The state of the iGaming sector in June 2024

In his latest analysis, iGaming industry consultant Ron Mendelson, Fast Offshore, explains what exactly is behind the online gaming sector’s success and where we are halfway through 2024.

The iGaming sector is experiencing unprecedented growth in 2024, with the worldwide market value set to reach a staggering $107.30 billion by the end of the year. This exponential growth can be attributed to several factors, including increased access to smartphones, low-cost and fast internet, reduced societal stigma around iGaming, a surge in the number of iGaming sites, and the diversification of offerings. Furthermore, the rise of cryptocurrency payments and increased trust among players due to reputable licensing have played pivotal roles. Additionally, market dynamics in licensing jurisdictions and the emergence of new markets have significantly influenced the sector's trajectory.

Increased access to connectivity

The proliferation of smartphones and the availability of affordable, high-speed internet have revolutionized the iGaming industry. In many parts of the world, smartphones are commonplace, providing a convenient platform for players to access their favorite games anytime, anywhere. The affordability of internet services has further lowered the entry barrier, making online gaming accessible to a broader audience.

Reduced stigma around iGaming

Societal attitudes towards iGaming have undergone a considerable transformation. What was once viewed with skepticism or even shame in some cultures, is now embraced by many as a legitimate form of entertainment. This shift in perception is partly due to the industry's efforts to promote responsible gaming and ensure fair play. Additionally, the portrayal of iGaming in popular culture as a cool and trendy activity has helped diminish the stigma, attracting a younger, tech-savvy demographic.

Proliferation of iGaming sites

The number of iGaming platforms has surged, providing players with a plethora of options. This competition has led to improved services, better bonuses, and a more engaging user experience. Players can now choose from a wide array of platforms, each offering unique features and games, ensuring that there is something for everyone. This abundance of choices has contributed to the sector's growth by catering to diverse preferences and interests.

Diversification of offerings

The iGaming sector has diversified its offerings, moving beyond traditional casino games to include video slots, live gaming, eSports betting, and other innovative forms of gambling. Video slots have become increasingly sophisticated, featuring high-quality graphics and immersive themes. Live gaming has bridged the gap between online and land-based casinos, offering real-time interaction with live dealers. eSports betting has tapped into the booming eSports market, attracting fans of competitive gaming. These diverse offerings have not only retained existing players but also attracted new ones, fueling the industry's expansion.

Rise of cryptocurrency payments

The integration of cryptocurrency payments in iGaming has been a game-changer. Cryptocurrencies offer several advantages, including enhanced security, anonymity, and faster transactions. These benefits have resonated with players, particularly those concerned about privacy and data security. Moreover, the use of cryptocurrencies has attracted a new segment of players who are comfortable with digital currencies, further expanding the player base.

Increased trust through reputable licensing

Trust is a crucial factor in the iGaming industry. Players are more likely to engage with platforms that operate under reputable licenses and adhere to fair and responsible gambling practices. In recent years, there has been a concerted effort among operators to obtain licenses from well-regarded jurisdictions and comply with stringent regulations. This commitment to transparency and integrity has bolstered player confidence, contributing to the sector's growth.

Licensing dynamics: Curacao and Anjouan

The licensing landscape in the iGaming sector has seen significant changes. Uncertainty surrounds Curacao's new licensing regime, with no clear outcome expected before the fall. This uncertainty has prompted many operators to seek alternative licensing options. Anjouan has emerged as a leading jurisdiction, offering affordable licenses, quick setup times, and attractive opportunities. This shift has allowed Anjouan to establish itself as a key player in the iGaming licensing market.

Emerging markets in Latin America, Africa, and Asia

The iGaming sector is witnessing substantial growth in emerging markets across Latin America, Africa, and Asia. These regions offer untapped potential, with large populations and increasing internet penetration. Countries in Latin America, such as Brazil and Argentina, are seeing a surge in online gaming activities. Similarly, African nations like Nigeria and Kenya are experiencing rapid growth in mobile gaming. In Asia, markets like India and the Philippines are becoming hotspots for iGaming and expansion into these regions is a major driver of the industry's global growth.

Fast Offshore: Your ideal partner for iGaming licensing

Navigating the complex landscape of online gambling licensing requires expertise and experience. Fast Offshore is the best choice for those seeking to obtain an online gambling license. With a vast network of contacts, decades of experience in the sector, and a professional, practical approach, Fast Offshore offers unparalleled support and guidance. Whether it's choosing the right jurisdiction, preparing the necessary documentation, or ensuring compliance with regulatory requirements, we provide comprehensive services to ensure a smooth and successful licensing process. Contact us for more information.