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iGaming trends from 2023 so far...
mkodo Team
The iGaming industry has continued to experience steady growth and evolution throughout the first quarter of 2023. And it looks like it’s set to continue with the global online gambling market size expected to reach $158.2 billion by 2028, growing at a CAGR of 11.4% from 2021 to 2028. Here are 5 notable trends and developments shaping the iGaming landscape in 2023 and beyond:
Expansion of legal online gambling
An obvious one, as more US states continue to legalise online gambling. As of early 2023, 33 states and the District of Columbia had legalised sports betting, including 24 jurisdictions allowing online betting. This trend is expected to continue as more states see the benefits of regulation and taxation of the industry. With the continued opening up of North America, the US online sports betting market is projected to reach $8.3 billion in revenue by 2025.
Focus on player protection
There’s been a notable increased focus on player protection and responsible gambling practices in recent months. As a front-end supplier of iGaming apps and websites we’re seeing first-hand more and more operators implementing measures such as self-exclusion and responsible gaming tools to help players manage their gambling habits.
Continued growth of mobile gaming
Another one we’ve seen first-hand as mobile gaming continues to be a dominant force in the iGaming market, with more players accessing games and placing bets via their mobile devices, operators are continuing to invest in their mobile offering. In 2022 the mobile gaming sector was estimated to have generated 51% of the global gaming market revenue, with the online gaming sector contributing another 26%. With stats like this it’s no surprise that operators are investing more in mobile optimisation and app development to cater to this trend than we’ve seen before.
Use of AI and big data
Whilst it’s not hit the mainstream yet, we’ve seen more operators opting to utilise artificial intelligence and big data analytics to improve their operations and enhance the player experience. This includes personalised recommendations, fraud detection, and targeted marketing campaigns.
Increased M&A activity
As an industry, we’ve also seen an obvious rise in mergers and acquisitions across the board. Consolidation in the iGaming industry is expected to continue, with larger companies acquiring smaller operators to expand their market share and capabilities. This trend is likely driven by the need for greater scale and resources in an increasingly competitive market.
As the industry grows and becomes more competitive, operators are investing more and more in technological advancements, personalisation, and improved user experiences to attract and retain customers. Additionally, governments around the world are becoming more open to regulating and legalising online gambling, as we’ve seen from North America. This continued opening up of the market provides a more stable and secure environment for operators and players alike.
Overall, the iGaming industry is expected to continue its growth trajectory in 2023, fuelled by technological advancements, regulatory changes, and the ever-increasing demand for convenient, accessible and exciting forms of entertainment.
