Everyone likes to say there’s no time like the present. With iGaming, though, it’s actually true, according to the experts at Slotegator.
Gambling is never a bad business to get into — and now, it’s never been better.
The iGaming industry is big and getting bigger, as more countries enact regulations for the sector, and more innovative technology emerges to push the limits of what’s possible.
Expert projections indicate that global revenues are expected to hit $97.15 billion by the end of 2024, and grow at an annual growth rate of 6.47% between then and 2029, reaching a staggering $132.9 billion.
What’s driving that growth? And why is now such a good time to invest in iGaming?
New markets
The first reason is the expansion of the industry.
More and more countries are moving to regulate online casinos and sportsbooks, tempted by the huge revenues that governments can bring in from gambling taxes (and which are sacrificed to black market platforms wherever gambling is banned).
The Latin iGaming boom is sending ripples around the world, with massive markets like Brazil, Mexico, and Colombia making headlines while their neighbors like Peru hold their own. African countries like Nigeria and Kenya are on fire with sports betting fever. The US has seen a huge wave of states legalizing combinations of casino gaming and sports betting, and even Japan and the UAE are expected to open land-based casinos in the not-too-distant future — is it too hard to imagine that online options would be far behind?
Newly regulated markets present a great opportunity to enter a market before it’s completely saturated — a perfect option for investors looking to start a new online casino brand. While entering a market in Europe, for example, immediately pits you against well-established companies with widespread brand recognition, there’s more room to maneuver in countries that have only recently started allowing online casinos and sportsbooks.
New technology
Then there’s the way that iGaming is a magnet for new technology. As a dynamic, fast-paced industry, iGaming is always quick to embrace innovation.
Cryptocurrencies are widely accepted throughout the industry. Crypto casinos, which focus on cryptocurrencies or even exclusively accept them, are more and more popular. Investors and entrepreneurs who like the appeal of next-gen tech will have their interest piqued by platforms that specialize in games based on blockchain, featuring smart contracts and provable fairness — all huge upsides in players’ eyes. In addition to that, many platforms have found success with creating their own currency, a move that players are responding to very positively.
Of course, there’s also the sharp rise of AI and machine learning, which give startup platforms powerful tools to enact marketing strategies, secure their platform, and perform business analysis. By using AI tools, businesses can handle higher volumes of data, automate more processes, and ultimately do a more effective job of giving players the thrilling gaming experience that they’re looking for.
NFTs might have risen and fallen as financial assets (it turns out they don’t appreciate in value as well as fine works of art do) but they’ve found their home in the iGaming space. Collectible, customizable NFT tokens that can appear in game round after game round give players something familiar, something that feels personal to them.
New game options
It’s also never been easier to zero in on a niche, as the options at entrepreneurs’ disposal have seemingly multiplied. Aside from the classic options, like casino games, live sports, lotteries, and bingo, online gambling platforms can now specialize in live dealer casino games, esports betting, virtual sports, crash games, shooting games, and other blockchain-based verticals. The more the audience grows and diversifies, the more options there are for you to corner the market.
With so many verticals to choose from, there are countless options for specialized platforms, like blockchain casinos with their own in-game currency. There are countless ways to interest even the most unique tastes that players may have.
New players
While the question of how to appeal to gen Z still looms large, solutions are emerging. First is that socialization is key for these younger players — and remember, these digital natives grew up with most of their experiences taking place online. Casino gaming is something fun to do together, despite any physical distances there might be between them. So making sure there’s a social component — an in-game chat option — is a great way to offer online gambling as a way to spend time with friends. Many gen Z players will be coming from the world of social casino, where socialization is first and foremost, but new game formats make the transition easier.
In 2024, freedom and flexibility are essential parts of the work-life balance dream. Investing in online gambling can grant you both. There have never been more licensing options around the globe, with something for every level of investment. Basically, in today’s market, you can be licensed in Curaçao or Anjouan, operating in Nigeria or Colombia, and headquartered in whichever tropical beach town appeals to you the most.
And, of course, there’s the inflexible demand. People have always loved gambling, and (as we now know) not even a global pandemic can squash players’ appetites. It’s been one of humanity’s favorite pastimes since time immemorial, and that simply isn’t going to change.
Slotegrator consulted with William Sarto, PR & Marketing Specialist at CasinoRIX, and as an affiliate project, CasinoRIX completely agrees with the perspective: the best time to start is now!
Sarto points out some key reasons as growing competition, rising entry barriers, team expansion, and regulations.
“Every year, new companies enter the market. The longer you wait to launch, the bigger the gap will be between you and your competitors. One important factor in SEO promotion is the age of your site — starting early gives you an advantage.
Also, the longer you delay your launch, the more investment you’ll need to grow your business. The cost of acquiring players keeps rising. For example, in SEO, the price of links increases every year, and in some geographic areas, this gap has become significant,” says Sarto.
Talking about the team expansion, CasinoRIX notices that “in recent years, there’s been a noticeable trend of companies getting larger, with many M&A deals happening. Major players are growing stronger, making it harder for smaller teams to compete.”
“In our industry, affiliate licenses are gradually becoming available in countries like the U.S. and some European GEOs, creating new entry opportunities. For instance, in Canada, Alberta is undergoing regulation (operators are expected to start in 2025), and Ontario has already regulated two years ago. In our industry, affiliate licenses are slowly becoming available in places like the U.S. and some European regions, opening up new opportunities. For instance, Alberta in Canada is preparing to regulate launch (operators are expected to start in 2025), while Ontario has already implemented regulations two years ago,” summarises Sarto with regulations explanation.
To sum it all up
With new frontiers, surging growth, and powerful new tech, has there ever been a better time to invest in iGaming? It’s hard to imagine. With the right advice, help applying for a license, and quality software solutions, games, and payment systems, new online casino operators have plenty of amazing opportunities to choose from.
Slotegrator offers jurisdictional advisory services to choose the right licensing authority for your business and all the software solutions you need, from our turnkey online casino platform to our APIgrator game integration solution. Make the most of the current moment in iGaming by reaching out to one of our sales managers today.
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