What are the Alternative Trends to be Explored by the iGaming Industry?


What are the Alternative Trends to be Explored by the iGaming Industry?

The iGaming industry is always known for its profitability and growth. It creates new opportunities for businesses to invest in this industry. The iGaming industry involves verticals such as betting, casino, fantasy sports, esports and many more. It is vital for the entrepreneurs to adapt the technical innovation and serve the best possible services to the users. One such innovative and exciting iGaming solution includes esports platform development
which can perfectly contribute to the enhancement of the iGaming business growth by engaging more players.

Market Overview for iGaming industry:

  • As per the forecast duration (2019-2024), the iGaming market industry is expected to grow at a CAGR of  8.77%.
  • Various sports events and markets are added to the industry with the cancelation of major sports events.
  • Activision (ATVI) and Electronic Arts (EA) increases its market penetration for esports.
  • Due to the legalization of sports betting, there are numerous sportsbooks and online sports betting apps live in the United State.
  • The online iGaming market is expected to be $87.75 billion by 2024.
  • During the period 2020-24, the sports betting market is expected to grow by  $144.44 billion.

Current Problems faced by the iGaming Industry:

  • As we all know that currently, the outbreak of coronavirus has affected the iGaming industry and the economy as a whole. For sustaining the business in the economy and recovering from losses the industry needs to find some better options in the iGaming industry.
  • As with the growing technology, it is difficult for the industry to retain its users in the long-run. Thus, it is important to keep innovating the platform for the users.
  • In the iGaming industry, mobile gaming is taking over. There are 70 % of mobile devices generated via a mobile device. Therefore, the iGaming industry needs to offer personalized mobile-friendly experiences to their users to drive the future growth of the iGaming industry.
  • The country's regulations are also one of the challenges for the iGaming industry.  As the entrepreneurs of the iGaming industry need to analyze the policies and implement the new measures to keep the industry profitable.
  • With the increasing competition in the market, the users are looking for a unique platform. The cancelation of gaming events also increases their interest in the area of entertainment to upgrade their skills in the iGaming industry.
These above are some of the challenges faced by the iGaming industry. The only way to get over this current situation is to find some better alternatives through which the industry can sustain in the economy for the long-run. The industry must obtain the best alternative to offer the best services to its users.

Alternative Trends Available for iGaming Industry:


As we all know that the iGaming industry is facing lots of challenges, they need to find some better alternative to sustain their business in the long-run. In the iGaming industry where the entrepreneurs are majorly focused on sports betting can find some other alternatives for their users. Thus, they need to build the best alternative strategies for their users. Some of the alternatives trends of iGaming industry are as follows:

Esports:

Esports is one of the popular iGaming sectors in recent times and many operators of the iGaming industry have started opting for this alternative. Esports proves to be an exciting gaming option for iGaming enthusiasts as they get the convenience of sitting at their homes while enjoying their favorite sports games such as PubG, League of Legends, Counter-Strike, Fortnite, etc. Esports possess multiple exclusive and exciting solutions including Esports betting that facilitates players to bet on various esports games.

Virtual Sports:

Similarly, like esports virtual sports are also considered as one of the vital alternatives for the iGaming business. Virtual sports also involve betting on virtual hockey, virtual Football, and many more events. The betting option is involved in virtual sports to give the real live experience to the users. This alternative can enhance new users and also entertain the audience with various options.

Weather Betting:

Recently, the weather betting alternative is booming in the iGaming industry as it gives a unique experience to the audience and also enhances the retention rate of the users. Through weather betting, punters can bet on temperature, snow, storms ,etc. of the place. They can predict the weather and can place a bet on it. This could be a great opportunity to attract a large number of users in the industry.

Online Casino:

As per the recent market trends, online casinos are on hike and many operators are adding this alternative for growing their business. The benefit of this alternative is that it does not require too many changes and simply operators add the offers in their current offering. The cost of developing an online casino is not much and can also help expand the business of the entrepreneurs.

Real and Sports-Related Events:

Along with the virtual options, the iGaming industry can also enhance their business in the area of betting on real sports. Similarly, like virtual options, betting on real events is also the trending vertical for the iGaming industry. It involves contests on sports-related events and live television shows. This vertical can also be beneficial for the iGaming industry in recent times.

Cryptocurrency Casino:

The blockchain and cryptocurrency are the popular alternatives available for the iGaming industry as many entrepreneurs are developing blockchain platforms with the payment options of cryptocurrencies to their users. The big providers, seeking for this option as it is an easy way to get a bigger reach and approval by the regulators. This could be a growing opportunity for the iGaming industry to outreach the new users into their business.



Overall, the future for the iGaming industry can be overwhelming, if they choose the best trending alternative for their business. There are lots of possibilities to grow for the iGaming industry if they opt for the largest part of the growth that comes from esports. The other alternatives can also be used by the entrepreneurs to offer real live experience to their audience.

Conclusion:

The iGaming industry undoubtedly comes a long way in the economy. But due to the recent changes in the world, it faces several obstacles. The period of growth, expansion, and alternatives have affected the iGaming industry in other ways.

Thus, if you desire to adapt to the changes in the economy or are looking for some trendy vertices to be explored, you can opt for the best alternative explained above. The current market overview of the iGaming industry has been analyzed. These alternatives not only help in growing your business but also gives you several opportunities to sustain during the recession time.

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