iGaming Industry Predictions for 2024

Business intelligence

The iGaming industry is one of the healthiest entertainment industries right now. Both film and television continue to struggle following the strikes, picketing and labor negotiations that have continued for much of this year.

Traditional casinos are still rebuilding after a frustrating start to the decade and the video gaming industry is healthy, but competition between mobile gaming, PC gaming and console gaming has prevented overwhelming success from occurring.

One of the reasons why the iGaming industry is so successful is its approach to innovation. Rather than shying away from trying new things, iGaming industry leaders have always been quick to embrace the latest advances and trends. This has kept the industry fresh and relevant, which is always impressive given the repetitive and simplistic nature of most traditional forms of gambling.

Another factor in the iGaming industry’s continued growth has been the expansion of areas where online gambling is legal. Despite the challenges and resistance in some countries, more and more countries around the world are modernizing their legislation to make provisions for iGaming. This has led to new markets emerging and new players being regularly introduced to iGaming, whether through online casinos or online sports betting.

Increase in fast payout casinos

In the iGaming industry, brands are constantly trying to find ways to stand out from their many competitors. Some of these methods are little more than gimmicks, while others are clever innovations that are quickly being adopted by other online casinos. One of these smart innovations has been the rise of fast payout online casinos. In 2024 we will likely see these become the norm.

In the early days of iGaming in the 1990s, it made sense for withdrawals to take several days to process. Most players made withdrawals via bank transfer and those who used debit or credit cards had to deal with companies that were not familiar with processing iGaming transactions. With the majority of players now using digital payment methods, there is no longer any reason for withdrawals to take longer to process than deposits.

Fast payout casinos ensure that players can withdraw their money within a short period of time. They still carry out the same security checks and measures, so they continue to be a safe option for players. These casinos also make transparent how long withdrawals will take to process, so players can take this into account when deciding which withdrawal method they prefer.

There is also the question of player satisfaction. We live in a time where digital transactions are typically completed instantly. If we can receive money from a friend on the other side of the world in an instant using the same payment app we used at the online casino, why should we have to wait for our deposited or won money to be released? ? Fast payout casinos reduce the frustration players often feel when making withdrawals and improve the overall gaming experience.

Augmented reality and virtual reality

Augmented Reality (AR) and Virtual Reality (VR) technologies have been a topic of conversation in the tech and software community for some time. Both have great potential and we are gradually approaching a point where the technical possibilities become a reality.

AR is already being used to a limited extent in online casinos to make live casino games more engaging. These games make players feel like they are having a traditional land-based casino experience as there is a live dealer that they can interact with. Live casino games are becoming increasingly popular.

A trend for 2024 will be the use of AR technology in new live casino games that go beyond the typical table games of traditional casinos. We’ve already seen some movement in this direction, with several of the top casinos partnering with classic board game brands to release live casino games with board game elements.

2024 will also likely be the year we see the first signs of fully immersive online casinos through the use of VR. The total failure of the Metaverse scared many brands away from VR, but now this failure is being understood as a problem with the Metaverse and not VR in general. Additionally, the cost of VR headsets is decreasing as competition increases, making them more accessible to a wider market.

While it will likely be at least five years before we see fully VR online casinos as a mainstream option in the iGaming space, one of the things we will likely see sooner are VR lobbies for players to interact and play Dress up an avatar Spend a stylish evening and get a little more of the casino experience. Perhaps there will even be replicas of famous Las Vegas casino lobbies available from brands that have an online presence and a casino on the Strip.

Cryptocurrency

Despite the recent news that NFTs have lost almost all of their original value, the world of cryptocurrencies continues to grow. It attracts new traders and those interested in a form of currency that is not controlled and regulated by a government body. The debates currently taking place are not about whether cryptocurrencies are a good idea or not, but rather about how best to trade cryptocurrencies.

The iGaming industry has started to embrace cryptocurrencies, and in 2024 this trend is likely to continue and accelerate. Currently, many of the major online casino brands already accept popular cryptocurrencies as a form of deposit. Bitcoin and Ethereum are the most commonly accepted cryptocurrencies in regular online casinos. In 2024, it is likely that more cryptocurrencies will enter the mainstream and be accepted on more websites.

Crypto casinos are where the cryptocurrency trend will really take off in 2024. These are online casinos that accept cryptocurrencies online and use a blockchain model to operate. In the next year, these have the potential to gain massive popularity due to the benefits of blockchain.

The benefits that appeal most to online casino users are privacy and security. The way blockchain works allows players to remain completely anonymous and still collect winnings, which is currently impossible in traditional online casinos.

Increased AI

Artificial intelligence has been a hot topic in recent months due to its role in strikes by actors and writers in the film and television industries. The capabilities of AI are still quite limited, but we are already seeing many signs of what these complex algorithms will be capable of in the next decade. iGaming offers a wide range of possible uses for AI. In 2024 we will see it being used more widely across the industry.

The first area where AI will definitely be used in the coming year is game development. AI is already being used across the video game industry to help developers create more detailed stories and make NPCs more engaging. AI is also used to create a more comprehensive understanding of player experiences, expectations and behaviors.

While slots don’t require a detailed story or compelling characters, AI is still used to make these games more engaging. With so much competition in the market, AI is being used to make games more attractive to players so that they can hold their attention for longer. AI can synthesize player data more efficiently and cost-effectively than human researchers, making it a perfect tool for slot designers.

The key advantage of AI for online casinos lies in the area of ​​security. AI is already being used to a limited extent in this area. In 2024, this role will expand as more companies realize how much loss they can mitigate by using AI security tools. Protecting against cyberattacks is relatively easy, but AI is used to deal with more insidious security problems.

Security AI for online casinos is not some kind of Robocop, it is much simpler and less destructive. AI is used in a variety of ways to provide security to online casinos and to detect and stop fraud. Pattern recognition, geographic analysis and device fingerprinting are used together to detect suspicious behavior and profile a problematic player or bot before it can cause serious problems. Pattern recognition identifies normal behaviors, which can then indicate suspicious behaviors. Geographic analysis determines when VPNs are being used and device fingerprinting flags appear when multiple accounts are running on the same device.

Final thoughts

There doesn’t seem to be any sign that the iGaming industry will slow down in the coming years. In 2024, most of the big trends we will see will be advances in areas where there is already some development. It’s unlikely to be a year of dramatic change, but it will help set the stage for more technology-heavy developments in the next few years.

There is always a chance that we will see some exciting surprises in the world of iGaming. We’ll just have to wait and see.

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