Exciting Insights from the Gambling Industry's Heavyweights: A Peek into 2023 and Beyond
Discussing Gambling Industry: Overview of 2023 and Forecasts for 2024 - An Exclusive Roundtable Discussion
Here's what the bigwigs in the gambling industry had to say when asked about their top highlights from 2023 and what we can expect in 2024:
Shining Moment from 2023
North America has been a golden ticket for the Live Casino vertical this year. With numerous states opening for market entry, the competition has intensified, leading to an influx of suppliers. The population's affinity for land-based casino experiences creates a natural market for this type of entertainment, and suppliers have seized the opportunity to introduce innovative products tailored to this demographic.
Take, for instance, our Premium Live Dealer offering in Michigan, which offers experiences that replicate the brick-and-mortar feel, including roulette, blackjack, and baccarat. Building a custom studio specifically for Michigan audiences bolsters that sense of familiarity and validity, factors that play a crucial role in the player profile.
Crystal Ball for 2024
While the likelihood of many new US regulated iGaming states in the near term is slim, we can foresee a steady influx of new providers entering the already bustling market. As iGaming continues to gain traction in the US, with a projected year-on-year increase in revenue of 22.7%, the market presents long-term growth prospects for the industry[1]. This increased competition will drive innovation in supplier output, particularly as players seek unique gaming experiences to set themselves apart.
Another significant development taking place in the industry is the increasing emphasis on diversity and inclusion, a move long overdue. The Diversity and Inclusion track at iGaming NEXT Valetta and the DEI initiatives at ICE London in February 2024 highlight the industry's commitment to initiatives that promote inclusivity[2].
Looking even further ahead, artificial intelligence (AI) is expected to revolutionize parts of the industry in 2024. At Omnigame, we believe that AI can generate more distinctive and personalized content at a faster pace. Operators could begin to unleash their capabilities, not just discussing the potential of AI but showcasing its power more prominently than ever before[3].
The younger demographic's data hunger will continue to shape 2024. Data will become increasingly utilized to make more informed bets, especially in popular sports like football. However, its presentation and interrogation can disrupt the customer experience. As acca bets and bet builders dominate the casual betting landscape, operators will need to harness data more efficiently, making it an integral part of the bet placement process[3].
In 2024, we can also expect to see a surge in the integration of cutting-edge technologies, particularly those tied to artificial intelligence (AI). These innovations will bring transformative changes to the development and operational aspects of the gambling and iGaming industries[1].
Footnotes
[1] https://www.statista.com/topics/1112/online-gambling/[2] https://igamingnext.com/events/valletta-fall-2023/[3] https://omnigame.com/[4] Based on broader industry trends and developments, not directly addressed in the search results.
- The introduction of innovative products tailored to the US demographic, such as the Premium Live Dealer offering in Michigan, will continue to drive growth in the Live Casino vertical within the gambling industry.
- In 2024, the gambling industry is expected to see a surge in the integration of cutting-edge technologies, particularly those tied to artificial intelligence (AI), bringing transformative changes to both the development and operational aspects of the gambling and iGaming industries.
- As the gambling industry continues to place a greater emphasis on diversity and inclusion, initiatives like the Diversity and Inclusion track at iGaming NEXT Valletta and DEI initiatives at ICE London in February 2024 highlight the industry's commitment to promoting inclusivity.
