The Trends And Market Dynamics That Shaped The iGaming Industry In 2023 (Part 2)
Explore the changes and trends that impacted iGaming in 2023
Continuing from our previous blog, we take a look at more trends that have shaped the iGaming industry in the past year.
Here, we delve into key technological developments, highlight M&A activities, the evolving recruitment landscape, and offer some predictions for iGaming in 2024.
Let’s explore the factors that have left a mark on the industry throughout the year.
Technology and innovation
While there have been no revolutionary technological innovations in iGaming products in recent years, operators are actively exploring and developing various technologies to infuse creativity into their products, ensuring they remain enticing to players.
Virtual Reality (VR) and Augmented Reality (AR) continue to spark interest, promising immersive and personalised gaming experiences. However, challenges persist, with high initial investment and the relatively steep cost of VR hardware hindering widespread adoption. As time progresses, these technologies are expected to become more affordable, broadening access for players.
Mobile games continue to gain significant traction, especially in emerging markets like Latin America, Africa, and India. The prevalence of mobile phone usage over computers in these regions is driving operators to further optimise their products for mobile devices, ensuring a seamless gaming experience for a broader audience.
And as with most industries in 2024, Artificial Intelligence (AI) has made waves in online gambling. Its integration is expected to better enhance player engagement and satisfaction through personalised experiences, efficient customer support, and fraud prevention. Simultaneously, Blockchain technology is being explored to introduce greater transparency, security, and decentralisation to the industry. The potential impact of these innovations awaits further exploration, with regulatory developments playing a crucial role in shaping their influence on the iGaming landscape.
Highlight M&As in iGaming
Throughout 2023, the iGaming world has experienced its fair share of mergers and acquisitions, which have shaken the industry up a bit. The spotlight has largely been on the US, where a growing interest in freshly regulated markets has fuelled deals with some eye-watering prices.
Notable transactions include Everi Holdings, which snapped up Video King’s assets for $59.00 million, a move aimed at expanding Video King’s digital gaming content and customer reach. Gaming Innovation Group (GiG) made strategic moves, investing $47.87 million to acquire websites like Askgamblers.com and Johnslots.com from Catena Media Plc. GiG has also announced an agreement to acquire KaFe Rocks for €35m, helping the company solidify its presence in the iGaming affiliate space.
Exacta Solutions also played a part in major industry deals this year, facilitating Endeavor-owned OpenBet’s undisclosed acquisition of Neccton, aimed to strengthen their responsible gambling practices across OpenBet’s customer network.
Looking forward, 2024 seems poised for more action in online sportsbooks within the North American market. Operators are on the lookout to gain a greater foothold in the market. ESPN Bet is predicted to be planning a substantial investment, potentially securing a significant share in the coming year. As the iGaming scene continues to evolve through strategic partnerships, the future promises interesting twists and turns.
In-demand roles in emerging markets
As Latin America and Asia continue to adopt new regulations and licences, the need for experienced talent in these regions is growing. While companies are approaching growth cautiously from an operational side within these markets, there’s a substantial focus on investing in mid to senior tech roles as well as legal and compliance.
As the industry expands into new markets, operators are on the lookout for candidates who are flexible, with a willingness to relocate, and a proactive mindset. As opportunities unfold, the search is on for talent ready to navigate new territories and play a pivotal role in the success of these promising regions.
Moreover, with a rising emphasis on measuring and monitoring outcomes at all operational levels, the importance of data analytics skills is extending beyond the conventional tech domain. These skills are becoming essential in areas like marketing, HR, and talent recruitment within the industry.
Predictions for upcoming year
Building upon the insights from our review of the iGaming landscape throughout 2023 and informed by our deep industry knowledge, Exacta Solutions has spotted several notable trends which are poised to shape the trajectory of iGaming in 2024. These include:
Greater appetite for sports betting in US:
Sports betting in the US has gone from generating millions to billions in the past five years, which is truly an impressive feat. Appetite for sports betting in the US continues to generate more revenue than most states have projected, with no signs of hitting a ceiling. It’s also expected that more US states will regulate sports betting, opening up further revenue streams.
Increased emphasis on player wellbeing:
As we explored in our previous blog, there has been heightened regulatory measures, particularly prioritising player safety through proposals to reform areas including online gambling, marketing and advertising, and dispute resolution and consumer redress among other key areas. This emphasises the industry’s dedication to prioritising player safety and overall well-being, in a bid to uphold ethical standards and strengthen customer loyalty.
Adoption of gamification:
The concept of gamification is continuing to prove popular with many iGaming operators looking to adopt such features into their products and offering. This move aims to introduce a more gamified experience that aligns with players’ evolving expectations. This includes engagement extending beyond basic gameplay with features such as tournaments between players, experience points, and side games that will add more surprises to the online gambling experience.
Partner with Exacta Solutions for Expert Guidance
Keeping pace with industry trends can be a demanding task. At Exacta Solutions, it’s our mission to not just keep up but stay ahead in the iGaming sector. We pride ourselves on being experts, offering specialised recruitment and M&A assistance through valuable industry insights that go deeper than readily available information.
Whether it’s navigating M&A activity, understanding recruitment trends, or devising effective headhunting strategies, we’ve got you covered. Let’s explore how Exacta Solutions can take your iGaming operation to the next level.
Connect with our team today to start a conversation:
• Web: exactasolutions.com
• Tel: +356 2134 4249
• Email: email@example.com