Introduction to the iGaming industry
iGaming collectively refers to all forms of online gambling, whether in video games or online generally. It covers online casinos, online poker rooms, online sports betting, cryptocurrency, esports betting, fantasy sports and binary trading. GTA Online is as affected as any other online casino, though the implications are inherently different.
The year 2020 has been encumbered with a lot of fluctuation and unpredictability especially in monetary markets and the world economy as a whole. The iGaming industry has been greatly impacted by these fluctuations in addition to many other factors.
What has influenced the industry in 2020
Regulation
There are a lot of regulatory changes facing this industry in 2020 and they have varying effects. Some regulatory changes such as the legalization and approval of online gambling in many countries and states can be viewed as a plus for the industry. A lot of pressure is also being put on the industry, governments and regulating authorities to come up with regulations to protect the vulnerable customers, such as problem gamblers and gaming addicts. While this would be beneficial to the consumer side of the industry it could put a leash on growth and development for businesses in the industry. Businesses such as online casinos have always thrived in places with little legal interference such as Ireland, Australia and Germany. If these regulations were to be fully implemented they would greatly hamper marketing for this industry which is notably its main influencer and source of business. These changes are bound to change how this industry operates and should be keenly observed.
Cryptocurrency
Many online platforms and businesses worldwide are currently open to the idea of cryptocurrency as a mode of payment. In 2019, many embraced and started using cryptocurrency. This trend was expected to further itself in 2020 and it definitely has. Many people consider making deposits and withdrawals online using cryptocurrency to be more convenient than using real money. This is because such transactions are faster and cheaper due to the absence of many exchanges. In addition, cryptocurrency ensures the user’s privacy and safety which is quite appealing for gamblers who want to stay anonymous. In the online gambling industry, privacy and security are priorities hence the preference for crypto which is believed to be safe from identity theft and hacking. A good example is how one can use bitcoin when playing the Valley of the Gods slot. The demand for cryptocurrency keeps increasing in the iGaming industry and is definitely a welcome change here.
Millennials and changing consumer habits
Millennials are believed to not be as interested in classic casino games like the younger generations that preceded them. This has given online casinos an advantage as they are able to offer variations of the traditional games that would be more appealing to this demographic group. This is however still a challenge and consequently, the industry is venturing into monetized video games. These video games have turned many teenagers into millionaires.
eSports and Video Games
A new market has emerged within the industry where people are betting on video game tournaments such as Fortnite and PubG as well as eSports. It is mostly betting companies that are pushing for these innovations but so are video game companies. A good example is an attempt at monetization that comes with the GTA 5 Casino Update. This is an indicator of a possible change where betting companies try to get into the video game industry. It is still too early to determine if this would be a good change but it is an emerging trend that should be observed. As a gamer, you can also use a few motivational guides for gaming, to improve your performance.
Technology
The online gambling industry is known for supporting and adopting innovations across the board. One major change that can be observed in the year 2020 is the adoption of technological innovations. These innovations include Virtual reality, Mobile and Social Gambling, Blockchain casinos, Artificial Intelligence and Machine Learning. For instance, thanks to technological advancements, you can now play Street Fighter with body movements. VR technology is intended to make it easy for players to communicate with each other and give the feel of a land-based casino. This could be ideal for experienced players and those interested in the local casino experience. Artificial Intelligence is being used to learn customer preferences and to give excellent customer support and protect the casino against cheating. Casinos are already using blockchain to make sure processing is fast and anonymous, prevent manipulation of data on player and casino transactions and to independently audit game fairness. More innovations are being made and incorporated into the industry in a quest towards the perfect gaming experience.
Market Saturation
There is constantly increasing demand for online gambling and this has led to the ever-increasing numbers of online casinos. The market is flooded especially since it has become so easy to build and launch a casino site. This has resulted in reduced levels of quality as operators are being pushed to their limits in an attempt to keep up with the market. This suffering quality of games could be detrimental to the industry in 2020.
Unique Online Casino bonuses
At the start of 2020, the online e casino industry was already notably crowded and it is still growing exponentially. Competition has become stiff and these casinos have started to resort to extreme tactics to stand out and stay relevant. The most notable tactic used is the use of welcome bonuses, no deposit bets, free games and free spins to draw in players and maintain the existing regulars by giving them incentives.
Corona Virus and the Global Lockdown
The Corona Virus pandemic is being considered a blessing in disguise in the iGaming industry. There has been a notable spike in iGaming sales since the onset of the global lockdowns as a measure to control the spread of this pandemic. This has been attributed to a number of factors such as boredom, the shutdown of local casinos and the fact that gaming has become one of the ideal pastimes during this lockdown. People generally have more time for recreational activities and the iGaming industry has greatly benefited from this. iGaming businesses have taken to advertising on TV and social media to draw in customers and it has been paying off. Regular gamblers are playing even more in spite of the shutdown of sports events thanks to fantasy sports, online poker rooms and casinos. Many states that were against online gambling are now considering approving it. This development is however in flux with the ever-changing dynamics of this pandemic and should definitely be observed.
The iGaming industry is ever-changing especially because it greatly supports innovations. However, the unpredictability that comes with the year 2020 is likely to greatly change the dynamic of not only this industry but also the world as a whole. Keeping track of these changes could help us stay ahead of the curve. There are already notable changes that can be viewed such as the influx in online gaming but the question is how long this will last.
