Gaming software and services provider SOFTSWISS says the Asia-Pacific (APAC) region “offers a substantial opportunity” for the iGaming industry in 2024. The conclusion was based on data the company compiled for a report it produced detailing the key trends that will shape the online gaming sector in the coming year.
“Latin America holds the most promising prospects for iGaming in 2024, followed closely by North America and Europe,” it added.
According to SOFTSWISS, 2023 brought about a “set of lessons and challenges,” including “regulatory shifts, a heightened focus on responsible gambling, and unexpected disruptions from cyber threats to major brands”.
The report looks at those challenges, while it aims to highlight the trends set to define the industry next year, according to a Wednesday press release.
Valentina Bagniya, chief marketing officer at SOFTSWISS, said in prepared remarks: “This report is our significant intellectual contribution to the development of our sphere, especially during the pivotal period when companies are enhancing their business strategies for more impressive results in the upcoming year.”
According to SOFTSWISS, the global iGaming landscape “is becoming a mosaic of local regulations,” with a number of countries “stepping up to fine-tune frameworks that resonate with their social and economic aspirations”. Such advances, it added, represent a “marked departure from the well-established broad-brush regulatory approach”.
“A well-crafted regulatory scene is a beacon for those operators looking for a market that promises both growth and stability,” the report stated. “It also ensures a safe playing field for users and serves as a reliable stream of revenue for governments.”
Earlier this month, a newly established body in Timor-Leste, the Virtual Gaming Association of Timor-Leste, said it was working on licensing and regulation proposals for the iGaming industry in that nation, with the aim for such licences to be “issued by the second quarter of next year”.
The SOFTSWISS report observed that the company’s experts had “identified gamification as a critical focus for the future,” namely the incorporation of more game mechanics to engage clients.
“Gamification in iGaming serves a dual purpose: it’s a potent tool for player retention and a catalyst for revenue growth,” suggested the report. “By tailoring the gaming experience to individual player profiles, it not only deepens engagement but also ensures a player’s longevity on the platform.”
The integration of social elements was also identified “as the next big trend in player engagement,” including tournaments, challenges, and team competitions. Another trend is the use of artificial intelligence, which has been quickly integrated “in diverse areas such as marketing, design, and tailoring player experiences”.
The eSports segment is also said to be “transforming and presenting the iGaming industry with new possibilities”.
“This change caters to a young, tech-savvy users and syncs well with iGaming’s digital-first mindset,” noted the SOFTSWISS report. “Asia Pacific, North America, and Europe are the hotspots for both eSports and online gambling, suggesting significant growth potential for eSports betting,” it added.
Strategies related to responsible gambling will continue “to take centre stage” within the iGaming sector in 2024. “Its growing impact extends across various operational aspects, encompassing player engagement and marketing strategies,” added the report.
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