2024 iGaming Business Trends: Prospects for the Betting Niche

The entertainment field continues to surprise analysts with strong profitability growth. Thousands of new lucrative betting projects appear every year. 2022 has been a successful year for the industry. Experts predict the further development of the sphere thanks to the emphasis on innovative technologies.

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2022 Results: Figures and Facts

The volume of the gaming market grew significantly in the previous year. For comparison, the figure for 2021 was $52 billion. In 2022, this indicator increased by almost 40 billion and reached the mark of $90 billion.

According to specialists, the lucrativeness of the gambling field this year will reach more than $145 billion.

The most promising regions in terms of CAGR will be as follows:

• Europe — 8.23%;
• Africa - 12.65%;
• Asia Pacific - 11.39%.

The previous year in the betting business was marked by such important events:

• the legalisation of online projects in Canada;
• the improvement of UK legislation;
• the emergence of the regulatory body in Curacao.

Working with Client Data

This will become one of the main tendencies in 2024. Proper interaction with information will let an entrepreneur accomplish many tasks:

• audience segmentation into categories;
• the formation of an effective marketing strategy;
• the reduction in advertising costs, and others.

The main thing when working with user data is the right approach to collecting and processing it. Clients must provide information voluntarily. To motivate them to do this, betting project owners often offer rewards for filling out additional fields in user profiles or participating in surveys.

Operators collect data to understand the needs of the audience better and offer consumers only in-demand products.

Entrepreneurs are interested in the following characteristics of players:

• age;
• gender;
• the country of residence;
• gaming preferences;
• frequently used payment methods, and others.

Increased Promotion Costs

The level of competition in the online market is growing rapidly. To stand out from other projects, entrepreneurs will invest heavily in advertising activities in 2024.

The most effective methods of promotion will be as follows:

• social media marketing;
• SEO instruments;
• cooperation with affiliates, and others.

The advertising content format will also change. Operators will focus on dynamic video and audio materials. Pictures and banners no longer surprise anyone. Therefore, the owners of betting projects create memorable clips and post them on their YouTube and TikTok accounts. In addition, bookmaker start-ups cooperate with celebrities on social networks to distribute marketing content.

This approach has already proven to be effective. Advertising from bloggers, athletes, actors, singers, and other famous personalities brings entrepreneurs a stable influx of online traffic and a constant increase in revenues.

Besides the attraction of customers, their retention will also become an important task for operators. Therefore, entrepreneurs will allocate extra amounts to maintain the interest of a loyal audience.

This goal can be achieved using the following methods:

• the organization of VIP tournaments;
• draws with valuable prizes;
• the launch of loyalty programs;
• daily activity scores, and others.

The Focus on Cross-Platform and Mobile Content

The future of the technological sphere is compact and convenient gadgets. They greatly simplify many tasks of a modern person.

Every year, more players switch to the mobile format. It is especially relevant for players from remote parts of Africa, Southeast Asia, and Latin America. The quality of the Internet connection in these regions leaves much to be desired. However, adapted cross-platform content can be uploaded quickly even in such conditions.

The simplest and most affordable devices are suitable for accessing betting projects. This criterion is also crucial for emerging markets.

Entrepreneurs will focus on two in-demand areas at the same time:

• the creation of cross-platform software;
• the launch of mobile applications.

Cross-platform content works in browser mode and does not require prior downloading. This result is achieved due to a special approach to creating sites. The design and user menu of such online resources are as concise as possible. Thanks to this, pages open quickly at any speed of the Internet connection. In addition, they easily adapt to any screen size.

Besides traditional games for tablets and smartphones, developers will continue to explore new niches in 2024. The creation of content for smartwatches is a new direction in the entertainment industry.

The cost of these small multifunctional devices has become affordable even for the audience from developing regions. New, advanced models of gadgets appear in the market. This format of betting will undoubtedly make the interaction of customers with online resources even more convenient and profitable.

Live Broadcasts and E-Sports Tournaments

The coronavirus crisis and the cancellation of major football, basketball, hockey, and other events have provoked an unprecedented increase in the popularity of virtual athletic disciplines.

E-Sports fans are actively spending large sums on bets. This trend will remain in 2024.

The most promising countries for opening businesses in this niche are:

1. China.
2. South Korea.
3. The US.

The live format will not lose its relevance. Watching a match and placing a bet at the same time increases the level of excitement and motivates players to spend substantial amounts on gambling activities.

Real-time broadcasts will become available to a wider audience in 2024. Developers plan to add this feature to more mobile bookmaker products. Users will be able to follow the matches of international and local championships around the clock, regardless of their location.

The Introduction of Advanced Technologies

Operators will try to integrate up-to-date solutions into different sectors of the entertainment business.

Innovations are expected in the following areas:

Responsible Gambling Rules

A wide variety of events and high odds offered by bookmakers may create favourable conditions for the development of ludomania without the right approach to the provision of sportsbook services.

Informing users about the dangers of uncontrolled betting and the introduction of restrictive measures on online resources will prevent the emergence of gambling addiction among players and provide the necessary support to clients with the first signs of risky behaviour in time.

Respected operators and suppliers follow the principles of responsible gambling and cooperate with influential associations of psychologists that help customers overcome gambling addiction.

Simplified User Verification

Clients of betting sites do not want to spend a lot of time on authorisation and identity verification. To simplify these processes as much as possible, entrepreneurs are starting to introduce an innovative method of biometric recognition.

Users will not need to scan their documents and enter a large amount of personal data. A gambler just needs to use the fingerprint scanner or open the smartphone camera to recognise the player's face.

The new approach implies the following advantages:

• full automation of the verification process;
• the protection of personal data;
• the reduction in personnel costs, and others.

It should be noted that the technology is far from perfect today. In addition, not all users have devices with built-in biometric recognition features. Therefore, this trend will not become ubiquitous. Although, it has great potential.

The Main Things about Gambling Trends in 2024

The most current trends are as follows:

• working with client data;
• increased advertising costs;
• the development of cross-platform content;
• the popularisation of E-Sports;
• the demand for live broadcasts;
• simplified user verification, and others.

Our experts will provide you with up-to-date information and familiarise you with a wide range of relevant products for internet projects of various scales.

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