Challenges in iGaming Industry

By juegoadmin | Gaming Industry | January 20th, 2022

iGaming – Key Challenges in the iGaming Industry

Over the past few years, the mobile gaming industry has experienced a great boom that has replaced PC and console gaming. The boom simply occurred due to the current scenario where more and more individuals are accessing internet-powered smartphones. Largely due to massive technological advancements and enhanced internet speed, the ever multiplying consumer base is downloading these games from all over the world. Among various new genres of mobile games iGaming is one such genre that is expanding rapidly. The industry is expected to expand its valuation to double by the end of 2024.

What is iGaming?

iGaming is a form of online gaming that includes gambling or betting on the outcome of the event and takes place on the internet. iGaming activities are not only limited to sports betting. Poker betting lives casino games, real money slot games, horse racing betting, online casino betting, or online video game events, etc. are also part of these events but the largest share of the iGaming industry is made up of casino games or betting related to several sports. The iGaming industry has a comprehensive market presence all over the globe.

What are the present scenarios and future predictions related to the iGaming industry?

The iGaming industry has crossed many challenges and created new possibilities that the industry can offer for its growth. As mentioned earlier, the iGaming industry is itself highly profitable and a billion-dollar industry that is only expected to grow and cross the $100 billion. Online gambling has experienced steady growth, especially in recent years. The iGaming industry is reshaping itself over time due to the massive technological advancements and inventions. Virtual Reality and Augmented Reality apps, the rise of Artificial Intelligence, and the internet will dictate its growth. The impact of these technological breakthroughs on the iGaming industry will be massive.

Currently, the players are getting introduced to several customized games with variety. The variety of themes in the games include thrillers, puzzles, arcades, actions, animations, and many more. Also, games such as blackjack, poker, baccarat, roulette are remodeling themselves through innovative variations. Another feature of the rapid progress of the igaming industry is the adaptation of cryptocurrencies such as bitcoin, dogecoin, Ethereum as modes of payments. As the capabilities of blockchains are increasing rapidly the possibilities will also expand.

The genre of iGaming is only getting started and as time passes the platform will become more concrete and upgraded. For the iGaming fanatics, the future is very bright.

Key Challenges of the iGaming in 2022:

As technological advancements like 5G, AR, VR, AI, IoT are rising, the future and the paths for iGaming to expand into new horizons are multiplying.

The key challenges encountered by the industry are as follows:

1. Regulation

iGaming is not legal in many countries. As the rules and regulations adversely change over the course of time, it poses a threat for the sector of the iGaming industry. Hostile rules and regulations are one of the major obstacles to the growth of iGaming.

2. Millennials

The millennial generation is more interested in hardcore gaming than the iGaming industry. Games such as PUBG, GTA are attracting the younger generation more. In order to thrive, the iGaming industry needs to attract millennials.

3. Cryptocurrency

iGaming platforms are gladly accepting modes of cryptocurrencies such as bitcoin, dogecoin, or other forms as their mode of payment.

4. Market Saturation

As the iGaming industry is rapidly increasing, many organizations and individuals are entering the domain to extract the benefits. It is creating a situation of rising competition so it is passively saturating the market.

5. eSports and Video Games

Illegal betting on eSports like PUBG and several other games is creating new space for exciting possibilities. Though more and more companies are trying to attract millennials into the world of casino games, eSports and video games might hinder the growth of iGaming.

The Advantages of iGaming Industry

1. Convenience

One of the major advantages of iGaming is its convenience as it enables the players to play from the comfort of their homes. Most of these online gaming sites are accessible through a diverse range of digital devices such as tablets, smartphones, laptops, or desktops. Convenience played a major part in making the iGaming experience so popular.

2. Choice of Games

Rather than the tested traditional forms of games, iGames offers a wide range of online games. It comes with much better choices and without any limitations.

3. Bonus and Promotions

iGaming sites often offer rewards and bonus points to their customers in order to stay competitive in the industry.

4. Global Community

Another advantage of enjoying iGaming is that you can create a global community of individuals with a similar mindset. Instant messaging software provides a medium to create communication among individuals. It can be a very useful medium for senior citizens who want to enjoy games from within the comfort of their homes.

The Disadvantages of iGaming

  • Increasing the habits of illegal gambling among individuals
  • The exposure of getting scammed is potentially high and it is illegal in many countries
  • The cashout times are potentially long

Wrapping up

The field of online gaming and iGaming has a great future ahead. It is progressing at a very rapid speed and showing no signs of slowing down. The current pandemic situation has created a new range of developments and smoothened the path of iGaming growth.

Takeaway

Are you getting fascinated by the new transformations that are taking shape in the gaming industry? It is most likely that iGaming will create a large impact in the gaming sector. If you want to stay updated with such new trends in the gaming industry, do visit the website of Juego Studios and check out the game development services sector. You can catch up with all recent updates about the gaming sector on the website.

We, at Juego Studio, create viral and irresistible games. You can check out our latest games in our portfolio. Our team of efficient developers ensures to create the best functioning game apps in the market right now. If you wish to create a gaming app, do reach out to us.