Innovecs Believes Online Gambling Is Thriving, As Seen at ICE London 2019

#News
#AR / VR
#Gaming & Entertainment
February 14, 2019 3 min read

Online gambling, also called iGaming, is a thriving industry, worth $137 billion, according to newzoo.com, and expected to grow by $73.5 billion by 2024. The US market alone, worth $30 billion, is expected to grow by 51% CAGR by 2020.

ICE – the only global B2B gaming conference bringing offline and online players – is a true reflection of this growth trend, as seen in last week’s three-day conference in London.

ICE 2019 perspectivesWith 10 sectors, 158 speakers and 5 parallel streams, Innovecs, attending the conference this year, could feel the energy and buzz, through the innovative 2D and 3D (and VR) games on display, the excitement around platforms – payment aggregators, data intelligence and AI – and partnership announcements.

So, what are the 5 major industry trends that we, at Innovecs, feel encapsulate the excitement at ICE this year?

1. Consumer demand is peaking

According to Rutgers Centre for Gambling studies, 10% of players spend $500,000 annually on betting, with the largest bet during one single day around $36,000. There’s an untapped demand for visually stimulating games, online and mobile – easy to use, colorful, with seamless UI and animation, recognizable and popular characters, and most importantly fair play.

2. Competition & Innovation amongst game providers is intensifying

In recognition of the peaking consumer demand, competition is intensifying amongst games providers and operators, and new entrants are emerging. Incumbents are transitioning familiar offline casino & slot games for online and mobile consumption and partnering with those, who provide fresher, more dynamic UI with add-on features such as level unlocks, positive rewards etc. As a result, business strategies are centering around tapping into addressable markets in mature and emerging (unregulated) markets, but also identifying and retaining high use consumers.

Saying all this, previous hot buttons around blockchain and VR seemed to feature less in this year’s ICE – perhaps an indication of over-hype or niche solutions. Fair to say, however, that gaming logic / ‘the Maths’ continue to remain proprietary, and 3D animation, 3D slots, Microgaming continue to feature as important trends.

3. B2B Platform plays on the rise

Within this ballooning industry, platform providers are tapping into a need from smaller or new entrants to reduce complexities and improve go to market through building valuable aggregation services – whether in payments, backend processing, licensing, or content management systems. Add-ons include credit scoring functionality, built-in to manage down AML and fraud within transactions.

4. Big data instrumental in (sports) betting

A part of the conference was dedicated to data intelligence and AI. Immense, scaled, and accurate data intelligence platforms (built from extracted and warehoused data – bets, sports data, results, user profiles) are building hype amongst operators and investors alike. The opportunity to maximize returns, reduce risk on bets through predictive analytics on future bets, more accurate profiling of target users, is becoming a commercial and viable reality in this industry.

5. Regulation and legislation are progressive and enabling

Mature gambling markets in Europe and North America continue to create enabling policies which encourage competition, innovation, fair, and socially responsible gaming. And as a result, these markets remain buoyant as they introduce licensing models (e.g. Isle of Man eGaming B2B licenses) to tackle inefficiencies in the market.

More emerging markets in LATAM and South East Asia are aggressively growing, whilst regulation remains light.

What does this mean for iGaming solution providers like Innovecs?

Innovecs delivers end to end games (from 2D and 3D Art & Animation, through to game design and platform development), and has a spirit of innovation in 3D slots, playables, and VR. Even for turnkey solution providers, like Innovecs, the opportunity to partner is clear.

The obvious challenge for the industry to meet the burgeoning demand and remain competitive is the shortage of skilled resources in their chosen markets, and then the risk of lost revenue opportunity. The simple answer is to look towards highly-skilled, experienced and cost-effective solution providers such as Innovecs, that has the ability to deliver discrete projects on time and within budget.

When it comes to Innovecs’ experience, our team has served such big-name companies as NeoGames, Gameion, Zynga, and Gameloft. Our gaming projects include slots, sports betting, blackjack, poker, keno, iLottery, scratch, and virtual reality.

Regulation and legislation are progressive and enabling

If you wish to talk to our experts, please contact:

Vishal Mathur

Chief Business Officer

Vishal.Mathur@innovecs.com

Ian Beighton

SVP Business Development and Sales EMEA

Ian.Beighton@innovecs.com

YOU MAY ALSO LIKE:
June 24, 2022
Real-Time Supply Chain Visibility: Best Solutions To Keep Shipping Operations Transparent
Article updated on June 24, 2022 Lack of B2B interaction and inventory visibility can become a real challenge, especially under the tight competition between companies striving to achieve “one-day delivery” for more customers’ satisfaction. Custom or ready-made software solutions can boost the ability of the stakeholders to access real-time data relevant to the order process, inventory, delivery, and potential supply chain disruptions. Coca-cola, Best Buy, Walmart, Kraft Heinz, and many more industry giants are using visibility tools. In today’s competitive markets, companies are tasked with being notified of every product movement in their supply chain operations. Whether it’s an ocean container, pallet/skid, truck in transit, or drone delivery there is a growing need to keep track of every shipment in real-time. The end-game is to offer the best service and make sure customers are extremely satisfied with 5-star recommendations. At Innovecs, we have been part of the supply chain and logistics world since 2012. We have helped companies automate their warehouses, integrate with ports and carriers, create online freight marketplaces, and manage their transportation systems. In this article we are going to break down the nuances of real-time visibility to uncover the following: Why achieving visibility in your supply chain is a challenging task The importance of real-time visibility for your business The benefits of having a strategy in place Technologies that can drive visibility across all supply chain stages
Article, Logistics, Big Data & Highload, Blockchain, Machine Learning
July 20, 2023
Harnessing Digital Supply Chain Transformation for Asset Maintenance
In the wake of the pandemic, companies have encountered a myriad of challenges, including manpower constraints, disruptions in supply chain schedules, and evolving regulations on imports and border crossings. In these trying times, digital transformation emerges as a crucial avenue for companies to remain competitive by enhancing customer service and cost efficiencies. As businesses navigate the dynamic landscape, embracing digitalization becomes a pivotal choice for sustained success.
Whitepaper, Logistics, Big Data & Highload, Cloud, Machine Learning
December 1, 2021
As Easy as Pushing a Button? The What’s Why’s and How’s of RPA in Supply Chain
In an era of new technology breakthroughs, Robotic Process Automation (RPA) has established itself as a helpful component of almost any tech-reliant industry. As a natural byproduct, RPA in supply chain world is becoming the new norm. We know RPA is happening all around us, but what does that mean? All that’s left to grasp are the what’s, why’s, and how’s of Robotic Process Automation. According to Robotic Process Automation Market Size Report, the global RPA market is expected to grow at a compound annual growth rate of 32.8% from 2021 to 2028. Let’s get you up to date before you miss the boat.
Article, Logistics
Table of Contents
LET’S TALK