BetB2B: Trends and features of the iGaming industry. Why is the iGaming business interesting in 2024?

Gambling and sports betting are gaining popularity every day, climbing to new positions. “Technological capabilities and accessibility of the iGaming sphere contribute to the expansion of the audience,” notes an expert from BetB2B.

During the coronavirus epidemic, the sports betting niche suffered while Esports began to flourish. However, technological progress has had a significant impact on the development of said industry. Let's consider the dynamics of each niche separately, taking into account statistical data over recent years.

BetB2B: Online sports betting

Here is a basic overview of the online sports betting statistics: The global online sports betting market is projected to grow to USD 49.96 billion in 2024, with a compound annual growth rate (CAGR) of 7.68% from 2024 to 2028. By 2028, the market size is expected to reach USD 67.17 billion. The number of active players is forecasted to rise to 181.9 million by 2028. Currently, the user penetration rate is 1.9%, which is anticipated to increase to 2.3% by 2028. The average revenue per user (ARPU) is estimated at USD 350. Notably, Australia is expected to lead in generating revenue in the online sports betting market, reaching USD 9.75 billion in 2024.

“Internet penetration is of great importance for such market growth. The World Wide Web allows you to bet on sports anywhere. Growth in the online sports betting industry is also predicted to be driven by the increasing adoption of virtual reality and blockchain technologies.”, BetB2B specialists note.

According to a study by Lund University in Sweden, player interest in online betting is increasing due to easier access to different markets using personal computers or mobile devices.

This development of the online sports betting industry is due to several key factors:

1. Changing Player Preferences: The convenience and accessibility of the websites have significantly increased the number of participants in sports betting. The ability to bet from home, coupled with a wide variety of sports events and betting options, has enhanced user engagement. Additionally, the introduction of advanced technologies such as live streaming and real-time betting has made the experience more interactive and engaging.
2. New Trends: The rise of mobile device usage has led to a surge in betting via smartphones and tablets. Esports betting has emerged as an attractive segment, fueled by the global popularity of video games.
3. Regional Features: The legalization and regulation of online betting in some countries have created favorable conditions for industry growth. This has led to increased competition and improved customer offerings. Conversely, restrictions or bans in other regions drive users to seek alternative, often illegal, betting websites, affecting overall audience engagement statistics.
4. Macroeconomic Factors: Economic growth, income levels, and consumer confidence directly impact leisure spending, including online betting. The development of the digital economy and the acceptance of online transactions further contribute to the industry's growth.

These factors influence the growth dynamics of the online sports betting market. In countries with developed economies and high-income levels, people tend to engage more in online sports betting as entertainment. Additionally, increasing digitisation of economic processes and strengthening confidence in online payments are driving the growth of the online betting sector.

BetB2B: Online casino

Agreed statistics In 2024, the total revenue of the global online casino market will reach US$38.9 billion. The annual growth rate CAGR 2024-2028 will be 5.38%. Accordingly, by 2028, the global online casino market will be worth $48 billion.

It is also expected that the number of online casino players will reach 129 million by 2028.

The user penetration level at the end of 2024 will be 1.3%. By 2028, it will increase to 1.6%.

Average revenue per player (ARPU) in 2024 will be $376. The most minor revenue from online casinos is predicted in the United States at $7.65 billion.

“The rapidly growing proliferation of smartphones and tablets has revolutionized the gambling industry, as it has provided gamblers with maximum access to entertainment and removed almost all restrictions. Optimizing websites for mobile devices has greatly simplified the gaming process and expanded the audience of online casinos,” clarifies BetB2B.

Quick access, ease of use, and low minimum deposits have made online casinos affordable for fun. On websites, players can find many simple and understandable casino games, including slots, roulette, video poker, and much more that previously could only be found in land-based establishments.

BetB2B: Online betting on Esport

Expected revenue from Esports betting in 2024 should be $2.5 billion. At a compound annual growth rate (CAGR) of 7.27%, the market is expected to reach US$3.3 billion by 2028.

The average revenue per bettor (ARPU) could be $33.4 in 2024. The fastest growth is observed in the Esports betting market in the USA. By the end of 2024, the US Esports betting market is expected to reach $721 million.

The most popular games for betting on Esports events CS 2, League of Legends, Dota 2, Overwatch 2, Valorant, and Fortnite. Global tournaments attract multi-million audiences. The target audience of Esport fans matches the characteristics according to many criteria, such as the audience of bettors. It is a growth point for the Esports betting industry and is highly interesting to iGaming companies.

“In recent years, Esports has been gaining great popularity. But as of now, it cannot compete with traditional sports betting. In the market structure, bets on Esport do not exceed 3%. But there are certainly prospects. And to differentiate profits, it is important to follow Esport and support this popular trend with new offers for bettors.”, notes the BetB2B analyst.

The Esports betting market has high growth potential. There are several key factors to note:

• Esports audience growth, especially among young people. It is a stimulus for growing involvement and interest in betting on Esports.
• Professionalisation of the Esports industry. Esports is becoming professional, professional leagues and tournaments are formed, and specific, clear rules, structures and conditions for tournaments and games are established. It allows a logical betting architecture to be built.
• Participation in events. Esport is accompanied by live broadcasts, access to viewing on popular platforms, etc.
• Accessibility and community. Betting on Esports is available from any device, as is the case with betting on traditional sports. A unique community that consists of younger people who use more advanced tools for interaction and exchange of information are involved in all social networks, and quickly engage the audience by attracting interest in betting.

E-sports has every prospect to be included in the list of Olympic sports in the future. It attracts large companies to invest in the development of the industry. Media giants are beginning to show interest in the industry and are buying broadcast rights. Overall, this suggests that the industry is moving forward. And the more this direction develops, the more opportunities there will be for iGaming in the structure of the Esports market,

BetB2B: Why is investing in iGaming profitable?

To answer this question, iGaming companies can refer to market statistics. The market is already showing stable growth, and all forecasts point to an increase in market capitalization.

A successful project in the iGaming industry often involves an all-in-one website. While it is possible to focus solely on betting, entrepreneurs should also consider the opportunity to engage an audience interested in casinos. Therefore, several options should be considered:

1. New iGaming Project from Scratch: The most suitable way to get a project up and running is to use a comprehensive solution. A ready-made platform for gambling and betting will contain all possible options, including sports betting, Esports, casino games, lotto, and poker.
   • Turnkey Solution: This is a quick and effective solution. A new company receives comprehensive software for the stable operation of the website, including CRM, CMS, an affiliate program, an agent scheme, back-office functions, and payment solutions. This approach saves time on development, reduces research costs, and provides a ready-made platform.
2. Current iGaming Company: Existing companies can quickly expand their portfolio by integrating a sportsbook, a solution with casino games, or other modular software solutions. These additions can complement a working website with new options.

• Turnkey Solutions: Similar to new projects, these solutions save time and money for the entrepreneur and minimize the likelihood of errors.

Choosing a Supplier for Solutions: To choose a supplier for such solutions, companies should:

• Study the market for gambling and betting software providers.
• Examine the reputation of the supplier company.
• Evaluate the supplier's market expertise and role.
• Avoid being swayed solely by advertising, as it does not necessarily indicate quality and reliability.
• Consider what the supplier does to help the market and what it says about the market. This is an indicator of expertise, which is the basis for the ability to create quality solutions and products.