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iGaming Industry to Expand by 11% Say Analysts
The global online gambling market is expected to grow by 11% within the next six years, according to Technavio.
Let's Ride the Wave of Positivity
When you log in to online providers now you'll find casino games, live dealer games, live sports betting and mobile games. By offering more options to more customers, betting sites have been able to continue satisfying existing customers and, more importantly, attracting new ones.
Conducting a complete survey of the industry and assessing various online casino platforms which offer live dealer games, slots, such as Starburst, and table game classics, Technavio's analysts estimate that regulated markets will generate in excess of $40 million annually by 2020.
Based on a current value of $37 billion, Technavio believes that recent innovations such as mobile betting apps, live dealer casino games and industry consolidation will turn the odds in favour of the industry's top operators.
iGaming on a Downswing
It's no secret that the iGaming industry has struggled in recent years. Although casino gaming and sports betting have continued to post impressive numbers, online poker has been on something of a downswing. In fact, at the close of March, a report by traffic tracking site PokerScout revealed that Q1 of 2016 saw a 1.2% decline in annual traffic.
"iGaming is Expanding!"
Unfortunately, this isn't an isolated incident as the last three years have shown a gradual decrease in the number of online players. According to the stats, the seven-day occupied seat average has fallen from 56,768 in (April) 2013 to 38,464 at the start of Q2, 2016. This change represents a 32.24 decrease in online poker activity over the last three years.
However, despite the apparent apathy towards poker in recent years, Technavio is confident the industry as a whole will continue to grow over the next four years. As stated, one of the main reasons for this projected growth is the recent move by operators to homogenise their platforms.
Poker's Poor Performance
Back when iGaming was a budding enterprise at the turn of the millennium, casino, poker and sports betting were often kept as separate entities. Operating on the premise that players in one sphere won't want to interact with players in another, the top gambling sites worked hard to make each platform as distinct as possible.
However, as the industry has evolved and tastes have changed, the leaders in the market have gradually started to meld their products into a single platform both physically and from a marketing point of view. Today when you log into an online casino, sports betting site or poker platform, you'll get much more than the headline product.
"I Played Poker last night with tarot cards. I got a full house and four people died."
- Stephen Wright
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