If there’s one industry that’s continuing to see upward trends lately, it’s iGaming. While it might feel like jumping on the bandwagon, entrepreneurs would be wise to consider whether they want a piece of the action.
It’s a competitive market. However, many feel that there’s more than enough to go around. That’s particularly true if you can deliver innovation and help advance what’s being offered to improve customer experience.
About iGaming
iGaming is another term for online gaming, and it’s typically used for the type that involves wagers. Think poker, sports bets, bingo and casino games. The industry has been on the rise since the advent of the internet, but it’s been the last decade, or so that has seen the most significant growth.
Around six billion of us are smartphone users, and that number is set to increase to more than seven billion over the next five years. Most of us are turning to digital platforms for entertainment, so it’s logical to assume that leisure time will include some form of gaming. It could mean that the iGaming industry still has growth potential, which is why it’s worthy of an entrepreneur’s attention.
Gain Some Experience
If your only gambling experience is buying a lottery ticket every now and then or betting on the Grand National, then it’s time to explore the iGaming world. The bottom line is a crucial factor, but you’ll need to get to know the industry before you make your move.
You can try a free live casino demo to get a feel for the customer experience, technology involved and to understand what all the fuss is about. Put yourself in the customer’s shoes and try some demo versions of games if you can. Otherwise, set yourself a small budget to spend at sportsbooks and casinos to get an understanding of the whole process.
Routes Into iGaming
Since the market is quite competitive, you’ll need a considered approach instead of rushing straight into launching your own casino.
Collaboration
To get a foot in the door with iGaming, you’ll want to consider a collaboration. It’ll help you learn some things along the way, and it’ll mean you won’t be going head to head with bookmakers that have reputations spanning decades.
There are many ways you could collaborate. You could partner with game developers on marketing and beta testing, launch events that could turn into successful esports tournaments or run an awards program for the best operators. Think about what skills you could bring to the industry.
Find Your Angle
If you’re going to launch a product or a service, ensure that it’ll bring something new and needed. Innovation is what keeps the iGaming industry growing in more ways than one. If you’re slightly ahead of the curve, you won’t have such a tough time competing with other operators.
Your angle could be a decentralised app casino that finds unique ways to use blockchain technology to make casinos more transparent than ever. Alternatively, you could establish a trading system that mixes social gaming, forums and NFTs (non-fungible tokens) with elements of iGaming.
Research the Trends
If you’re one step ahead of the trends that’ll shape and develop iGaming, then you can find a way to fulfil those future needs. It could be with hardware, software or other accessories that enhance the experience.
One example is virtual reality (VR), which could dramatically impact the immersive nature of betting, merging online games with the feel of the casino floor. A starting point for your research could be the problems facing iGaming operators or their customers and then coming up with ways to solve them.
Final Thoughts
Getting into iGaming can seem too good to be true when you think of the returns or way too challenging when you look at the competition. However, there are routes into this market for adventurous entrepreneurs.
