What is iGaming? | Key iGaming Industry Challenges in 2024

Playing games is one of our favourite pastimes in our spare time. Making a mobile game app that yields such delight and amusement isn’t easy, but eventually, it will pay off. iGame development isn’t an easy task to do for every developer around the world. It requires many factors, including features, graphics, game characters, music, extensions, and other elements that make up an iGame application. In addition, each game project differs in terms of its size, specifications, cost, and duration.

The advancement in technology and better internet speeds have led to more people using and downloading games, and because of the same reason, these games are becoming more popular. Every now and then, new types of mobile games surface, such as iGaming. Though most of us are familiar with some games in this genre, we are unaware of iGaming.

This writing aims to illustrate iGaming and the key challenges that the iGaming industry faces in 2024.  So, let’s explore more about iGaming.

So, let’s have a look!

iGaming Industry, at a Glance

So, what is iGaming? A betting? Gambling? Playing in a casino? Let’s put all of this together. iGaming today is making a most favourable choice amongst gambling enthusiasts. Moreover, it’s a term that encompasses all online casino games, going beyond simply betting.

iGaming is More than Just an Entertainment, a Look inside its History

iGaming isn’t the new thing; it has been there since the 1990s. Recent advancements in technology, such as Artificial Intelligence, have transformed the iGaming industry dramatically over the last few years, and now it is receiving more attention thanks to recent hype.

• iGaming was first available in 1994 on a Microgaming website.
• Planet Poker launched the first online poker room in 1998.
• From 1998, the iGaming industry rapidly increased and touched the new hype with each passing year by offering above 700 online casinos. 

Revolution of iGaming and the Latest Technology:

AI has revolutionized almost every industry, and iGaming is no exception. Today, Artificial Intelligence offers punters and players a unique betting and gaming experience that meets modern needs. Several entrepreneurs and iGaming firms are now adopting AI-based solutions. 

Leading Gambling Companies Globally

According to Statista, by 2024, Wynn Resorts, an American hotel and casino corporation, held the number one position in its brand value with a 3.81billion-dollar valuation. Malaysia’s Genting was ranked second with a brand value of 3.48 billion dollars in 2024.

What’s the Market Value of Online Gambling Worldwide?

Over 92.2 billion dollars are expected to be spent on global online gambling in 2024. The market is currently worth almost 59 billion dollars, and it is predicted to double in the coming years.

iGaming Industry Challenges in 2024 and Beyond

Legal Troubles: 

Despite all the facts and figures, the iGaming industry is still illegal in many countries. There are strict laws and regulations against it. In addition, some countries, including Israel, consider such activities morally corrupt, especially within their legal borders, so they forbid their citizens to engage in them. Thus, regulated countries cripple iGaming industries by restricting and binding their citizenry.

The New Generation:

Due to a flood of exciting and entertaining game apps available in the market, it is challenging for iGaming industries to attract new generations to iGaming. Players under 25 are more interested in games like PUBG, GTA, and Fortnite. To survive and thrive, iGaming must appeal to a new generation and overcome this challenge.

Cryptocurrency Became a Standard:

Cryptocurrencies are getting much attention nowadays. There is a great deal of enthusiasm and acceptance for this. However, the United Kingdom Gambling Commission (UKGC) discourages digital currency for iGaming due to certain cybercrimes or security concerns. The second situation puts players in a challenging position if they wish to use cryptocurrency for payments. However, iGaming industries suffer because of the widespread belief in digital currencies.

eSports and Video Gaming: 

Each year developers come up with beautiful video games that attract the players’ full attention towards them. However, the bad news here is that it dissuades gambling enthusiasts from participating in iGaming. It is yet another hurdle the industry is facing right now.

Market Saturation: 

Since iGmaing has gained popularity in the market, many companies worldwide are looking to develop their iGmaing applications and enter this industry with their own ideas. However, the more people involved in this field, the more competition they will face. Creating a new application is not so difficult anymore when you can get help from experts across the globe. However, developing rigours of competition causes newcomers to suffer in this field. 

Despite all of this, let’s look at ways to overcome these challenges.

Let’s Defeat the challenges together!

Since everyone is discussing challenges and difficulties, let’s focus on solutions. So how can the iGmaing industry overcome these challenges? Read on to find out!

Make sure you are targeting the right people and the right time with the right marketing channel.

Get the Assistance of AI and Make your Content Relevant:

Content is the king in each field, no matter what. Players benefit from best-in-class content. To be a part of the growing community of game developers is a challenging task. Today players have to pay more attention to each aspect of the game application. So it matters a lot to attract them to your game and have their attention shifted away from the competition. 

• In addition to helping to increase conversions, AI recommendations ensure that data is available on every touchpoint.
• With this data, you can predict how the market, trends, and players view your product. 
• Furthermore, AI recommendations can reorder a casino’s lobby with a new look that presents all users separately. Finally, making gaming more exciting results in players becoming more engaged with the game.

iGaming Holds a Promising Future:

The future is all about innovations like 5G networks, AI, ML, AR, simplicity, integration, and high speed in developing a game application. Almost every custom mobile game development company tries its best to make gamers’ lives better. We agree with all the hurdles that the iGaming industry has to face, but we cannot also deny the statistical facts and figures about the popularity of iGaming. 

Just Artificial Intelligence can generate real-life feelings in the player’s life. 

Closing Thoughts:

The gaming industry is reaching potential heights and becoming the most sought-after industry worldwide, making it challenging for the iGaming industry to take its place. Finding the right company for game development support is challenging since the developer needs to deliver satisfactory results. But with the help of the best software development company, you can become a part of this revolution world.   

Additionally, developers strive to create a product that addresses the player’s needs. 

Producing products that look, feel, and play beautifully takes grit and determination, inspiring the player to keep going. So now, let’s overcome all these challenges by achieving an excellent gaming idea and touching people’s hearts because the sky’s the limit!