These events and online games include various activities like online sports betting, poker, and online casinos. While the largest part of the iGaming market is dominated by online casinos and sports betting online, other iGaming industries are also becoming more and more popular every day.
The next big thing for the iGaming industry is virtual reality and augmented reality. Many popular online casinos are leading the way in the race to develop augmented reality to enhance the gaming experience for the players and attract more players to their platform and develop new games to enhance user experience. Based on geography, iGaming hubs are dispersed all around the world with the most popular ones being in the UK, Malta, and Gibraltar.
What are the latest changes?
The new advancements in online casinos and other iGames are happening at a very fast pace. Many popular casinos are closing in on developing virtual reality and thus providing a gaming interface that has never been experienced before. Some new online casinos have already started implementing some aspects of augmented reality in their gaming interface. The use of latest technologies allows gamers to have a fully immersive experience, provided by advanced graphics, sound effects and game mechanics – and these details allow players to really have fun at new Amatic casinos or on other platforms.
Market Growth of the iGaming Industry
The last 15-20 years have been the best years for the iGaming industry due to its substantial increase in popularity and the development of its resources. In the last 15-20 years, the iGaming industry has become one of the fastest-growing industries on the planet and is highly sought after by the investors. The iGaming industry was worth 41.78 billion US dollars by the end of 2016 and it is projected to reach 100 billion US dollars by the year 2024. This evaluation was done by “Transparency Market Research”. The increase in market size of the iGaming industry resulted in a revenue of 14.72 billion US dollars from Canada alone in 2019.
The major part of iGaming industry revenue comes from online casinos. Most users chose the online slot games because it is really easy to understand the mechanics of the game and it is also the least time consuming compared to other casino games. One of the reasons for its popularity is that many online slot providers offer the users to play a slot game for free before spending their money on it.
Why Developers Rely On Slot Games
Slot games are a form of games involving betting on some odds relating to the chances of some event happening. Slot games involve a reel or a wheel where the players bet on one of the different objects present on a reel or wheel. The goal is to have all the reels stop on the same image or object.
The reason that iGame developers prefer to design more variations of slot games is that slot games are the most played among all the casino games. Slot games are easier to play and most players prefer to play slot games due to their ease of playing. Slot games require no knowledge of how to play and require no hard thinking like poker or blackjack.
Another reason why game developers prefer to develop slot games is because of the revenue margin it generates. The probability of a player winning a slot game is very small. The player has to get a unique combination out of hundreds of possible combinations so more than 90% of the time the money that a player spends on a slot game doesn’t bring any positive outcome for the player. This, in return, provides the online casino with a huge profit just from the slot games only.
Simplicity is key
The main reason developers prefer slot games is because there has been a lot of development following their popularity and slot games are available in almost all of the major online iGaming operators in the industry. The demand for slot games keeps on increasing and the developers are encouraged to make more and more exciting slot games with more challenging odds to attract the players.
Game developers in the present time are developing online slot games with more affordable bets and finding out some even more secure solutions to protect user data, so more players can bet and play safely and hence increase the profit margin for the developers and the owner of the online platforms.