New Survey Says Optimism Reigns: Here's WhyPublished August 3, 2020 by Lee R
The new era of iGaming has adapted to an onslaught, with full market projections still in place.
It is no secret that the industry had to withstand a barrage of flux in the past few months.
What is the real picture now, in light of recent potentially cataclysmic events?
An Online Gambling Quarterly poll of industry experts revealed that 47% have a so-called “good” view of the online gambling sector for the next 12 months.
Wake of Resilience
The crisis now in the rear view mirror, leaving a greater sense of industry preparedness: patterns were identified, and markets were adapted—some with a new look such as e-Sports new prominence in the wake of the Covid shutdowns.
Back to Business
The fact is, market entrants and participants should be able to continue adjusting their models unabated per each jurisdiction's cultural distinctions, while harnessing the benefits of the market that lie with the dynamic technology that continues to drive the iGaming business model and markets.
Maintaining the Pace
Along this continuum, the online gambling market is predicted to reach USD 87.75 billion by 2024, with a CAGR of 8.77% that over the long haul should remain undisrupted, with the only longer term challenge to the market being stringent regulations related to advertising and self-exclusion measures, where the line of responsibility for highly competitive operators is still being defined.
The Strength of Tech
At the end of the day, technology still wins, and the following future developments provide the basis for the optimism behind the responses in the OGC survey.
Leading Technological Developments
Cryptocurrency is streamlining payment systems, and protecting player information more effectively.
Consumer habits are continually being shaped and informed by gaming technology, with mobile and social gaming currently transforming the industry by providing ease of access and integrating the social element of gambling directly into technology.
The increasing integration of live dealers into online play is another huge driver, as well as the integration of Virtual Reality to increase engagement.
If you throw in the fact that land-based casinos have had a far harder time of it, you reach a point of expanding opportunities driven by technology that makes iGaming both adaptive as well as capable of sustaining growth, and that's why at the end of the day a survey such as OGQ remains rightfully optimistic about iGaming's future.