3 Obstacles of the iGaming Industry
The online casino industry has been a part of our lives for decades now, and it has drastically changed for the better. The industry displayed promising signs right from the very beginning in the 1990s when the first online casino game was developed by Microgaming.
All these years, the iGaming industry operated according to available technology and collected significant revenue. Yet, experts believe that the total revenue from online gaming will at least double in the future thanks to the VR and AI, as well as 5G that is supposed to make everything work seamlessly.
However, a few obstacles will still remain even with all that profit and the latest technology, and online casinos will have to take care of that in order to keep climbing the ladder of success. Let’s look at three major issues that casino sites will have to sort out in years to come.
1. Casino Regulation in the Overcrowded Industry
Operating an online casino has been very easy for those targeting the countries where the activity is officially legal. Furthermore, even in the countries where online gambling hasn’t been dealt with yet, online casinos have operated very well. In other words, the so-called “grey areas” allow operators to provide iGaming services almost as if they have been approved by a state.
However, as the thirst for online gambling apparently increases, online casinos are being launched daily. Also, the fact that more countries, such as the US, have just started to open up towards online gambling can tell us that online casinos won’t stop popping up in the future either.
All this might cause tighter regulations for online casino operators to preserve the market’s quality and protect the industry from oversaturation. Some countries have already started working on new laws that are supposed to shape the iGaming industry, and casinos will now have to comply with strict rules to obtain a valid online gambling license.
Apart from legislation issues, online casinos will have to do their best to maintain the quality of games and their services in general. With such harsh competition, it will be really hard to stand out and offer both legal and unique online gambling experience.
Adding new payment methods on a regular basis has been the mission of most online casinos worldwide. After all, the most important thing in this industry is to enable players to deposit their money in the easiest way possible. That’s why today online casinos offer different payment options such as e-wallets, prepaid cards, and the latest innovation of our society — cryptocurrencies.
Cryptocurrency has been easily accepted by players as it guarantees higher security and anonymity, which is particularly important if you’re playing online casino games from a country that hasn’t legalized the activity yet.
Nevertheless, several online casinos so far willingly passed on the opportunity to offer cryptocurrencies as a payment method, as they wanted to stay absolutely transparent and know all the details about the money that reaches their site.
3. Millennials and E-sports
Millennials present one of the biggest threats to the online casino industry as we know it. Namely, the majority of online casinos offer the same type of games as their land-based counterparts. However, rumour has it that millennials are not particularly fond of these old-fashioned games.
Nevertheless, as the online gaming industry follows the latest trends and frequently offers new games to online casinos, chances are that millennials and even Generation Y will still find online gaming interesting. However, casino owners are worried that these new generations of players will quickly overgrow the current modern games since the old-fashioned ones remain dominant even today.
Yet, the solution for this problem may lie in video games that have become one of the major deals to bet on. It looks like e-sports, as new generations call them, are the future of the online gambling industry since they target the younger audience.
Still, this is much closer to sports betting than online casino gambling, which is again an issue for online casinos. Apparently, the only way to keep millennials coming to online gambling venues is to offer both classic casino games and e-sports betting. What’s more, some platforms have already put this idea into practice, which will most likely make other operators join them in a short while.
The online gaming industry has improved quite a lot over the years, and is projected to gather a great amount of money in years to come. However, the industry will most likely come across some obstacles when it comes to regulation, market saturation, cryptocurrency payments, as well as younger generations. In other words, for everything to go as planned, online casinos will have to find a way to sort out all these issues before all that’s been built over the years starts falling apart.
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