The iGaming market is huge right now. With big brands willing to invest in trying new technology and updating their offering on a very regular basis, the iGaming industry continues to evolve and grow through the intense competition therein.
Due to the sheer number of websites offering classic games like roulette and blackjack alongside the most appealing new slot games, each brand has to keep on its toes and continue to better their gaming service to stand out in the crowd.
This level of competition hasn’t just come from brands competing for a relatively small audience, however, as the number of iGaming customers continues to grow each year, with the value of the market expected to have more than doubled from its 2017 valuation by the time 2024 comes along, per Statista. The audience continues to grow, and so does the competition, so how do iGaming businesses manage to compete and appease the ever-growing player base?
Size and growth of iGaming
In 2017, the online gambling market clocked in at $45.8 billion and was predicted to grow to a massive $94.4 billion over the ensuing seven years. It shows a huge amount of growth, especially as there are land-based offerings with which to contend. That said, the convenience and diversity of the iGaming scene boast an undeniable draw over the effort required to gamble at a brick-and-mortar casino.
While some of this growth will have been predicted by more people discovering the perks of the entertainment platforms, a lot of the faith in the huge growth will be due to the increasing number of jurisdictions that seek to legalize the activity. The most notable has been the successful efforts of New Jersey, which has sparked a wave of online gambling legalization movements across the states. Today, iGaming is legal in New Jersey, Pennsylvania, and Delaware, with more expected to follow.
Keeping up with demand
It’s all well and good having a strong offering within an ever-growing, increasingly popular industry, but if a brand doesn’t adapt and continue to grow as well, it will ultimately be usurped by the competition. The industry as a whole has always been quick to embrace new technology and new trends, which is why so many of the biggest brands boast full-featured mobile apps. Mobile apps are taking over all forms of gaming, as shown by Newzoo, so it was important for iGaming to identify and react to the change in customer habits.
Always keeping on their toes, iGaming brands have also been focusing on keeping their offering fresh and updated by adding new games regularly. Many understand that players also come for welcome offers and ongoing promotions, so sites such as Betfair offer a casino bonus in the form of 30 free spins for new customers. Since players stay for the games, the likes of Betfair and other such platforms regularly add more titles, including the recent additions of Buccaneer Blast and Bonus Train Bandits. Not only does adding more games keep the current player base entertained, but it also makes the overall offering more appealing to a wider audience, potentially bringing in more players to grow the brand further.
The competitive nature and willingness of brands in the iGaming industry to adapt is expected to see it continue to grow at an incredible rate. Online casinos will continue to build on their game libraries while also looking to make an impact on the increasing number of new jurisdictions opening up to iGaming.