SOFTSWISS shares expert industry report

Tomorrow’s trends aren’t just going to appear out of nowhere and iGaming brands need to be aware of what players care about right now in order to stay competitive. A trend requires a while to sweep an entire market, and it always begins with a player’s request. Emerging players’ desires, in whatever form, lay the groundwork for years to come. According to SOFTSWISS report, Hottest iGaming Trends for 2023, the global online gambling market size is approximately $80 billion in 2022, up from $58.2 billion in 2021 and it is expected to grow to $145.6 billion by 2030 because of poker, casino, bingo, sports betting, lottery, and others.

Going forward Europe Online Gambling Market CAGR is expected to be 8.23 per cent, Asia Pacific Online Gambling Market CAGR – 11.39 per cent, Africa Online Gambling Market CAGR – 12.65 per cent. An industry when customised as per the user preferences tends to grow.

The operation trends of iGaming market are as follows :

Business intelligence tools for projects which allow operators to keep track of project progress 24/7 in great detail are a big hit. By collecting and interpreting the data thoroughly, players can be segmented not only by basic factors such as age and location but also according to their gaming patterns. As a result, operators can build content and bonuses according to the audience’s preferences and motivations, in turn growing the life-time value (LTV) of players and building strong customer loyalty.

Higher online ad cost affecting acquisition costs which is up by as much as three times. Classic banner advertising is not always effective as players and search engines become more discerning, and affiliates and operators are now focusing on quality ad content and user interaction. To snare the player’s attention and avoid banner blindness, many brands now resort to dynamic content (video, audio formats).

Brand ambassadors have always been the eye of attraction for users because it attracts players to the star quotient and gives them a glimpse of the operators’ genuineness. Whether it’s a sports star or just an influencer, operators continue to invest in brand ambassadors.

Retention and reactivation practices will be strategic for the operators.

Player engagement is the key to success of the brand. Market-conscious operators’ attention will turn more toward player involvement in 2023. Operators are currently revising their strategy to prioritise building lasting connections with players, responding to their inquiries, and ultimately meeting their financial KPIs.

The player behaviour trends of iGaming market are as follows:

Player centric approach of iGaming operators is leading them to success. Development for the sake of development is over. Currently, players are not looking for casinos or sports betting shops – there are plenty of options on the market. It is the experience that the player seeks. Small sub-trend within this category is personalisation. Taking a user-centric approach will reward you with loyalty and an excellent reputation.

Mobile and smartwatch gambling are on the rise. Over the past few years, mobile players have dominated statistics. Mobile betting is preferred around markets with mobile-based payments and only emerging internet infrastructure.Additionally, there is some merit to consider the smartwatch trend in non-PC gambling. Agile operators customise their games, banners, and offers for extremely small smartwatch screens and support players in their desire to experience non-barrier online gambling on the go.

The esports betting market by 2028, is expected to reach $24,190 million, according to Business Research Insights. The introduction of esports into the arena is of utmost relevance for anyone planning to enter the online esports betting market.

Stream sports betting satisfies the feeling of achieving and belonging that online bettors crave – and the statistics back it up. Based on data collected from the SOFTSWISS Sportsbook clients, around 65.7 per cent of all bets are placed during live events and 34 per cent pre-event.

While many view live casino games as mere compliments to a portfolio of slot games, statistics and player tastes will soon force the market to reconsider its tactics. According to the SOFTWISS clients, live casino games are leading the way among the crypto audience. According to 2022 quarterly data, one to four games in the top seven most popular games among players were live dealer games from evolution.

The key trends in payment and licensing include abundance of payment options, including integration of Apple Pay and Google Pay options. Managing deposits and cashouts at a glance is becoming a must for streamlined player interaction. With the introduction of cryptocurrencies to iGaming, the industry has gained much more than just another payment method. Worldwide, governments continue to develop and improve their regulatory frameworks for online gambling in order to control local markets and increase profit at the national level.

Apart from that, hybrid casino experience on meta-universe in iGaming has one of the most dynamic areas, and has quickly come into play. Also Jackpots has been here for a while and now it helps  to attract players, reactivate them, and motivate them to engage in the desired type of gameplay. Jackpots are here to take the online gambling industry by storm in 2023 too. Bonuses in 2023 serve a less obvious, but equally important function: regulating at-risk gambling activities.

In respect to security there are various trends to look out for. Firstly, various aspects of responsible gambling, including preventing affective behaviour, dealing with already problematic players, and managing marketing activities, payments and others. Secondly, data privacy is a priority, as with the general data protection regulation (GDPR) entering its fifth year, more and more countries around the world are following suit. This, of course, affects iGaming too. Followed by casino verification requirements. Player verification is a crucial step, mainly for business risk management and financial security. Online casinos are not new to unscrupulous players looking for vulnerabilities and trying to cash in. Therefore, advanced Advanced ML-powered anti-fraud checks are one of the key trends.