The gaming industry, including online gambling, has witnessed promising growth in the past year, resilient amidst evolving technology and regulatory landscapes.
With a revenue of $54.9 billion in 2022, the United States remained the largest gaming market in the world, while China placed second, collecting around $44 billion in yearly sales.
The global gaming industry is expected to grow at a compound annual growth rate (CAGR) of 7.1% between 2022 and 2027, reaching $260.44 billion. It is expected that 2023 would be a year of many chances and surprises for the global gaming market.
Curious to explore the tech advancements that are transforming the online casino experience today? Dive deeper and read more here!
How Will the Gambling Industry Change in 2023?
The increase in the number of online gamblers around the world shows no indications of slowing down anytime soon. Let’s take a peek at what 2023 has in store for the gambling industry.
1. Online Casinos Will Prevail
The previous few years have been difficult for land-based casinos. The Covid epidemic, along with rising economic insecurity, reduced the amount of US clients attending gambling establishments/venues in person.
Analysts discovered a 15% increase in interest in launching virtual casinos in the previous year, indicating that gambling, like other industries, is going digital.
2. The Popularity of Live Dealer Games Will Continue to Grow
The convenience and comfort of online gambling combined with live human dealers have proven to be a winning mix.
In 2022, a number of virtual game producers created live dealer games, which took up in Europe and other nations.
The public’s desire for mobile-first experiences, as well as the advancement of superior Virtual Reality (VR) technologies, will contribute to the continued expansion of live dealer games.
3. Virtual Reality Could Take Off
Live dealer games have served as a stepping stone to more immersive gaming experiences, and virtual reality casinos are likely to be the next stage in gaming progression. Some online casinos are already allowing players to play in a virtual environment.
However, most platforms are still in their infancy and only offer a few real-money games. Due to the high expense of VR and the scarcity of compatible content, 32% of US gamers and 24% of UK gamers see no use for it.
Furthermore, Meta’s third-quarter statistics for 2022 reveal a 25% reduction in share prices, as well as layoffs, indicating that this is not promoting trust in a VR-first future, implying that this may be a space to watch in 2023.
4. Cryptocurrency Integration Will Become Commonplace
The use of cryptocurrencies in the online gambling environment is becoming more prevalent. Despite the fact that it is still in its early stages, crypto casinos are thought to be a safer option than gambling with fiat money.
This is because of the additional levels of security that provide greater data protection. As a result, more digital casinos are expected to accept cryptocurrency transactions in 2023 and beyond.
5. AI Will Increase Industry Credibility
Every business is benefiting from Artificial Intelligence (AI), and gaming is no exception. AI and Machine Learning (ML) integration in online gambling platforms promises anything from improved user experience to highly personalized gameplay.
AI is constantly enhancing the gaming sector by detecting suspicious activity, safeguarding businesses from fraudulent operations, and imposing severe noncompliance penalties. As a result, AI will continue to increase gaming legitimacy in 2023 and beyond.
Looking ahead to 2023, it is evident that big changes are on the horizon for the gaming sector. Online gambling’s rise will continue to transform the business, providing gamers with convenience, accessibility, and novel gaming experiences. We should expect a more immersive and engaging gambling environment as technology advances, such as mobile gaming, virtual reality, and augmented reality.
Furthermore, the regulatory landscape will be critical in defining the industry’s evolution. Legalization attempts and legislative changes around the world will offer new markets and opportunities for both operators and participants. Legalized sports betting, in particular, will have a big impact on the sector and open up new opportunities for growth.
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