Online casinos and gaming platforms have taken center stage in the fast-paced world of iGaming, where digital marketing plays a vital role in attracting and engaging players. Adapting to ever-changing landscapes and emerging technologies is essential for digital marketers.
To navigate this dynamic environment successfully, it is essential to understand the future of digital marketing in iGaming. The increasing popularity of online casinos is the main driver of this growth, further fueled by customers’ increased spending and the potential for more accessible governmental regulations. But what are the expected predictions and trends for the next five years?
This article will define iGaming and answer a question – why it’s becoming so popular? Furthermore, we’ll explore the latest forecasts and trends expected to influence the industry’s digital marketing strategies.
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What is iGaming?
Imagine entering a virtual world where you can play your favorite casino games anytime, anywhere, without leaving your home. That is iGaming has transformed how we experience gambling and entertainment.
In this fantastical realm, traditional brick-and-mortar casinos transform into captivating digital platforms that offer various games. From classic card games like poker and blackjack to thrilling slot machines and roulette, you can find it all at the click of a button.
iGaming can be classified into two distinct categories:
Online casinos offer a range of games, including slots, poker, roulette, and baccarat. Operators create new themes and rewards to attract players, making fruit machines top-rated.
Online Sports Betting
Online sports betting involves predicting the outcome of a sporting event to win cash rewards. This form of betting includes sports such as basketball, soccer, baseball, hockey, rugby, American football, and even e-sports.
Why is it Becoming So Popular?
According to IMARC Group, the online gaming business is currently valued at an astounding $88.65 billion, with a forecast increase of up to $133.9 billion by 2028. This industry is expected to develop at a compound annual growth rate (CAGR) of 8.60% between 2023 and 2028, demonstrating its enormous growth potential.
The growth of online gambling is closely tied to the adoption of the Internet into our daily lives. As our culture rapidly embraces the digital realm, so does the desire for this type of entertainment. This sector’s success is due to various causes, including cultural acceptance, legalization, accessibility, celebrity endorsements, and corporate sponsorships.
The online gaming industry is reaching new heights because of innovative technology. Game creators can now create immersive and interactive experiences thanks to augmented reality, artificial intelligence, machine learning, cloud iGaming, and 5G networks.
iGaming Trends for the Next 5 Years
Embracing the VR Wave
VR is a fantastic computer technology that creates a simulated environment that can be explored 360 degrees. The future with VR begins as Apple Vision Pro has been released. VR sets itself apart by immersing users in a virtual world instead of relying on conventional interfaces, providing a beautiful and realistic encounter.
The industry is rapidly expanding, and it is expected that by 2028, the global VR market size will rise to 53.44 billion dollars. The anticipated growth will benefit enterprise and consumer sectors, including the VR gaming industry.
Research also suggests that 171 million people are using VR worldwide, and the demand for this technology is growing. This growth is having a significant impact on the iGaming industry. And interestingly, China spends the most on VR projects, with a $72.8 billion project budget set for 2024.
More gamers are flocking to iGaming as a form of entertainment as virtual worlds become more popular and immersive. Additional laws will likely be enacted to ensure safe and ethical gambling practices and protect players from fraud.
Virtual reality gaming has expanded dramatically, allowing gamers to immerse themselves in one-of-a-kind gaming experiences. As a result, virtual reality casinos and other gaming companies have emerged.
Artificial Intelligence (AI)
According to a recent analysis, the AI Market will proliferate, with a projected CAGR of 35.6% from 2023 to 2028. The market is expected to expand from USD 11.3 billion to USD 51.8 billion during this time.
While AI has already been used in gaming, its full potential has not yet been realized. Because AI provides audio recognition, voice control, and assists in many operational areas of the iGaming industry, such as marketing and customer service, it can enhance gaming experiences.
The immersive and customized gaming experience is enhanced by incorporating artificial intelligence. By analyzing player activity using AI algorithms, gaming platforms can provide customized experiences for each player.
Between 2023 and 2028, the global sector is expected to grow at a Compound Annual Growth Rate (CAGR) of over 30%. Expanding enterprises can take advantage of this opportunity.
Cloud-based gaming enables players to engage in gaming activities without the need to download them onto their devices. This has enriched the range of available games and simplified accessibility for gamers.
The realm of interactive gaming is in a constant state of transformation, leveraging state-of-the-art advancements to enhance users’ gaming encounters. The iGaming industry is poised to deliver even more exhilarating games as technology progresses.
5G Network Connectivity
The global implementation of 5G technology will have an impact on various industries, including iGaming. The development and expansion of live casino games will reach unprecedented levels with the enhanced capabilities offered by 5G, delivering players with an immersive and dynamic gaming experience.
In different respects, the 5G network has the potential to transform the iGaming sector:
Enhanced network bandwidth
There is nothing quite like a seamless internet connection, and with 5G, it is 100 times faster than 4G internet.
Improved virtual reality games
Virtual reality gaming experiences can become more captivating and accessible to a wider audience due to 5G’s high network speeds and connectivity.
5G provides an AI-driven interactive gaming experience that adjusts to players’ actions and choices, enhances gameplay, and supports user-generated content.
Novel payment choices
Were you aware that 5G enables faster and smoother payment methods? These include mobile and cryptocurrency payments, offering iGaming customers increased convenience. As the popularity of crypto payments continues to grow.
Live Video Streaming is Becoming Increasingly Popular
The global live streaming market is worth USD 1219.19 million in 2022 and is expected to be worth USD 6555.32 million by 2030, growing at a compound annual growth rate (CAGR) of 23.40% over the forecast period.
Businesses can prepare for the growing popularity of live-streaming video by:
Creating a video strategy
First, you need a plan; think about how video content can fit your marketing strategy and what platforms you can use it. There are many venues to choose from, so it is essential to pick the right platform for your company.
Investing in quality equipment
High-quality videos are critical, as the ones with bad quality will get fewer views and lose the potential audience. Don’t forget to include good cameras, make sure the sound is at the right volume, and don’t forget about lighting, it can improve your video quality.
Building an audience
Use your social media platforms to promote your live streams to your followers. In this way, you will encourage more engagement and interaction. And don’t share it only on one social media platform; spread the news on all your media in that way you will spread ability to reach larger audience.
Engaging with viewers
Live chat will never die; respond to comments and questions in real-time during live streams. In that way, you will build a sense of community and increase audience engagement.
Lastly, don’t forget to track your results; not always will you succeed, but if you analyze your mistakes and make more and different content, you will find your way to grow.
iGaming Predictions for the Next 5 Years
Increased Metaverse Popularity in iGaming
Metaverse gaming is one of the biggest game changers in iGaming. Through online virtual worlds, games, and simulations, players can interact with each other. Players and developers benefit from Unity’s 3D metaverse gaming, which focuses on the social aspect.
The potential for an all-encompassing virtual community is vast, and this trend is expected to continue as technology advances. Online betting may not be new, but the metaverse has the power to create a new era of socializing and gambling from the comfort of your own home with your digital avatar.
How could it help your digital marketing?
Companies must prioritize the metaverse to effectively target the younger generations, including Gen Z and millennials, as this area is of utmost interest to these groups.
A virtual world reflected in a metaverse allows businesses to express their brand beyond traditional media. Creating unique and immersive customer experiences is possible, thanks to the limitless possibilities.
One example is a clever brand marketing initiative AMD teamed up with Fortnite in the Metaverse. As a giveaway prize, a gaming PC equipped with AMD hardware generated significant buzz and motivated players to participate in brand-sponsored game modes. By doing so, AMD’s products are significantly more connected to the gaming experience.
It shows how brands can utilize the Metaverse and gaming platforms to create engaging experiences that promote their products or services. By integrating their brand into popular games like Fortnite, companies can interact with a large player base, highlight their products visually, and generate excitement through unique game modes and giveaways.
Esports Will Expand
There has been a significant surge in growth in the Esports sector, and this trend is expected to continue for the next ten years. Globally, Esports betting is expected to reach $24.19 billion by 2028, with a projected growth rate of 13.7% between 2023 and 2028. As a result, it has evolved beyond competitive gaming to include merchandise, content creation, and mainstream media coverage.
What do you need to know about Esports?
Half of Gen Z and millennial gamers express their interest, highlighting that younger audiences typically prefer Esports. It is important to note this preference.
Gen Z is likelier to engage with esports on social media, while millennials are likelier to buy content. For brands, which means approaching both groups differently but always keeping the digital content front of mind. Social media has a growing influence on both generations, especially video platforms and community-oriented messaging services like Discord, Snapchat, Twitch, and Reddit.
They spend more time on social media than the average gamer, with those who get their gaming information from social platforms also more likely to use them to watch live streams.
TikTok introduced LIVE Subscription in May 2022, a monthly fee enabling users to show support for their favorite live creators, with their TikTok made me play it global gaming event.
In some regions, the gambling industry needs assistance with legality. Despite this, more countries are legalizing betting, potentially opening new market opportunities. Athletes and celebrities’ partner with esports organizations like Complexity Gaming and 100 Thieves to expand their fan bases. Through this approach, they can appeal to a broader audience than just gamers.
Originally, influential gaming creators on platforms such as YouTube and Twitch led the development of various products, merchandise, and a complete content ecosystem, transforming esports from competitive gaming into something much more.
In general, esports has augmented the range of players and gaming titles accessible to the public. Moreover, it has contributed to normalizing the esports realm and enhancing its accessibility, resulting in more individuals engaging in online gaming. As esports continue gaining popularity, its impact on the iGaming sector will persist.
All in All
Within the future, there are numerous promising developing patterns and forecasts for computerized showcasing in iGaming. With innovative innovations such as virtual reality, fake insights, cloud gaming, 5G network, and live video gushing, gaming is anticipated to be upgraded, players will be able to lock in with more substance, and audiences will be able to associate with the recreations in a more immersive way.
Presently brands can lock in with more youthful eras and give immersive encounters through the rise of the metaverse and the broadening of esports. To stay competitive within the iGaming segment, computerized marketers must grasp these rising developments, alter to the changing environment, and take advantage of the industry’s potential for growth.
Suppose you ever doubt your ability to create an effective digital marketing strategy. In that case, you can always rely on the expertise of the Fortis Media team, who are knowledgeable about upcoming trends in the field.