The iGaming industry is booming, with global revenues expected to reach $107.3 billion by the end of 2024. This growth is driven by several factors, including the increasing popularity of mobile gaming, the rise of cryptocurrencies, and the expansion of regulated markets.
At Trafee, we're always staying up-to-date with the dynamic changes happening in the industry. In this article, we'd like to invite you to join us as we explore the latest trends, technology, and fascinating facts about iGaming.
Changes Coming to the iGaming Industry: Curacao Law and Global Trends in 2024
The iGaming industry is undergoing exciting changes, with new regulations and emerging trends shaping the landscape. From revamped licensing processes to the rise of cryptocurrencies and the growing importance of emerging markets, online gambling is evolving at lightning speed. Here's what we can expect:
iGaming Industry in Curacao
In Curacao, a small island well-known for its association with online casinos, there have been some positive developments due to its flexible jurisdiction and low taxes on online casino licenses. However, there are new regulations that are on the horizon.
So, what's going on? From September 1, 2023, there will be a revamped process for obtaining an online casino license in Curacao. Previously, private companies were responsible for issuing sublicenses for online casino licenses, but now the responsibility will be with the Gambling Control Commission of Curacao. Organizations seeking licenses must adhere to specific rules, including advanced financial regulations.
In 2024, all the fun stuff like Fantasy Sports, AFL, and more will still be around in the iGaming world, growing at a cool 6.51% yearly. Just a heads up, though, iGaming isn't legal everywhere, so make sure you're up to speed with the laws in your country and local rules.
Global Trends and Opportunities
More markets are expected to become locally regulated globally in 2024. To succeed in this ever-changing environment, operators must offer a wide range of well-established payment options and tailor their financial systems accordingly. By integrating popular platforms like Apple Pay and Google Play, online gambling businesses can experience a significant boost.
Also, get to know the rules of the game – TikTok, Instagram, Facebook, and Twitch all have their own do's and don'ts. If you want to shout about iGaming on Meta platforms, you've to ask nicely with an official form.
Furthermore, cryptocurrencies are gaining wider recognition within the industry. In particular, cryptocurrency and blockchain technology are being embraced for their advantages in enhancing security, transparency, and transaction efficiency in online gambling platforms. The sector has demonstrated significant promise, as evidenced by the online gambling market's estimated value of $95 billion by the end of the year. And hey, let's not forget how finance app offers are seriously climbing the charts. I mean, we're talking digital wallets, mobile banking, insurance, quick loans - you name it!
Another noteworthy trend is the unpredictable nature of Facebook. In particular, Facebook's ever-changing policies and algorithms make it difficult for web admins to predict the platform's behavior, even when they provide detailed statistics on ad spend. This unpredictability has led to a decline in advertisements and, in some cases, bans for web admins.
Emerging Markets and Traffic Sources
While top-tier countries continue to dominate the industry and attract high-stakes users, it's also essential to consider countries in the second and third tiers. In recent years, India and Latin America have significantly progressed in the gambling and betting industry. Countries like Brazil, Argentina, Chile, and Colombia have emerged as notable players in these regions.
Moreover, Asia, with its vast population of over 5 billion people, has become a popular traffic source. India, in particular, has a highly successful geographic location, a growing market, and a thriving gambling scene, with utility app offers leading the game. Our inside scoop says that Utility apps saw a cool 9% jump in conversions last fall compared to summer.
Eastern Europe has also experienced increased traffic, with countries like Poland, Romania, and Moldova showing promising industry statistics. These regions are becoming increasingly important in the global iGaming landscape and offer new opportunities for growth and expansion, particularly with eCommerce offers leading the way in 2024.
The iGaming industry is booming, and Trafee is quickly establishing its presence. As a newcomer to this vibrant field, we're dedicated to facilitating our partners' success and aim to be your reliable ally for iGaming traffic. We continually seek fresh and innovative strategies to propel our partners forward, always willing to go above and beyond in this ever-evolving market.
In the next part of our article, we'll explore how VR, mobile gaming, AR, and AI are shaping the future of iGaming. Stay tuned for an immersive and exciting journey into the future of gaming!