If you look at the global online gambling and betting market, it’s clearly poised for robust and exponential growth over the course of the next eight years.
To provide some context, this market achieved an estimated value of $58.2 billion in 2021, with this projected to more than double and peak at $145.6 billion through 2030.
Much of this growth will originate in the US, where the remote betting market continues to evolve following the decision of the Supreme Court to strike down the PAPSA legislation and allow sports betting to be regulated at state level.
Technology and innovation are also key growth drivers, but how will the market evolve in 2023 and what should US casinos look for?
The Continued Rise of Crypto Casinos
While Bitcoin (BTC) has endured a prolonged crash through 2022 (its value slumped from $58,975.40 on November 25th last year to just $16,481.00 12 months later), crypto casinos have become increasingly popular during this time.
This is despite the influence that BTC has on alternative crypto assets, with experts predicting that an ever-larger number of such casino platforms will be launched through 2023.
There are two main drivers in play here; the first of which is the fact that while the crypto market has lost significant value this year, there are now a much wider range of tokens to choose from (including many that expose users to much lower levels of volatility over time).
Secondly, cryptocurrency has found a natural application and demand in the iGaming marketplace, offering anonymity and improved privacy to punters while reducing transaction fees and (in most instances) allowing for much quicker payouts.
While most crypto casinos accept BTC, others have branched out into a much broader and diverse range of tokens this year.
This has allowed for much greater choice in the form of Ethereum and Litecoin, while exposing players to superior value, lower volatility and more competitive transaction times overall.
Because of this, we expect more casinos to embrace crypto assets through 2023, while the number of tokens with which players can wager will also increase during the same period.
Increased Virtual Reality (VR) Applications
It’s hard to describe VR as a new iGaming technology, as it has been creeping into the space for years and retains a huge number of applications outside of the marketplace.
However, 2023 could see VR and even augmented reality (AR) technology explode into the global iGaming space, including burgeoning sectors such as the US.
Through the use of dedicated VR headsets, players can effectively replicate a corporeal, real-time gambling experience in the comfort of their own home, bridging the next (and arguably final) frontier in online gameplay while melding the very best of both online and in-personal gambling.
One company at the forefront of this trend is SlotsMillion, which blazed a trail for others to follow by launching the first ever VR casino way back in 2015.
The brand has continued to innovate and create a much broader range of VR games and features since, establishing a fun and interactive library of titles that will grow further and exponentially through 2023.
Next year, we may also see the sophistication of VR gambling and potentially the development of new gaming iterations, while elevate the online experience further and generate new opportunities for brands and players alike.
Mobile and Social Gambling Will Become More Prominent
If you look at the top online casino platforms on the market, you’ll see that the vast majority offer a comprehensive mobile gambling experience (either through a responsive mobile website or native apps on iOS and Android).
This is due to the incredible rise of mobile gambling in recent times, while the figures suggest that betting through smartphones will grow at a CAGR of 11.24% between 2022 and 2025.
Certainly, next year will see mobile casino and sports betting become increasingly dominant, with the US market remaining a key driver of this trend following the legalisation of online and mobile sportsbooks in more than 30 state jurisdictions since May 2018.
It’s thought that most US states will have legalised online and mobile sports betting by 2025, with smartphone technology key to in-play betting on sports like soccer, American Football and basketball.
Interestingly, social gaming has an ever higher projected CAGR of 12.54% between now and 2025, with this also largely taking place on mobile devices such as smartphones and tablets.
Another key driver of this will be the rise of smartwatch gambling, particularly as the eighth generation of the popular Apple Watch continues to be rolled out.
Make no mistake; this represents the next big trend in iGaming and one that could well explode through 2023, with a large number of apps being developed to connect punters with a select range of betting markets through their smartwatch.