What is the Scope of the iGaming market in 2020?

The iGaming industry is seeing significant growth over the past few years. The iGaming market is extremely diverse and consists of online casinos, esports, online games, esports, sports betting, and many more. Based on Statistics the iGaming market is now worth over billions of dollars and it’s recorded that sports betting will grow tremendously in the iGaming market. The sports betting software solution providers are available for the businesses to offer the best sports betting solutions to the users.

The sports betting industry reached £14.3 billion in 2019 and currently helps the businesses to sustain in the market. Due to competition increases, regulation changes, and advanced technology virtual reality takes hold and enhances the sports betting market in 2020. 

Statistics of the iGaming Market

  • As per the statistics of transparency market research, the iGaming industry is expected to reach by $ 94 billion by the end of 2024. 
  • Global research says that the sports betting market share will reach to $ 102.97 billion by 2025.
  • By 2025, the number of registered users will reach 12.5% of CAGR. 
  • American Gaming Association says that the revenue of the sports betting industry will grow by 86.2% yearly. 
  • On average, people spend around £2.60 per week on sports betting, totaling over £135.20 per year.
  • The sports betting industry is growing in the iGaming market and after the pandemic, now it’s generating revenue of $2.83 that represents a growing sign of the industry.
  • Sports betting is currently making 30-40% of the total iGaming market. 
  • The iGaming market will grow by $ 94 billion between 2019-2023. 
  • It has been anticipated that the iGaming market is going to be worth around 565.4 billion dollars by 2022.

Sports Betting becomes the New Trend of the Industry

  • The sports betting industry has the largest market share and people around the world are also participating in the industry with huge numbers. 
  • Sports betting is one of the most popular sectors among users and operators and also offers an entertaining platform to the audience. 
  • The operators can earn revenue and expand their business globally by investing in the sports betting industry. 
  • At present, the demand for online sports betting increases thus the market of iGaming also increases the market share of the sports betting market.
  • Nowadays, people are ready to spend more money on sports betting thus, it becomes easy for operators to earn profits in the market.
  • The sports betting industry covers all major sports for the users and involves betting firms to contribute to generating revenue. 
  • The major cause of increasing sports betting trends is that it involves huge amounts of rewards and prizes that influence the audience at large. 
  • The businesses also achieve huge revenue as the number of people involved in the sports betting market increases. 
  • The statistical records also show the huge market share of the sports betting market in the industry. 

Thus investing in the sports betting industry can be a profitable opportunity for operators to sustain or start their profitable business in the market. 

Upcoming Trends of the iGaming Industry

As we know, the this industry has become highly demanded among people around the world. There are various trends available in the industry that can bring profitability to the businesses and can also entertain the audience well. Some of the top trends are as follows:

Sports Betting 

Undoubtedly, sports betting is the most profitable and popular vertical of the trend. The statistical records by the experts also show the growing scenario of sports betting platforms. It has the largest market share in the market. The recent legalization of sports betting also generates opportunities for operators to successfully compete in the market. People also found sports betting as the most entertaining platform in the market. It became the top trend of the industry and is expected to grow in the future successfully.

Virtual Reality

Due to advancements in technology, virtual reality has become a part of the iGaming industry. It will make players feel like they are in an actual game. It gives a better and unique gaming experience to the players. There are various software developers available in the market that can implement this technology into businesses. Currently, it has become the top trend of the iGaming industry. 

Mobile Gaming

Due to the increasing number of mobile users, the demand for mobile gaming is also increasing. The reach of the iGaming market is also becoming wider because of this trend. As per statistics, there are 4 billion mobile users available in the world. In New Jersey, mobile gaming in the iGaming market is contributing by 80-90% that shows the rising trend of mobile gaming in the iGaming market. The future of mobile gaming will surely rise and also give better opportunities to users and operators. 

Artificial intelligence

Artificial Intelligence is also becoming the top trend of the iGaming market. It is easy to collect and process data with the help of AI technology. Businesses can offer a better gaming experience to their users with the help of AI. It became popular in the iGaming market as it allowed making suggestions about games to play and customize them. It also helps in detecting and protecting software from hackers in the market. Artificial Intelligence is the upcoming trend and helps to regulate the industry with the latest regulations. 

Esports

The esports industry is also becoming mainstream in the iGaming market. As per statistics, it has been anticipated that the esports industry will grow by 9% CAGR by the end of 2023. Due to the increasing trends of online gaming, the demand for esports is also increasing. It has its own set of games such as league of legends, counterstrike, overwatch, and many more. It not only gives better engaging options to the audience but also helps operators to enhance their business. 

As discussed above there are various alternatives available in the iGaming market but if you are planning to be a part of the growing iGaming Industry then sports betting could be the best alternative. It has a lot of potential to enhance your business globally and help businesses to earn huge revenue. 

Conclusion

The iGaming industry is considered as the most growing industry of recent times. It has a wide range of verticals involved but sports betting has become the most influencing sector of the iGaming industry. As discussed above, statistics show the growing scenario of the iGaming industry. The benefits of sports betting show the upcoming trend in the industry. Thus, the operators and investors can opt for sports betting and generate revenue in their business by influencing a huge amount of audience in the iGaming market. 

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