The gaming industry is constantly changing and evolving, with new technologies, innovations, and opportunities emerging every year. In 2023, the gaming industry witnessed the increased use of artificial intelligence, the advances in slot and igaming technology, the growth of sports betting, and the threats of cyberattacks. What will 2024 bring for the gaming industry? What are the trends and challenges that will shape the future of gaming?
To answer these questions, CDC Gaming Reports, a leading gambling industry news source, queried 19 notable gaming industry leaders to get a sense of what to expect in 2024. These experts shared their insights and predictions on various topics, such as consolidation, innovation, regulation, diversity, social responsibility, and more. Here are some of the highlights from their responses.
Consolidation and competition in the US market
One of the themes that emerged from the experts’ predictions was the ongoing consolidation and competition in the US gaming market, especially in the online segment. Dr. Laila Mintas, CEO of Dr. Mintas Consulting, said that she expects to see more giants entering the US market in 2024, such as Fanatics and ESPN Bet, which have a clear advantage in terms of funding, existing database, and brand awareness. She said that this will make it almost impossible for smaller operators and their platform providers to survive, unless they find their niche in this competitive marketplace.
Dan Kustelski, Co-Founder and CEO of Chalkline, agreed that the US market will see more consolidation and competition in 2024, but he also pointed out that there will be opportunities for differentiation and innovation. He said that the US market is still in its infancy, and that there is room for operators to offer more personalized and engaging products and services to their customers. He also said that the US market will see more diversity in terms of products, such as esports betting, virtual sports, and live dealer games.
Innovation and technology in the gaming industry
Another theme that emerged from the experts’ predictions was the importance of innovation and technology in the gaming industry. The experts highlighted various aspects of innovation and technology, such as artificial intelligence, cashless payments, biometrics, blockchain, and more.
Noah Acres, Acres Manufacturing, said that artificial intelligence will play a key role in the gaming industry in 2024, as it will enable operators to create more customized and immersive experiences for their customers. He said that artificial intelligence will also help operators to optimize their operations, such as marketing, loyalty, and security.
Kelly Brooks, CEO of Quarter4, said that cashless payments will become more prevalent and popular in the gaming industry in 2024, as they will offer more convenience, safety, and efficiency for both operators and customers. She said that cashless payments will also enable operators to collect more data and insights on their customers, which will help them to improve their products and services.
Joseph Solosky, Managing Director of Sports Betting at NASCAR, said that biometrics will become more integrated and accepted in the gaming industry in 2024, as they will provide more security and verification for both operators and customers. He said that biometrics will also enhance the customer experience, as they will allow customers to access their accounts and preferences more easily and quickly.
Gary Larkin, President of Koin, said that blockchain will become more relevant and influential in the gaming industry in 2024, as it will offer more transparency, trust, and fairness for both operators and customers. He said that blockchain will also enable operators to create more innovative and engaging products and services, such as tokenization, gamification, and social gaming.
Regulation and social responsibility in the gaming industry
A third theme that emerged from the experts’ predictions was the role of regulation and social responsibility in the gaming industry. The experts discussed various issues and challenges related to regulation and social responsibility, such as legalization, taxation, compliance, diversity, inclusion, and problem gambling.
Bill Miller, President and CEO of the American Gaming Association, said that he expects to see more states legalizing and regulating gaming in 2024, as they will recognize the benefits and opportunities that gaming can bring to their economies and communities. He said that he also expects to see more collaboration and cooperation between the gaming industry and the regulators, as they will work together to create a safe and responsible gaming environment.
Cait DeBaun, Vice President of Strategic Communications and Responsibility at the American Gaming Association, said that social responsibility will be a priority and a differentiator for the gaming industry in 2024, as it will reflect the values and expectations of the customers, employees, and stakeholders. She said that social responsibility will encompass various aspects, such as diversity, inclusion, equity, sustainability, and problem gambling prevention and treatment.
Leighton Webb, Vice President and General Manager of iGaming and Sports Betting at PayNearMe, said that compliance will be a challenge and an opportunity for the gaming industry in 2024, as it will require operators to adapt and adhere to the different and changing regulations and standards in each jurisdiction. He said that compliance will also be an opportunity for operators to demonstrate their integrity and professionalism, and to build trust and loyalty with their customers.
The gaming industry is a dynamic and diverse industry, with many factors and forces influencing its present and future. The predictions and insights from the 19 gaming industry experts provide a glimpse of what to expect in 2024, but they are not definitive or comprehensive. The gaming industry will continue to surprise and delight us with its innovations and developments, as well as its challenges and opportunities. The only thing that is certain is that the gaming industry will never be boring or stagnant.
