:

• create chatbots (programs that advise clients, provide technical support, and play on behalf of the platform);
• analyse the preferences of users to provide them with the best playing conditions;
• processing of large amounts of information (using Big Data algorithms);
• tracking problems connected with gambling addiction.

At the beginning of 2021, the BetBuddy Limited non-profit organisation introduced a platform for responsible gambling analytics. The solution was created on the basis of AI: the program searches for digital traces of users and identifies problematic players.

Blockchain

A system of billions of encrypted information blocks is used for:

• making payments;
• creating casino games with improved functionality (multiplayer, missions);
• controlling the honesty of results on gaming websites.

Casino payment software that is based on Blockchain technology allows gamblers to make instant transfers even from those countries where the industry is not regulated by law. The product does not depend on the work of interbank organisations.

VR and AR

Virtual and augmented reality technologies make the gameplay much more interesting. They are responsible for 3D graphics in slot machines, creating the effect of presence in IMAX cinemas.

At the beginning of 2020, several well-known manufacturers (Samsung, Apple) introduced a high-quality headset for VR entertainment. Goggles, helmets, and other equipment are distinguished by their excellent functionality and reasonable prices. Eye-catching VR slots can be found in the catalogues of Microgaming, NetEnt, and other top developers.

What Gambling Projects Will Be Popular in 2024

Gaminator Casino recommends the following branded products:

The Main Things about the Online Casino Industry in 2024

Gaminator offers you to order such relevant gambling products as Telegram, Bitcoin, and live casinos. We can also develop exclusive entertainment that will become the gem of your mobile application.

• Among the key growth factors of the iGaming industry, we can name investments in IT infrastructure, increase in the income of users, legalisation of gambling in promising jurisdictions, and good advertising with the involvement of public figures — celebrities and athletes.
• It is expected that betting applications will also show significant profitability growth. Interactive web wagering products are appreciated for the convenient and uninterrupted gameplay and the availability of smartphones.
• Software vendors are actively implementing IT tools in the casino sphere. Solutions based on AI, Blockchain, and VR simplify the management of a platform and guarantee the safe operation of the service, as well as excellent image quality.

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