The online gaming sector must adapt to new hurdles in the market and deal with the pandemic’s unknown future.
FREMONT, CA: Frequent legal changes, demanding players, and a new market with rising pressure are factors affecting the iGaming sector. The changing dynamics necessary for staying on top of this business are becoming more complex to withstand, especially during the global pandemic. The gambling sector estimates the chances for overcoming the hurdles and continuing their services, but for now, no one can be sure about the upcoming months. Here are some of the main challenges that the iGaming industry will face in 2021.
Expanding Market Competition
Since the gambling laws started to liberalize in some states slowly, the market competition started to grow. The industry experiences considerable activity from startups that are about to take over a significant part of eSports. Startups are looking to become new players in eSports with a high chance of attracting many customers. eSports is an organized multiplayer video game competition and is part of the gambling activity as players can bet on a team’s victory.
Cryptocurrency Becoming the New Standard
Payments in cryptos are increasingly attractive to gamers due to their low transaction fees and funds transfer pace. Many online casinos have combined cryptocurrency into their payments systems, and there are even some operating exclusively on Bitcoin. However, several gambling operators stayed in the conventional system and lost some part of their customers. The payments in cryptos follow an anonymous method to payments, and here’s where things get complicated. Since it is complex to track the origin of payments in Bitcoin or other cryptos, the chances are some online casinos will stay behind with the advanced payments.
Player Acquisition and Retention
The issue that never gets old is attracting new players and keeping them in the business without violating the law. Gambling firms use a combination of communication channels like emails or social media to reach their target users. But the outcomes of these actions are not always satisfying. Gambling operators who don’t have a rigid strategy to attract and maintain customers in the base won’t stay in the market. The related costs and restrictions in iGaming advertising are making it even more complex.