The future of the Interactive Gaming (iGaming) market is interesting to look into. The industry has been on an astronomic rise, but the growth doubled following the outbreak of the Coronavirus.
As an online gambling enthusiast, you want to weigh your options to be sure that investing in the market is the right step to take.
In this article, we discuss the forecast of the online gambling market for 2022. You will find out some of the events that will both play and as well trigger an increase in the iGaming market.
The Growth of the iGaming Market: The Underlying Factors
These are some of the influencing factors that will trigger the growth of the iGaming market:
1. The Coronavirus
The outbreak of the Coronavirus in the early months of 2020 usurped many sectors of the global economy. Yet, the Interactive Gaming (iGaming) market was on a dramatic rise. This was because of the heightened interest in online gaming following the mandatory restrictions of movements.
That is not all. Despite the rolling out of the COVID-19 vaccine, it doesn’t change the fact that the iGaming market is on the path to growing more.
For one, online gamblers are already stuck and are continually looking for ways to make money from online gaming activities. The online casino operators also lend more to this cause by rolling out a wide selection of services to trigger the interest of the target audience.
2. The Indian Gambling Market
India is one of the top countries that contribute to the growth of the online gambling market. The country has also had most punters latching on to online gaming platforms, especially in the wake of the Coronavirus pandemic.
The players used those platforms as an option to get entertained, pending when the pandemic was over.
Live Mint reports that the Indian interactive gaming market is expected to hit $2.8 billion in revenue by the end of 2022. A bulk of that income will be generated via online gambling activities, which are triggered by both disposable income and the proliferation of smartphones in the country.
In a related report, Outlook India reports that Virtual Reality (VR) will play an active role in the move to drive up the iGaming market from $1.5 billion to $2.8 billion.
Despite the non-implementation of VR in most parts of the Indian gaming market all these while; it looks like the trend is about to change. The rise of the Experience Economy will also play a role to this end because a majority of the Indian players are Gen-Z. Hence, most of them would like to have the real-world experience of playing different types of games. That is what Virtual Reality (VR) does.
3. The Global Perspective
Experts have analyzed the iGaming market and affirmed that the market is still poised for more growth. A wide range of factors will facilitate this anticipated growth.
Cashless Payment Methods
The trend of playing at an online casino is expected to be on the increase now that some cashless modes of payment are being introduced. Formerly, many online gambling platforms accepted credit and debit cards. It is now possible to fund your online betting account via Electronic Wallets (e-Wallets) and cryptocurrencies.
The Rise of Female Gamblers
Gambling used to be a “men only” affair, but that is changing as well now that more females are becoming interested in online gambling. With more gamblers coming into the market, it is clear that the revenue coming into the market will increase as well.
4. The Introduction of Advanced Gambling Tools
The online gambling market will also be on a dramatic rise following the introduction of additional tools that make gambling easy.
These tools include Chatbots for real-time communication, Artificial Intelligence (AI) and Machine Learning (ML) for behavior learning, and the combination of Virtual Reality (VR) and Augmented Reality (AR) for the improved gaming experience.
European Gaming reports that the global gambling market will have a Cumulative Annual Growth Rate (CAGR) of 11.94% between 2021 and 2026.
How to Make Profits from the Anticipated Growth of the Online Gambling Market
The best way to make profits from the Interactive Gaming (iGaming) market during the forecast period is to start an online casino.
You need the help of an online casino platform provider to come up with brilliantly themed casino games that will not only excite your users but also get them to play for real money.
- Other things you need to have in place for maximum profitability are:
- Obtain an online casino license because this empowers you to offer online gambling services.
- Hire a website developer to develop the front-end and back-end of your online gambling website.
- Include bonuses and promotions to attract new players and retain the old ones.
- Hire other members of staff, including customer care representatives and auditors.
- Promote your new online gambling brand both to gain popularity and to attract more players to your fold.
Conclusion
The online gambling market is profitable and the anticipated growth is amazing. Take a position to profit from the market today by setting up an online gambling platform.
Get in touch with a professional casino game software developer to help you come up with and manage the game content you want to offer.