The iGaming industry is one that has a profound ability. It can continue to develop and grow, as it relies heavily on technological advances.
While the industry is pretty competitive given the number of online casinos and sportsbooks that are available, there is still plenty of scope whereby progress can be made to improve it.
The next six years (2024-30) can be an extremely exciting time for the sector. In 2023, figures had shown that it managed to grow at a rate of 9.3% (CAGR). While it is likely to slow down, projections do have it continuing to grow at a CAGR of 6.47% over the next five years (to 2029).
What could the iGaming industry look like in the next six years?
Given the industry’s reliance on various technologies, it’s rather easy to make certain predictions about what we could see take place. On the flip side, there are some aspects that are a little more unpredictable, as tech has no boundaries and what’s not possible today could be possible in a few years.
Virtual Reality
One of the easiest predictions to make at the moment is the introduction of virtual reality. It’s something that has been spoken about for years, and the technology has a place within the iGaming industry.
Players have continually demanded that they receive the best experiences. This often means being immersed in the games that are being played, being a part of the action. This is something we’ve seen in the form of live dealer games in recent memory, but with the promise of VR, perhaps we’ll see it be implemented to give players a truly authentic and lifelike session each time they play.
Improved Gameplay
Aside from the implementation of VR, we should be able to see improved gameplay aspects. We might already be able to get immersive experiences when playing slots through the visuals and features that are incorporated in them, but what about the improvement of new mechanics or gaming methods?
Games that can incorporate new technologies can quickly become player favorites. If a developer can create new ways in which they can be played, there is every chance that the industry could benefit as a whole. We know that the Megaways mechanic was revolutionary for slots, as was the implementation of jackpots. Perhaps we’ll see a new form of tech in the next six years that take these titles to new heights.
New Payment Methods
Convenience has always been highly desired, especially in the form of payment methods. Gamers want to make quick deposits and withdrawals, using methods that suit their needs and preferences. Online casinos have typically been very good at doing this, but we could see more improvements between 2024 and 2030.
Cryptocurrency is one alternative we could see more often in the years to come. It’s already starting to creep into the industry, with sites offering it as a method because of the advantages that can be obtained. As Fintech continues to improve further, who knows what options might be available. Perhaps there will be some that make the transaction speeds even quicker than they already are today.
Improved Security Features
Security is of high importance. When playing at an online casino, players will typically have to provide sensitive information about themselves. They may have to fill out forms and show evidence of their identities due to KYC policies. At the same time, they’ll often input financial data that links to their accounts where all of their money is stored.
As cybercriminals become more adept and advanced at breaching virtual walls that are put in place, new technology should help the iGaming industry obtain better protections. It’s a must given the sensitivity of the data that is often required. The sector could see futuristic security deployed across the web in the years to come, with blockchain technology and other forms of encryption likely to get stronger.
Final Words
As technology knows no bounds, its influence is going to be felt across the iGaming industry between 2024 and 2030. If the sector is to grow at the projected rate that has been identified, it’s going to need to.
It can be a hugely exciting time for the sector, with some known developments and those that aren’t possible to think of at this moment. In truth, it’ll be pretty disappointing if we don’t see all (or most) of those outlined to have happened by 2030.
