The Trends Driving iGaming in 2024
Posted by Harry Kane on Wednesday, September 23, 2020
It has been a turbulent year for iGaming and virtual sports betting in the UK, while these markets will continue to face a series of legislative and regulatory changes in the near-term. Despite this, virtually all iGaming verticals showcased growth in the year ending September 2019, with the GGY for remote betting and casino gameplay increasing by 4.3% and 3.9% respectively during this period.
In this post, we’ll appraise some of the other trends that are shaping the iGaming market, while asking what impact they’ll have in the second half of 2024!
1. The Rise and Rise of Cryptocurrency
The cryptocurrency market is becoming increasingly diverse and lucrative as it inches into the consumer mainstream, with Bitcoin alone now boasting a market capitalisation of $117.81 billion.
This isn’t even the peak market cap of Bitcoin in recent history, with the token having reached $238 billion at the end of its now legendary price run in Q4 2017.
Make no mistake; cryptocurrencies have found something of a spiritual home in the world of iGaming, thanks to the anonymity and transparency that it offers to players across the globe. This has inspired a number of operators to accept crypto tokens, with Bitcoin online casinos becoming more available to players.
Interestingly, the use of crypto tokens such as Bitcoin and the demand for this payment method has increased since the UKGC rolled out its comprehensive credit card ban on April 14th of this year.
Not only is this an increasingly accessible payment option, but it also enables gamblers to wager while keeping their bankroll separate to their everyday funds. This actively aids the concept of responsible gambling, while potentially reducing the accumulation of unmanageable debt and the impact of gambling-related harm in society.
This benefit should also be considered in line with the transparent nature of crypto tokens, which are underpinned by blockchain technology and provide an immutable list of individual financial transactions.
However, tokens are connected to individual users’ e-wallets rather than their bank accounts, enabling players to maintain their anonymity and prevent gambling payments and deposits from appearing on their statements.
2. Mobile Gaming is Becoming Increasingly Popular
Last year was a seminal one for mobile casino play in the UK, as the rate of smartphone penetration rose beyond 50% for the very first time.
This is part of a wider, nationwide trend, with the number of people who regularly use a smartphone having doubled from 39% in 2012 to an impressive 78% in 2018.
This trend shows no sign of abating either, particularly in the lucrative remote sports betting market. According to the gambling regulatory body, an estimated 63% of Brits use their mobile devices to place wagers while watching live events on TV, with this trend especially prevalent in sports including horse racing, boxing and tennis.
With mobile gaming perennially on the rise, it should come as no surprise that operators are continuing to invest in the development of native apps for Android and iOS, while simultaneously creating increasingly responsive mobile sites.
Individual developers are also adapting to this trend, by creating new and innovative games that are tailormade to suit the mobile experience. Take Megaways game, for example, which essentially provides a series of shifting reel sets that can contain tens of thousands of winning combinations per spin.
In addition to being more responsive than ever before, today’s slot games are also built on HTML5 technology. This ensures that operators can replicate their full desktop library on mobile websites, creating a seamless experience when switching between different devices.
3. VR-based Gaming is also on the Rise
Like cryptocurrency, virtual reality (VR) is an advanced technological concept that has become increasingly mainstream over the course of the last decade.
This is also considered by many to be the last remaining frontier in online gambling, particularly in terms of replicating the type of immersive and real-time experience often found in an offline casino.
Software house NetEnt have blazed a trail for others to follow in this respect, having successfully launched a VR-iteration of their popular Jack and the Beanstalk slot. In 2017, the brand also created a VR-inspired version of the iconic Gonzo’s Quest, paving the way for similar titles to be developed in the future.
While we’ve yet to see a rush to market with VR slots and products, the advanced WebVR technology that underpins virtual reality gameplay is now mature enough to offer basic support online.
This means that 2024 could well see a larger number of VR games and casinos make their mark on players, creating a fascinating dimension to an already high-growth market.
The Last Word – What Other Trends will Impact on the iGaming Market?
These trends are undoubtedly shaping the iGaming market in the UK, while there are other factors that will continue to influence the gameplay experience for players.
One of these is the so-called ‘hold and respin’ mechanism in contemporary slots, which tend to feature a jackpot or bonus symbol locked in place while the remaining reels are respun. First trailed by Aristocrat’s Lightning Link slot, this enables players to collect the largest possible reward based on real-time gameplay.
Beyond this the proliferation of licensed branded slots is also impacting heavily on the marketplace, with these entities based on popular movies, television shows and music artists. The rise of such games has helped slot gaming to dominate the iGaming space, with this vertical now responsible for nearly two-thirds of the market’s total GGY in the UK.
In general terms, these trends are indicative of a growing and tech-led market, and one that will continue to achieve growth despite facing a raft of mounting challenges.
They also offer an insight into the future of iGaming in the UK, both from the perspective of casino gameplay and remote sports betting.