Are you looking to get started with your very own iGaming business? Join us as we delve into why 2023 is the perfect time to kick-start your new business venture and join the thriving global iGaming industry.
Starting a new iGaming business can be daunting. So many possibilities, so many verticals, and so many variables. If you’ve been mulling it over for a while, and are unsure whether to take the next step, then we are here to help.
Let’s cut to the chase. With so much happening in iGaming right now, it’s easy to feel overwhelmed. To make it easier, we broke down a staggering amount of information into six categories to show why 2023 is the perfect year to get a new iGaming business up and running.
The world is waking up to the power of iGaming as new markets emerge and establish themselves in the industry. Scour any big iGaming news sites, and you’ll spot an influx of promising news regarding future potential.
Take Brazil, for instance. The progress has been enormous since the rules around sports betting changed in 2018. The government is working hard to improve Brazil's prosperity and make the country attractive to new iGaming businesses. Unsurprisingly, many new iGaming companies have sprung up in the heart of the LatAm market.
Globally, businesses are catching on to emerging markets and targeting content accordingly. Knowing the types of games and players mostly found in different places is vital to any business plan.
Social media gives a broader reach and aids targeted campaigns. Different social media platforms and users vary greatly, meaning businesses can adapt and target specific content accordingly.
A strong social media manager with a sound knowledge of KYC and target market localisation is crucial. It’s not enough to run a campaign through a free online translator and hope for the best. And it’s not just about language; it’s also about the culture.
Any new business should investigate growing markets like Brazil, find a location and market that will work for them, work with experts in their chosen market, and build their business around it.
The past couple of years has seen a surge in sports betting markets, particularly in countries where sports are a significant part of everyday life, like Brazil and regions of the US.
It helps to keep an eye on the changing landscape of iGaming. Market knowledge is vital; popular sports in Australia may be rare in Brazil. On the other hand, it’s not unusual for fans to watch and bet on matches, leagues, and tournaments happening on the other side of the world. If iGaming companies do this correctly, they can reap the benefits.
Places like Brazil are great starting locations for any new sportsbooks. Brazilians are known for their love of sports and passion for football. José Francisco Manssur, the special advisor to the Ministry of Finance Fernando Haddad, has already predicted sports betting in Brazil could be responsible for raising $6 billion for the country by 2024. Haddad has predicted revenue to reach up to $15 billion long-term if the current trend continues. Brazil’s population is around 214 million, a whopping prospective client base for any burgeoning iGaming business.
Platforms must know their markets’ passions. Somewhere where ice hockey is the biggest draw, or where football will work best? Are there any country-specific sports that a new iGaming platform could promote to attract crowds, such as futsal in Brazil?
Sports betting has been around for centuries and isn’t set to dwindle. But potential businesses must focus on the people they aim to please. If they do that, they can’t go wrong with sportsbooks.
Let’s look at casino games. Gone are only three or five-reel slots with minimal bonus features. People expect more fun, more choice, and more variety. New twists developed, such as 3-4-5-4-3, or reels with horizontal, expanding, or infinity reels. Then we were presented with delights, including Megaways™ and Cluster Pays. Jackpot games developed and evolved into some long-running campaigns across platforms that proved highly popular.
Sharp iGaming businesses quickly off the mark began to incorporate gamification and personalisation. Adding badges, accomplishments, and leaderboards, and using terminology like ‘My score’ and ‘My favourites’, offers players the ‘team spirit’ that keeps them returning for more.
New styles of games also blossomed. Sandbox games with a creative edge seeped into iGaming, providing snippets of responsibility and decision-making that appeal to creative types.
And if you want to know what 2023 and beyond has in store, look no further than… Crash Games. The easy-to-play games go like this: simply place a bet, and the multiplier on the game will steadily increase. Cash-out before the game crashes, and the player takes home their winnings (bet amount multiplied by the multiplier at the time of cash-out). If the game crashes before they cash out, they lose. Crash games use blockchain and Provably Fair code (more on that later).
Live casinos have also moved on. Players can choose from hundreds of various table game variations, environments, virtuals, and twists. Less common games like Teen Patti and Andar Bahar are gaining popularity outside their native country due to their ease of play.
Live game shows (sometimes called novel presenter games) have exploded in recent years. It’s like participating in a live television quiz show (there’s that gamification again!). Some of the biggest hits in recent years have been the wild and wacky live game show options, and that trend looks set to continue.
It’s worth fresh platforms considering offering exciting new options, like crash games, unusual live table games, and game shows. They appeal to different sorts of players with different skill sets. Have a few of each, and you’re bound to have something for everyone.
Casinos and sportsbooks have always been the backbone of the iGaming sector, but iGaming is so much more than that. Wise businesses boost their offerings with added verticals to enhance acquisition, engagement and retention.
As explored in our previous article, Expand Your iGaming Business Profit, Popularity & Potential with Fantasy, fantasy has seen a recent boom in the sector and is a versatile and attractive addition to any iGaming platform.
Fantasy players tend to play games they enjoy watching and betting on. For example, India has multiple fantasy cricket options, while places like Europe and LatAm prefer football. Brazil is a country that has taken fantasy football games to heart, with some platforms providing exclusive games linked to beloved teams.
An element of skill, tactics and puzzle-solving is involved, which sets them apart from sportsbooks and casinos. People enjoy playing with their favourite club and often bet on the same club in the sportsbook. A double win for those that have both.
Players must return to check results, which is perfect for engagement and retention! If sites play their cards right and choose the right sports, clubs, or game type, fantasy can be a real winner for starting platforms.
Previously on our news site, we also looked at the potential of lotteries with our articles How to Grow Your Casino or Sportsbook With Lottery and How to Create a Winning Lottery Brand. Lottery platforms work well on their own or embedded with other verticals.
They’re easy to play, and they’re hugely popular worldwide. Players aren’t limited to their local or national lottery either. They’re also attractive to people who don’t enjoy any other iGaming options. Clever businesses can also opt for exclusive and personalised lotteries that can be specifically targeted.
As well as lotteries and fantasy verticals, businesses can add other extras, such as Free 2 Play (F2P) games, bingo, instant win games, and physical prize competitions. Sites in the past have given out prizes such as real golden eggs for easter and even Kobe beef!
Modern and attractive bingo sites give pleasure to a broader audience of players, and instant win games are an excellent add-on to offer a quick bit of fun for ‘cruisers’ surfing sites, while F2P games (where available) are appealing for those wishing to test out something new and therefore perfect for acquisition.
Lastly, there is eSports. We previously looked at eSports in our article eSports Epic Rise to Success and delved into their link to fantasy games, console gaming and sportsbook. Many sportsbooks now offer betting options for eSports, thus attracting more traditional gamers.
Whether businesses choose one or many extra verticals to add to their range, they can be sure they will get added value. Adding at least one extra vertical will undoubtedly be profitable in 2023.
Players always agree on one thing. They want to play safely and securely. Therefore, any new iGaming venture must implement robust security measures to protect them and their players.
These days there are extensive ways that businesses can be made safe for all involved. For example, software designed to help with security checks and customer verification is intended to keep everything running smoothly. Getting certified, such as with an ISO 27001 certification, also shows players that a platform is professional, safe and secure.
Offering options for e-wallets and cryptocurrency can also help. Crypto, especially, has seen significant growth recently in the iGaming world. Non-fungible tokens (NFTs) can be used as rewards, tokens, or as game deposits. The blockchain technology behind them makes them versatile, with enhanced layers of security. Blockchain is a valuable shared database that facilitates faster cashout and quicker processing.
Younger players may be more drawn towards platforms that use new financial technology (Fintech) in exciting ways. They work well alongside recent games and activities like eSports, crash games, and fantasy. Any new business should consider how the sector is changing with tech and look ahead to growing trends beyond 2023.
Lastly, AI, VR, AR, the Metaverse, and all that it encapsulates. If you haven’t read anything about AI this year, have you been living under a rock?! Seriously though, AI has taken the world by storm. In May, our article Artificial Intelligence Bringing iGaming to Life scrutinised the world of artificial intelligence (AI).
It’s used for customer service, game programming, marketing, affiliate programmes, responsible gaming, and more. Even AI sports betting platforms under construction could change the face of sportsbooks.
Casinos have already dabbled in AI, virtual reality (VR) and augmented reality (AR). Console gamers can play a massive range of absorbing games in various virtual locations, some creative and artistic, others physical, and some so fully immersive that you would be forgiven for thinking you had been transported to another site.
Any new site starting up should consider the future opportunities the technology may hold. Getting into iGaming at the inception of thrilling AI technology used in iGaming may give businesses an edge over their competitors.
There’s never been a better time to get into iGaming.
What are you waiting for? We promised six reasons to get into iGaming, but we’re sure you’d agree that each cause has many, many benefits, and each brings something appealing and rewarding to the table.
If 2023 is the right year for you to get into iGaming, and are looking to get your successful new initiative up and running, please visit weare.game or contact us at hello @ weare.game.