What’s Next for iGaming from the Perspective of Technology Experts?
Despite the metaverse controversy, stiff competition, geopolitics and economic changes, regulations and industry consolidation, changing tastes, etc., the iGaming industry is making headway.?
The figures speak for themselves. The worldwide online gambling market is expected to grow to whooping $181 billion by 2030 from $58 billion in 2021.?
Let me share my observations from a great event Intellias took part in -iGaming NEXT 2023 in NYC - of the most prominent and viable trends in the iGaming industry in the foreseeable future from a technology perspective.?
1. Core iGaming platform: Buy vs Build?
As we approach the halfway mark of 2023, iGaming keeps evolving into digital platforms with iGaming products integrating the capabilities of modern enterprises. Though the jury is still out on how swiftly they can leverage the value of the ‘Everything-as-a-Service' approach, scalable and compliant iGaming platforms, payment processing platforms (including NFTs), betting solutions, casino aggregation platforms, advanced data services, and BI platforms are firmly on the way to becoming the holy grail of connected and personalized yet responsible gaming.?
When deciding on Buy vs Build an iGaming platform, many companies today are opting to build a platform and create a unique product that supports innovation, is scalable, and can be customized to become the customer's platform of choice.?It acts as a focal point in the cloud, enabling the management of an enterprise’s entire technology stack for next-generation application provisioning.?
2. Metaverse, web 3D, AI?
A new immersive virtual world that scales across platforms, with integrated AI, extended reality (XR), and metaverse-related NFTs that are powered by technology and infrastructure are central to everyone’s expectations.?
Clearly, the competitive advantage belongs to those who embrace emotional connection with customers through personalized experiences. The ongoing trend of real-time personalization is seen to grow to new levels by AI-powered players’ protection, improved data security and tailored interactions.??
Though viewed by many with scepticism, the metaverse attracts not only iGaming vertical. Industries, including entertainment, retail, fashion, and healthcare, to name a few, are testing its potential to be integrated within their existing business models.?
The iGaming metaverse is predicted to captivate even more customers by mirroring life and turning it into an interactive and engaging 3D platform with high levels of interaction and immersive environment: from social gaming, incorporated mixed reality, and a gaming environment as a platform for monetization or other activities to bringing together the power AI and big data where Web3.0 will empower real-time rendering.??
?3. Streaming Services?
With customer experience at the core of the industry, technology is likely to drive the further proliferation of streaming services. All with their charms and flaws, streaming providers keep driving the agenda on enriching customer and player experiences through new social experiences, availability, and data-driven insights.??
In the all-digital environment, in which there is a global tendency of businesses to move from conventional service provisioning towards technology-enabled diversified offerings, the iGaming domain is predicted to be a hot spot.?
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Amazon, Netflix, and Disney have already been named iGaming disruptors when they introduced streaming services, even though none of them entered the iGaming or sports betting markets because of regulatory hurdles. On this way of inclusion, we are likely to witness digital tech steering the industry towards more data-driven products with a specific focus on content and product. Suppliers will re-evaluate their proposition around the streaming industry by having the right data strategy in place and staying relevant in the market.?
4. The future of iGaming in the US and Malta?
The launch of?iGaming in a number of countries is giving?rise to new markets globally, with?huge potential for their development.??
The US iGaming market, one of the most lucrative, is predicted to attract more investment as the legalization of online gambling is spreading across the country.??
A number of technology-based considerations are expected to translate into further investments in M&A deals in the USA.?
iGaming operators are on their way to establishing their own proprietary platform business models, combined with a wide range of services that enable scaling ability for ‘peak events’, increasing speed to market, cloud adoption, personalization for users, and modernization of legacy platforms and environments.?
There is a booming trend to embrace social gaming and implement technology-powered strategies across all digital channels in order to diversify the monetization stack and lower customer acquisition costs.?
Having established itself as an iGaming Silicon Valley, Malta has been experiencing consistent year-over-year market growth from year to year. Its burgeoning iGaming industry is showing no signs of slowing down thanks to its willingness to adopt the newest tech combined with regulatory maturity.??
Digitally enabled financial infrastructure and blockchain development are expected to further advance the Maltese iGaming ecosystem. Immersive technology such as augmented, virtual, and mixed reality (AR/VR/MR) will bring new excitement to the iGaming world and make it more social and even more appealing to customers.?
The support of young digital expats - skilled, qualified and multi-lingual professionals trailblazing the technology space- puts Malta in an excellent position to continue attracting international iGaming operators and translating the best technology into industry success.?
About the author:
Olga is a business leader in the iGaming industry at Intellias. With over 15 years of experience, Olga is a well-placed professional opening new digital horizons for clients in fast-growing and changing market realities at a highly competitive pace.