18 Nov The online gaming market in 2020- Trends, Opportunities and Forecasts
The global popularity of betting, online gaming and freemium playing models are considered as the most significant growth market factors unfolding in the past decade. The iGaming market worth is expected to establish a continuous growth of 11.5% CAGR until 2027.
The progressive development of internet infrastructure and mobile applications has made a significant impact on the gaming market. Intuitive, user-friendly platforms, fast internet connectivity and the introduction of 5G have enabled players to access thousands of games, different in gameplay, designand features. The number of users and their time spent playing games online still continues to grow on an exponential level.
The shift to online gaming platforms
Online gaming and betting are the fastest growing segments on the market. Artificial intelligence, machine learning, augmented reality and automated customer service have influenced the popularity of online betting, making it more popular, transparent and safe for users. Just recently it was revealed that there’s an impressive spike in the interest for these games between the females. In the UK only, they represent nearly 70% of all players, both online and offline. While this represents growth on a more gradual level, it also represents a significant change in the typical gamer profile. The online casino and bingo sector recognised the potential and nurtured the predominantly female audience. Platforms, user experience, themes and gameplay are adapted to audiences’ demand and preferences. To understand in-depth on what we’re talking about, go through the latest bingo sites at Bingo Scanner. They have distinct, playful and vibrant branding and their offers are immensely diverse regarding bonus offers and freebies.
Opportunities for international market expansion
Gaming providers have started to expand their betting operations after sports betting, and online casino gaming activities are legalised in many US states. North America remains the fastest and most progressive region for growth. States like New Jersey, Pennsylvania and Nevada have well-developed and regulated operative frameworks. New Jersey currently represents the largest market for regulated online casino games in the US. Canada shows immense potential in this field but still needs to work and implement in-detail legal templates and processes.
Regulations and compliance challenges
As we mentioned above, the pool of online bingo players is quite diverse. Many operators channel all their resources and marketing to create ads and websites that will attract and retain the players. One of the concerns that lawmakers and regulators currently have is that online ads and tv commercials can negatively impact the younger audiences. This is because many of the black market and shady advertisers try to bypass the compliance laws and target minors or excluded players. Given the risks of repeated exposure to aggressive advertising, some lawmakers consider the possibility of permanent bans. However, things are handled pretty well by the relevant authorities that have contributed to the improved public image of online gaming and betting.
To take advantage of the market potential, analysts recommend the gaming providers to invest and focus on skill-based gameplay and hybrid games. Moreover, the investment in mobile apps, focus on senior citizens demographic and affiliate marketing will grow the revenue rate and bring value in the long run. Market-trend-based strategies for the online gaming market include the adoption of advanced security measures for investments in branded bingo and slot games and bingo apps for smartwatches. Player-adopted strategies in the betting industry include introducing new lottery products and brands, providing an accessible mode of payments, and expanding into emerging countries.
The iGaming and betting industry opens up many opportunities for players, investors, as well as job seekers. With the advancement of technology, these platforms are set to become widely recognised as the primary revenue drivers and contributors to the overall market growth.