iGaming Field in 2024: Tendencies and Innovations

The entertainment area is one of the few business areas that demonstrates stable growth regardless of external factors.

The pandemic, recession, energy crisis and other cataclysms only add some benefits making the gambling industry practically invulnerable in the modern economic environment.

The Smart Money studio describes how the gaming field will develop in 2024. We will acquaint you with current trends and the improvement prospects for popular gambling areas.

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Impressive Gambling Industry Growth

According to the online media ResearchAndMarkets:

• The casino, betting, and lottery markets are projected to grow by $260.4 billion by 2027.
• The average annual CAGR will reach 7.1% over the forecast period.
• The gambling field revenues will increase by 34% over 5 years, considering companies' net operating revenue and shareholder dividends.

It is safe to say that gambling is becoming one of the most developing sectors of the economy, along with FinTech, insurance medicine, biotechnology, and other promising industries.

The field’s growth indicators and main trends for 2024 will be as follows:

• the use of innovative technologies (VR, AR, AI);
• the development of blockchain start-ups;
• the emergence of new game genres;
• the introduction of responsible gaming mechanisms.

To get a decent profit, it is not necessary to use all the innovations at once. Focusing on the main trends of 2024 will bring your gambling business to the top and increase your revenues.

Technical Excellence and Transformation of Gambling Projects

The main tendencies in the gambling industry are associated with the active use of information technologies.

The introduction of IT solutions makes iGaming sites and land-based halls better and more comfortable for visitors. New mechanisms are emerging to control players and optimise the costs of entrepreneurs.

Popular Casino Formats

In 2024, the following types of projects will be in demand:

Smartwatch Apps

Smartwatches are becoming the most sought-after gadgets. In 2024, this industry will reach $33 billion, outpacing the growth of tablets and smartphones.

• The leadership in the production of gadgets is held by Apple. It covers more than 65% of the market. The most famous products of the brand are as follows: Apple Watch Series 7, Apple Watch SE, and Apple Watch Series 3.
• The market innovator is Samsung. It pleasantly surprises its customers with relevant developments. One of its recent creations is the One UI Watch implemented in collaboration with Google. The product is characterised by increased performance and smoother interaction between Android smartphones.

Another trend of 2024 is the attraction of the solvent audience with the help of smartwatches. Gamblers can choose which device to play with: from a watch to a smartphone. The devices are interconnected. It is possible to control the gameplay using the smartwatch hot buttons and view statistics on the phone.

Microgaming was one of the first to create slots for smartwatches. It is expected that in 2024, new entertainment solutions and platforms adapted for these gadgets will appear on the market.

Artificial Intelligence

AI technologies have been used in the gambling industry for years. Nevertheless, their functionality, like the capabilities of the human mind, has not yet been explored to the full. Therefore, the lion's share of iGaming projects will be related to artificial intelligence in 2024.

AI solutions bring the following benefits to the gambling field:

1. Personalised experience. CRM services with built-in AI analyse the preferences of gamblers within a casino (types of entertainment products, the size of deposits, reactions to bonuses). Based on them, the system proposes the best gaming solutions. If the AI has access to gamers' accounts on Google, YouTube, or Netflix, lots will be offered according to the last pages viewed.
2. Privacy and security. Artificial intelligence helps carry out a quick and high-quality analysis of suspicious actions in online casinos and promptly identify fraudulent activities and hacked accounts. In 2024, developers will use AI to improve protection programs for iGaming projects.
3. The improvement in the quality of service. Chatbots work based on AI performing the lion's share of an operator's routine tasks. These are technical support, informing users about new promotions and games, holding thematic contests and quizzes, etc.
4. The control of gambling addiction. AI instantly detects suspicious activity on a site, which may indicate gambling addiction.

In October 2022, the English provider Playtech entered into a partnership agreement with Ada, a leader in the creation and development of AI projects. Their joint solution, a chatbot, is planned to be built into the supplier’s gaming system at the beginning of 2024.

The virtual bot will help Playtech customers solve a wide range of tasks, from account registration to gameplay optimisation.

In 2024, gamblers will be able to visit the world's first casino with artificial intelligence. Live dealers and croupiers will be partially replaced by an AI program in a hall of the Resorts World Sentosa complex in Singapore. The tasks of the software are as follows: the recognition of customers’ gestures, the monitoring of the movement of gamers' hands, and the check of winnings.

The Chinese company SenseTime is engaged in the creation and adaptation of the AI-based project.

Gaming Systems for Land-Based Casinos

In 2024, the decline in interest in traditional gambling halls will continue. This is facilitated by quarantine restrictions (for example, they have already been announced in China and Southeast Asia), as well as the general digitalisation of the gaming field.

Nevertheless, land-based casinos are still developing. Innovative solutions for improving customer experience and increasing operators’ profits also appear here.

Innovative casino gaming systems, for example, allow users to place bets from any location within the entertainment complex. This can be both a slot machine hall with roulette, as well as hotel rooms or lounge areas.

The content is played via:

• touchscreen kiosks;
• wall panels;
• bar counters;
• Smart TVs, and other devices.

Blockchain in the Gambling Industry: Trends and Prospects

Distributed ledger technology has been the main driving force in the development of the gambling industry for several years. Blockchain makes iGaming projects modern, safe, and accessible to a wide range of users.

Changes in the Payment Ecosystem

Until recently, settlements in cryptocurrencies were the main use case for Blockchain in the field. Much changed in the fall of 2022 when the FRX international exchange crashed. After that, entrepreneurs began to be warier of projects with crypto payments. Many businessmen preferred to diversify their investments.

According to experts, the casino payments ecosystem will experience some changes in 2024:

1. Bitcoin will give way to other digital monetary units. These are LTC, ETH, TRN, Bitcoin Cash, and other promising tokens. Operators accepting cryptocurrencies will add new settlement methods to their casinos. This will simplify the interaction with gambling sites. For example, gamers will not need to look for an exchanger because a resource will already accept bets in the desired digital unit.
2. Businessmen will add crypto operations as an additional option. The main payment units will remain US dollars, euros, pounds sterling, and other local currencies. Operators can attract new Internet traffic without fear of losing their regular customers.
3. Crypto transactions will replace obsolete settlement channels. Many payment providers plan to stop supporting voucher transfers or cash deposits through self-service terminals. Blockchain operations can occupy the vacated niche with the maximum benefit for the gambling business.

The Increase in Popularity of NFT Games

In 2024, NFT entertainment solutions will become one of the main areas for investment. They work based on the blockchain. This guarantees provable honesty of results and a good response from the audience.

NFTs are tokens that have a certain value on cryptocurrency exchanges. The price of specific objects can grow rapidly, or on the contrary, fall. Everything depends on the demand for a particular token in the market. Blockchain allows users to verify the authenticity of objects. This is especially important for high-value assets.

In NFT games, non-fungible tokens play the role of:

• artefacts (weapons, treasures);
• characters;
• functions of the main characters;
• access to bonus rounds;
• locations;
• bonuses;
• game levels, etc.

In October 2022, Australian company Immutable raised $60 million for an NFT gaming monetisation platform. The pilot project will be presented in the spring of 2024. It will become a universal system for creating and distributing content with tokens.

The Swedish provider Evolution Gaming has been rewarding its clients with NFT bonuses for a year now. The unique collection of CryptoPunks is available in several slot machines with the Megaways mechanics.

The Tendency for Modern Gaming Content

In 2024, the following entertainment solutions will be popular:

The Main Things about the Development of the Gambling Industry

By 2027, the capitalisation of the industry will reach $260.4 billion. The revenues of operators will grow by 34%.

• The key trend of 2024 will be the transformation of gambling projects. The changes will be mainly related to the use of IT solutions. These are virtual and augmented reality, artificial intelligence, modern payment gateways for direct information exchange, etc.
• Mobile casinos stand out among the popular casino formats. A new round of popularity is also expected for smartwatch gaming apps.
• In 2024, Bitcoin will lose its primacy as the main payment unit in crypto casinos. Gaming projects with NFTs (non-fungible tokens), on the contrary, will be able to attract more investors from all over the world.
• The trend for modern content will be relevant in 2024. These are games with live dealers, slots with non-standard mechanics, VR and AR slots, and other entertainment options.

You can order modern and profitable iGaming solutions at the Smart Money studio.

We implement projects of any complexity and supply only licensed software:

• Bitcoin casinos;
• White Label platform;
• slots based on individual sketches;
• Telegram casinos;
• VR casinos, etc.

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