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Embracing Innovation: The Thriving World of iGaming

The iGaming industry is a standout in today’s entertainment landscape. As film and TV grapple with challenges, traditional casinos rebuild, and video games vie for attention, iGaming continues to thrive.

Why iGaming Flourishes

The secret to iGaming’s success lies in its commitment to innovation. Unlike other sectors, leaders in iGaming are quick to adopt new trends and technologies, keeping the experience fresh and exciting for players worldwide.

Legal Expansion Fuels Growth

The expansion of legal online gambling markets is adding fuel to the fire. Despite obstacles, more countries are updating their gambling laws, opening up new markets, and introducing new players to iGaming platforms. The online gambling market size was valued at over $90 billion in 2022 and is anticipated to grow at a CAGR of over 10% between 2023 and 2032.

AR and VR: The Future of iGaming (?)

Looking ahead, augmented reality (AR) and virtual reality (VR) may yet get another chance to revolutionise the online gambling experience, with the Apple Vision Pro reigniting debate and activity in the field.  Is it possible that ‘spatial computing’ will become a new buzzword in coming years?  And how will that change things?

Previously, gambling operators have been slow to utilise AR/VR technology in more traditional gaming and sports betting products. In April 2022, Entain announced an immersive 360° VR horse racing experience under its Coral brand – the game enabled punters to go head-to-head with other virtual riders, and experience what it is like to be a jump jockey. 

And a couple of metaverse casinos sprang up around the same time, but didn’t quite seem to catch on with the wider audiences. Leaving a question mark over deeper interest in the area.  Perhaps in part due to headset quality and consumer take up?

So maybe the Apple Vision Pro will offer renewed opportunities to adopt this technology, and there’s no doubt that there are few industries better suited to making use of it.

Apple’s first foray into spatial computing, the Vision Pro opens up transformative opportunities for the online gambling sector by blending digital content seamlessly with physical space. This integration could revolutionize the user experience in online gambling, making it more immersive and interactive. For example, players could experience a virtual casino (without having to navigate a metaverse) that feels as though it’s in their living room, complete with interactive game tables and slot machines that they can walk up to and play with natural movements and gestures.

According to market intelligence firm IDC, the combined augmented reality and virtual reality markets were worth $12bn in 2020. The two markets have an anticipated annual growth rate of 54%, which suggests they are projected to be worth $72.8bn in  2024.

For online gambling in VR and AR settings, there are still issues such as regulation and legal risk, the cost to consumers and lack of financing and investment, but these are likely to reduce as innovation occurs. 

AR, while still finding its footing in the gambling world, has the potential to alter the online betting space. It can superimpose betting odds on a live sports match or let poker players peek beneath their cards.  So is now the right time to start showcasing some of these show-stopping tech advancements?  Perhaps so…

Insights from Industry Events

Industry events like the ASEAN Gaming Summit shed light on emerging trends, like remote online slots, where physical machines go digital through video feeds. The ASEAN Gaming Summit 2024 provided an unparalleled platform for industry leaders, innovators, and enthusiasts to converge, exchange ideas, and chart the future of gaming

By staying ahead of the curve and embracing new trends, iGaming companies can keep the excitement alive for players everywhere. The integration of VR and AR in iGaming can lead to increased conversion rates, user retention, and brand loyalty for affiliates and operators.

Source(s)

  1. iGaming Report 2023: Trends, Market Share & Size, Key Players
  2. Online Gambling Market Size & Trends Analysis Report, 2030
  3. US Online Gambling Expansion Forecast 2023 – Play USA
  4. Online Gambling Market Size & Share Analysis Report – 2032