What is the Scope of the iGaming Market in 2020-2021?
At present, the iGaming industry is becoming the fastest profit-making industry in the world. It consists of several verticals such as online gaming, esports, sports betting, fantasy sports, and many more. Among them, sports betting is becoming the mainstream of the iGaming industry. It offers better opportunities to the operators and investors to start their business and also offer a better gaming experience to the users. There are sports betting software development companies available who develop better platforms for the users and bring the best results for the businesses. According to the statistical records, the iGaming industry is expected to reach $ 565.4 billion by 2024.
The sports betting industry was worth £14.3 billion in 2019. The advancement in technology and increasing demand are the reasons behind the growth of the sports betting industry. The sportsbook software provider allows operators to earn huge profits in the iGaming market. The sportsbook market is all set to grow to $ 125.18 billion by 2023.
Statistics of the iGaming Market
- The iGaming market is expected to grow with a CAGR of 5.9 percent yearly.
- The statistics say the sports betting industry will grow by 12% CAGR and with 565.4 billion revenue by the end of 2022.
- The sports betting industry is expected to enhance its revenue by 90 billion by the end of 2024.
- It has been estimated that sports betting will generate $87 billion by the end of 2026.
- The research reports of the transparency market research say that the iGaming industry will reach $94 billion by the end of 2024.
- On average people are ready to spend £2.60 per week on sports betting which will be £135.20 per year.
- The iGaming industry will grow to 102.97 billion by the end of 2025.
- The sports betting market is making 30-40% of the iGaming industry.
- The research study of the American Gaming Association says that the revenue of sports betting will rise by 86.2% yearly.
Legalization of Sports Betting in Different Countries
Sports betting is becoming more trending after its legalization in several countries. Legalization in different countries allows operators to expand their business globally and allow bettors to place bets. Here is the list of some of the countries where sports betting has become legal.
United States
The band on sports betting was removed in 2018 and now there are 11 states available where sports betting became legal and 7 had pending launches. It develops many new opportunities for the operators to start their sports betting business.
European Countries
Each country has its own set of rules for sports betting. It is regulated and legal in European countries. The sports betting market in European countries is dominated by various sports betting businesses.
United Kingdom
The UK developed sports betting laws in 1960 and has various sports betting operators available who create a competitive market for new entrants and better gaming experience for users.
Australia
Australia has the most developed laws regarding sports betting. They involved other options in sports betting such as racing, poker, lotteries, and many more.
Canada
Though sports betting is legal in Canada, each province has its own set of rules which gives different betting experience to users.
South Africa
Sports betting was launched in 1994 in South Africa and now they are emerging with online betting. Every province in the country has a different set of laws regarding the sports betting industry.
Sports Betting Become the Popular Vertical of the iGaming market
- Sports betting includes all major sports of the iGaming market that can easily influence the audience at large.
- In the sports betting industry huge rewards and prizes are involved that can help the operators to entertain their targeted audience easily.
- Nowadays, sports betting has a huge market share that involves people at large in the iGaming market.
- The statistical records also show the huge scope of the iGaming industry that can bring huge profitability in the market.
- Among various verticals of the iGaming market, sports betting is considered a profitable choice for the operators as well as users.
- All major sports are involved in the sports betting market that can easily attract a huge audience within the industry.
- The sports betting industry can cause huge profits to the operators and investors in the iGaming market that offers engaging platforms to the audience at large.
Some of the Trending Scope of the iGaming Industry in 2020-2021
Undoubtedly the iGaming industry has high demand in the market for users as well as operators. Some of the available trends in the iGaming market are discussed as follows:
Sports Betting is the New Trend
The mainstream of the iGaming industry is sports betting. It is highly demanded in the market among users as it offers a better gaming experience to the users. The popularity of sports betting is also increasing among operators as it can offer huge profits to them. The industry creates $150 billion in revenue in the iGaming market. Many other businesses are moving to the sports betting industry to generate huge revenue. It is the easiest way to expand the business globally and a convenient way to earn profits for businesses. The industry not only gives betting gaming experience but also involves huge revenue for businesses. It can be the best choice for businesses to achieve great success. To become successful, the industry can create great opportunities for investors and businesses.
Virtual Reality
Due to advanced technology, virtual reality is also becoming part of the present and future of the iGaming market. It always offers a better and real-life gaming experience to the users. This could also be the great upcoming future of the iGaming industry.
Artificial Intelligence
Recently, Artificial Intelligence has also become a major part of the iGaming industry. It helps the businesses to collect and process the data much faster. Through AI the players can have a positive and great gaming experience. The major cause behind the success of the iGaming market is that it suggests customizing gaming solutions and also helps businesses to fulfill the latest gaming regulations and standards.
5G Technology
5G technology has become the recent trend of the iGaming industry. The businesses can easily develop the gaming platform through updated technology and offer better options to the players. This technology helps the operators to have a fast, better, and engaging gaming experience for the audience.
Esports
It is another growing trend in the iGaming industry. Esports has its own set of games such as legends of leagues, overwatch, counter strike, and many more. This involves multiplayer gaming with advanced features of gaming that influence a large number of audiences. Many businesses enhance the esports platform for events and tournaments. It is one of the profitable options for the iGaming market that brings profits to the business.
These above are the upcoming possibilities and future scope of the iGaming industry that can bring huge profits to the business. It can not only bring profits but also help businesses to sustain in the competitive market.
Conclusion
The iGaming industry is the most popular sector in today’s market. It has various verticals that can bring huge profits to the business. As discussed above the statistics shows the rising trend of the iGaming market. The emerging trend has a positive impact on the iGaming market. Thus, businesses and operators can invest in the iGaming market to attain huge profits and stability while investing in the sports betting industry of the iGaming market.
