INTRAPAY Chip leaders:
the factors driving growth in the iGaming Market
Intrapay’s Head of Product, Jay Payne, identifies the key trends and technological improvements affecting the gambling and gaming world.
I
n recent years, the gambling industry has evolved considerably. In addition to moving into the digital space, gambling has converged with the online video
gaming sector and incorporated elements of “gamification” – introducing new gaming elements into betting and other traditionally “non-game” forms of gambling. The SiGMA event in Malta brought
together elements of the global gambling and gaming sectors into one room to highlight the successes of both the online gambling and gaming markets. Together they are expected to generate worldwide revenues of USD$74 billion by 2023, showing off a 10% increase over the next half a decade. There are multiple reasons for this continued growth, much of which can
be attributed to a drive in innovation and collaboration between iGaming companies, payment providers and technology platforms. But what are the ingredients that have contributed to the gambling and gaming sector’s success? Here are the key developments – and the leading companies – that have been integral to the industry’s growth in 2018 and will carry on into 2019:
Tech revolution
The rise of virtual reality (VR) and artificial intelligence (AI) in recent years has the potential to shake up the gambling and gaming space. A new generation of affordable VR technology, like Oculus Rift and the HTC Vive headset, as well as the growing capacity of intelligent computer systems, will enable iGaming operators to transform the way they interact with customers. Companies in particular will have greater abilities to create exciting immersive experiences that help them stand out from competitors.
50 DECEMBER 2018 This year, we have seen this technology really come into its
own, with a growing number of companies looking to harness the opportunities presented by VR. PokerStars recently announced the release of PokerStars VR, the company’s foray into the virtual world. This is designed to recreate the live poker table experience without leaving home – users can peek at their hold cards or handle and stack their chips, making the game feel as close to the real thing as possible. Such experiences are just the beginning. I expect implementation of these technologies to accelerate over the next year and even become more creative in their applications, as more and more companies seek to meet rising consumer demand for new experiences.
Partnerships in global growth
Another key driver behind the incredible performance of the iGaming sector this year has been the growing popularity of strategic partnerships between companies. These include agreements to harness each other’s product expertise, and even to work together to enter new international markets – all with the aim of expanding their potential customer base. Slots creator, NetEnt, for instance, signed an agreement
with Paddy Power earlier this year to license their content for use in UK land-based gaming machines. This deal gives NetEnt the chance to raise their profile in a new market, while Paddy Power can benefit from its new partner’s expertise in slots machines. In addition, William Hill recently announced its plans to
expand into the US online gambling market via a partnership with local gambling company, Eldorado Casinos. Under the deal, William Hill becomes Eldorado’s exclusive sports betting and online gambling partner, giving the British bookmaker access to the American resort operator’s 23 million customers. Eldorado currently operates 21 casinos across 11 US states and is set to expand that to 26 sites in 13 states by the end of 2018. Such partnerships will benefit consumers over the next
year, by providing them with an even greater choice of gaming and gambling experiences. Companies, meanwhile,
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