The key moments of iGaming in 2023

The iGaming industry has seen a stellar 2023, with several key developments reshaping the landscape. From the surge in market value to the emergence of new licensing options and the adoption of cryptocurrency, the industry is evolving at a rapid pace. In this article, we delve into the significant trends and advancements that have defined the iGaming sector in 2023.

Remarkable Growth in Market Value

The iGaming industry has witnessed exponential growth in 2023, solidifying its position as a major player in the global economy. According to industry reports, the market value of iGaming is projected to reach a staggering $100 billion by the end of the year, increasing by up to 20% by the end of 2024.This surge is attributed to the increasing acceptance of online gambling, advancements in technology, and the growing popularity of iGaming across new and emerging jurisdictions. It is also due to an increasing number of jurisdictions licensing in favour of the sector, creating more opportunities for entrepreneurs.

Anjouan License: A Leading Option for iGaming Operators

One of the most noteworthy developments in the iGaming regulatory landscape is the emergence of the Anjouan license as a leading option for operators. Anjouan, a small island in the Indian Ocean, has positioned itself as a favorable jurisdiction for iGaming licensing due to its transparent and efficient regulatory framework. The Anjouan license offers operators a streamlined process, low fees, and a reputation for fair and responsible gaming practices. As a result, an increasing number of iGaming companies are choosing Anjouan as their preferred licensing destination. A once unknown licensing jurisdiction, Anjouan is fast emerging as a premier location for startsup and more established businesses.

Cryptocurrency and Crypto Gambling on the Rise

In 2023, the iGaming industry is embracing the potential of cryptocurrencies, with a significant uptick in crypto gambling. The use of digital currencies such as Bitcoin, Ethereum, and others has become more commonplace, offering players increased security, anonymity, and faster transactions. This shift towards crypto gambling is not only attracting a new demographic of tech-savvy players but also addressing concerns related to traditional payment methods. Industry data indicates that over 20% of iGaming transactions are now conducted using cryptocurrencies, signaling a transformative era for the sector. Cryptogaming is one of the main trends to look out for in 2024.

Curacao's Licensing Regime: A Change for the Better

Curacao, long known as a hub for iGaming operators seeking licensing, underwent a big change in its licensing regime in 2023. The Curacao eGaming Authority introduced comprehensive reforms aimed at enhancing transparency, accountability, and player protection. The new licensing framework includes stringent requirements for operators, ensuring adherence to responsible gaming practices and anti-money laundering measures. It did away with the previous master license and sub license process, introducing a centralised and government supervised regime. While many operators upped and left, looking to Anjouan and Kahnawake instead, as the dust settles, all eyes are on Curacao for what lies ahead in 2024.

Mobile Gaming Takes Center Stage

The dominance of mobile technology has significantly influenced the iGaming industry, with mobile gaming taking center stage in 2023. The convenience and accessibility offered by smartphones and tablets have propelled the growth of mobile gaming, allowing players to enjoy their favorite games anytime, anywhere. Statistics reveal that mobile gaming now constitutes over 60% of the total iGaming market. Mobile-optimized platforms, responsive design, and innovative mobile gaming apps are key factors contributing to change in player habits.

iGaming's Soaring Popularity in Latin America, Asia, and Africa

2023 has witnessed a surge in the popularity of iGaming in Latin America, Asia, and Africa. Latin America, in particular, has emerged as a hotbed for iGaming growth, with a projected market value increase of over 30% in the region. Government regulatory reforms, increased internet penetration, and a growing middle class are driving the iGaming boom in these regions. Asia, with its massive population and burgeoning tech-savvy demographic, is also experiencing a rapid rise in iGaming adoption. Similarly, Africa, fueled by improved connectivity and smartphone accessibility, is becoming a key market for iGaming operators looking to expand their global footprint.

The iGaming industry's transformative journey in 2023 is marked by unprecedented growth, regulatory advancements, and a shifting landscape driven by technology and changing consumer preferences. Fast Offshore has more than 26 years of experience in the iGaming sector and has remained up to date with all the latest trends and developments. Our team of professionals are on hand to guide you through picking a jurisdiction, applying for a license, and setting up your business. We can also take care of all ongoing matters and future expansion. To find out more, contact our team today.