👐Market Opportunities and Challenges

Opportunities

Online gaming has been and is going to be one of the fastest-growing and stable industries. A study by BusinessWire shows that this market is expected to nearly double from around $50 billion in 2019 to $95 billion by 2024, averaging a growth rate of around 14% per year. Casinos, betting, and gambling are among the oldest industries in the world. It has been a safe investment and producing reliable growth and revenue for decades.

Some of the main factors that contribute to the impressive growth of the online gaming market can be listed as follows:

The Ubiquity of the Internet

The Internet truly revolutionized the players’ experience of casinos. Wherever they are, whenever they please, users can place bets on online casino games through their phones, tablets, or desktop. This ability to play at their most convenient time and place lead to a transition of players from traditional casinos to online casinos. Higher incomes and more free time generally mean more disposable income and more time to spend gaming and betting.

Licensing

In many countries, the government issues online casino licenses. Online casino license holders may be organizations or individuals. Below is a pie chart showing the percentage of countries that have legalized online gambling.

Revenue

Another major factor is revenue for both the operator and the player. On the operator’s side, we believe that online gaming is an enormous industry, and blockchain technology can be the stepping-stone to boost this innovation further.

Challenges

As with any young industry, some problems, and challenges undermine the growth potential of online gaming. Some of these are listed as follows:

Lack of Transparency

Many betting companies operate under a shade of confidentiality, not allowing customers to know how odds are created or how much money is poured in. This lack of transparency leads to skepticism and fear of fraud on the part of users.

No Guaranteed Payments

When the cash-out process requires submitting a request, waiting for approval, enduring frequent delays, and occasional refusals, this creates a dissatisfactory user experience that can lead gamers to play elsewhere.

Unpleasant Experiences

It is compulsory for players in many online casino platform jurisdictions to complete a verification process. This lengthy verification, registration, and payment process are common causes of incomplete registration because of the dissatisfying user experience.

Unfair Conditions

Even in its fairest implementation, traditional betting remains a highly centralized endeavor, taking power away from the players and placing it in the hands of bookmakers. Simply stated, in the long run, individuals will inevitably lose all their funds against “the House”.

Security Concerns

Practically, all online resources are threatened by malicious attacks from hackers all around the world. The centralized nature of betting providers makes all bettors vulnerable to external and internal attacks, putting players’ funds and financial information at risk.

High Fees

Most betting operators charge fees for everything – even for depositing money – or hide fees within each transaction (e.g., adding a premium on exchange rates).

Providers that solve these challenges inherent in the online gaming industry secure a decisive competitive advantage in the market and harness the enormous growth potential.