As we all know in the last couple of years, the iGaming industry is continually growing and developing new opportunities for the operators of the industry. With the enhancement of technology, the industry creates new platforms for many sectors such as esports, casinos, blockchain, and many more. As virtual reality continues to grow, nowadays operators are looking for exclusive and exciting verticals such as esports platform development solutions for the audience. Esports helps the operators to sustain in the competitive market and also offers more opportunities for the players. 

Recent Challenges Faced by the iGaming Industry

The iGaming industry is the fastest-growing sector in the economy but still, there are some challenges faced by the industry. The operators need to analyze these challenges to offer the best experience to their customers.

Regulations

Every economy has different rules and regulations on the industries. There are so many countries that implement separate strict rules for the iGaming industry such as minimum bet amount, KYC policies, and many more. The industry needs to ensure that they frame different strategies as per the norms of the country.

The Increase Numbers of Mobile Gaming users

As with the increasing technology, people are migrating from desktop to mobile. Recently more than 70% of the turnover of the iGaming industry is generated through mobile devices. The increasing numbers of mobile users create a challenge for the operators. The users are enjoying personalized experience through mobile devices. Thus, operators need to build engaging mobile experiences for the users for leading the way. 

Player Retention

With the update of the technology the competition among the industry increases. The users prefer only those platforms that deliver personalized experiences. This is also one of the challenges for many operators to retain their audience for the long-run. It is important to identify consumer behaviors and implement a better way to retain the audience. The operators need to form an effective player retention strategy to identify the demand of the players and encourage the right play. 

Market Saturation  

It is easy to build a platform in the industry, due to which the number of competitors increases in the market. The increasing number of operators in the industry affects the quality of the games. Thus, the operators need to develop the qualitative platform to attract a large number of audience in the industry. 

By Keeping ahead of trends, with the changing environment, the iGaming industry needs to analyse the factors that are affecting the industry. These above are the challenges faced by the industry but the operators need to overcome them with the help of implementing new technology and trends in the industry. 

Recent Trends of the iGaming Industry 

Due to the outbreak of coronavirus, the industry faces a major curveball, with the cancelation of all live events. Moreover, there was not much time to prepare for this situation. Under these circumstances, there are some recent trends that can be helpful for the industry to start getting things to normal.

Esports

Esports is one of the vital sectors, to help the operators in improving their performance. There are many major events included in esports such as DOTA-2,  overwatch, legends of leagues, counter strike, and many more. It also has multiplayer functionality with a feature-rich platform that attracts a large number of audience. Recently the esports games are sponsored by many leading brands to develop a better platform for the users. This could be a great opportunity for the operators to develop the esports platform and entertain the audience to a great extent. 

5G Technology

In the iGaming industry, 5G technology has a significant impact on the market. Currently, only a small number of users use this technology but when it becomes widely available, many operators will adopt this technology to develop their platform services. The development of technology can be a huge advantage for the operators to provide a fast, easy, and smoother gaming experience to the users. 

Virtual Reality

The development of virtual reality in the iGaming sector is on the top trends. A large number of audience prefer to play virtual games in current time, due to which many operators have incorporated virtual reality platforms in their casino and esports platforms. The major emphasis has been given to many traditional sports such as football, NASCAR, and many available in the form of virtual sporting events. This could be a great upcoming opportunity for operators in the industry to offer a better experience to their players and compete in the wider market of the iGaming industry.

Slot Games

Branded Slot games are the new trend and have proven to be a great success. Branded slots are introduced in partnerships by TV series, musicians for introducing new audiences to the iGaming industry.  The slot games provide the chance to the players to play games with their familiar references to popular culture. The iGaming operators can take advantage of this trend by developing new themes based platforms for their users.

Cryptocurrencies

Recently, cryptocurrency payment methods are being adopted at online casinos platforms. The payment method is more desirable for the big providers, due to its decentralized nature. Many online casinos and blockchain industries are embracing this method. So, implementing this method can be helpful for the growth of the industry and also helps in attracting a large number of audience in the market. 

Sports Betting

As with the cancellation of major sports events, sports betting is also affected in the industry. To overcome this downfall, the operators increase the esports betting platform and create new options for the audience. The tournament involves offering big cash prizes and attracting thousands of bettors online. This can also be a wonderful opportunity for the industry to expand their business in the market. 

Online Casinos

In addition to all the recent trends, online casinos can be chosen to be the growing vertical in the industry. Online casinos are offering better options to the audience with an increasing number of online users. This keeps the players engaged and also gives them a value that attracts them towards the platform. This can be an opportunity for the users to explore the virtual platform and also generate revenues for the operators in the industry. 

Reality TV and Sports-Related events

In addition to virtual options, many operators are offering the opportunity to bet on real events. This option is really popular among the industry, as it involves non-sports events and real events. There are many operators who are holding contests on sports-related events such as NBA, NFL, and many more. This vertical can be used for engaging a large number of users in the industry. 

With the increasing technology, the iGaming industry is also growing but it also faces several challenges in the year 2020. Despite these issues, the iGaming industry continues to grow new opportunities and offer engaging platforms to its users with the help of these recent profitable trends of the iGaming industry. 

Conclusion

The iGaming industry is dealing with several challenges and changes. As with the growth of the iGaming industry, the operators need to ensure that they are offering the best possible experience to their customers. Players are looking for new experiences in the iGaming market. As mentioned, there are some issues faced by the industry that can affect the position of the business. But despite those challenges, there are many recent trends available for the industry that can be helpful in the growth of the business. So, it is important to take advantage of these mentioned trends and offer an engaging and entertaining platform to the users and always stay ahead in the iGaming industry.