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In-game Gambling and Loot Boxes Market is expected to expand its roots at an average CAGR of 5.6 % between 2022 and 2032

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In-game Gambling and Loot Boxes Market is expected to expand its roots at an average CAGR of 5.6 % between 2022 and 2032
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The global in-game gambling and loot boxes market is expected to grow at a CAGR of 5.6% throughout the forecast period. The valuation of the industry is projected to reach US$ 32.7 Mn by 2032, from US$ 18.9 Mn in 2022.

The growing desire for high-end real-life sports gaming experiences around the globe is driving the demand for in-game gambling and loot boxes. Furthermore, in the near future, new trends and advancements in the sports and gaming industries are projected to stimulate the rise of the in-game gambling markets. However, payment data security concerns may stifle the in-game gambling and loot boxes market share expansion.

The gambling market is made up of firms (organizations, sole traders, and partnerships) that run gambling facilities such as casinos, bingo halls, video gaming terminals, lotteries, and off-track sports betting that provide gambling services and related items.

The major drivers encouraging in-game gambling and loot boxes market size expansion include factors such as expanding digital transformation among businesses and rising internet and mobile device usage around the world.

The creation of the next-generation gaming experience will be cloud-enhanced, and an ultimate fantasy gaming experience is expected to necessitate the use of a cloud platform.

As per the in-game gambling and loot boxes market study, the deployment of IoT, edge computing, 5G, and real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) is expected to improve the in-game gambling markets.

Consumers went more to the internet platform to bridge their financial, social, and psychological crises during lockdowns as a result of the COVID-19 pandemic, which had a beneficial impact on the in-game gambling and loot boxes market.

Consumer interest in online gambling platforms has increased as a result of restrictions in sporting events owing to lockdowns, according to a study done by Lund University in Sweden. In addition, numerous operators turned digital in response to the closing of many gaming venues. Many players increased their online gambling services, and bingo providers transferred their operations online, resulting in a beneficial market impact.

Online betting is likely to be the fastest-growing market in the medium term. The market has been taken over by artificial intelligence and machine learning.

During the projection period, the online gambling industry is expected to benefit from an increase in the female population in casinos, as well as the convenience of using a cashless means of payment when gaming. In addition, operators are providing a number of exciting tournaments and promos that newbies may find appealing. Every day, fresh bonus programmes and betting options are added to the mix.

Key Takeaways

  • The changing gaming behaviours of consumers are projected to drive demand for gambling. The rising popularity of gambling applications and social gaming is projected to fuel the in-game gambling and loot boxes market’s growth in the future.
  • In 2020, Asia Pacific was the largest region in the worldwide gambling market, accounting for 38% of the total. The second largest region, North America, accounted for 29% of the worldwide gaming market. In the worldwide gaming market, the Middle East was the tiniest region.
  • Football betting has a substantial market share. Companies are concentrating their efforts on establishing novel platforms to meet a wide range of client needs and gain a competitive advantage in a crowded market.
  • The mobile segment of the in-game gambling and loot boxes market is projected to grow at a CAGR of 4.8% during the forecast period.

 

Competitive Landscape

The worldwide casino gambling market is highly fragmented, with regional and international companies. Bet365, Entain PLC, The Flutter Entertainment PLC, and Kindred Group PLC are among the market’s major participants.

To increase their presence in the worldwide in-game gambling and loot boxes market and to develop their brand portfolio to cater to varied customer tastes, major firms are focusing on mergers and acquisitions, collaborations, and product innovation.

In the global online gaming market, mergers and acquisitions are the most popular approach, followed by expansion. Offerings, quality of gambling material, user experience, brand equity, customized payoffs, and access to numerous platforms are all criteria that key players compete on.

Recent Developments

LeoVegas Group unveiled a new layer of AI-powered messaging in September 2021 to expand the Group’s Safer Gambling service. Customers in the United Kingdom will be the first to get personalized onsite messages based on their behaviour and risk profile that educate and advise them about safer gaming.

DraftKings Inc. and Golden Nugget Online Gaming Inc. signed a formal agreement in August 2021, with DraftKings acquiring Golden Nugget Online Gaming in an all-stock deal. DraftKings was able to make use of Golden Nugget’s well-known brand, iGaming product experience, and combined database of more than 5 million customers as a result of the acquisition.

FanDuel Group, a subsidiary of Flutter Entertainment PLC, debuted its FanDuel Casino in New Jersey and Michigan in July 2021. Customers may now play live dealer blackjack, roulette, and baccarat at FanDuel Casino.

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Gaming

Sortium Revolutionizing Video Game Development with Groundbreaking AI Tools Launch and $4 Million+ Funding Round

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In a significant leap forward for the gaming and entertainment sectors, Sortium, a leader in the wave of generative AI within gaming, has launched innovative AI tools for artists and game developers, marking a new era of creativity and efficiency. These tools, leveraging the Polkadot infrastructure, are set to transform the gaming industry by enhancing the creative process, streamlining production workflows, and producing high-quality user-generated content.

This transformative step is supported by a successful funding round Sortium just closed, surpassing $4 million. The round was led by industry stalwarts such as Signum Growth, with significant contributions from a diverse array of investors, including Cathie Wood’s ARK Investment Management LLC, IDG Blockchain, IVC Fund, Polygon, and 1881 S Group AG. This wide-ranging support underscores the industry’s confidence in Sortium’s potential to revolutionize 3D video game design and entertainment production.

Sortium’s AI tools integrate seamlessly into existing game production ecosystems, automating challenging content creation tasks. This innovation enables studios to significantly speed up production times and reduce costs, allowing them to focus more on innovation and design while empowering users across any system to design their own characters, thereby opening new creative freedoms and revenue streams for developers and individual creators alike. Sortium’s team, with deep expertise in game development, AI, and IP rights management, ensures the smooth adoption of this technology.

According to Angela Dalton, CEO & Founder of Signum Growth, “The Sortium team’s technical capabilities are impressive. Perhaps even more importantly, they possess deep expertise, relationships and understanding across the traditional gaming industry. Generative AI is in its broader market experimentation phase, leading many to ignore IP rights in the spirit of progress and innovation. Sortium’s believes that IP rights will ultimately matter – baking them into the technology at the outset, and respecting artists’ work, are core tenets of the company that we fully support.”

Building on this foundation of technical excellence and ethical commitment, Sortium’s innovations also translate into tangible benefits for the gaming community.

“Sortium is leading the frontier of AI in gaming and creative applications. Sortium gives creatives unparalleled freedom in leading gaming environments like Unreal,” said Lex Avellino, Founder & CCO at Passage, one of Sortium’s partners. “The team is breaking technical barriers, and it adds a huge value for our consumer audiences who want to take advantage of the latest virtual tech but need to act with speed and simplicity.”

Sortium is actively forming partnerships with major intellectual properties and leading gaming platforms. A recent major collaboration with Bit Brawl, a game utilizing Sortium technology to deliver live content to over 5,000 users, showcases the versatile application of Sortium’s tools across various gaming environments. Its technology’s wide compatibility with leading development platforms ensures extensive adoption potential and effortless integration into professional industry practices. Sortium’s enterprise solutions, such as the LiveOps API, aim to enhance gaming experiences and enable continuous creativity through endless, tailored content generation.

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Gaming

Phoenix Games Expands Partnership with Warhammer Owner Games Workshop

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Phoenix Games and Games Workshop are continuing their cooperation on Warhammer Combat Cards and expanding their collaboration to work on more of Warhammer’s Universes.

Phoenix Games, a globally operating games company specialised in acquiring and enhancing game studios, is expanding its collaboration with the Warhammer brand. The partnership between both companies is built on the success of the mobile game Warhammer Combat Cards, which was developed by Phoenix Games’ studio Well Played Games for iOS and Android, delighting millions of players worldwide.

Thanks to the partnership, Phoenix Games is expanding its access to the rich universes of Warhammer, including Age of Sigmar, The Horus Heresy and The Old World, providing a foundation for the development of innovative game concepts to include in Warhammer Combat Cards. The objective of the collaboration is to transform the iconic miniatures of characters and factions into unique gaming experiences within Warhammer Combat Cards that will excite not only fans of Warhammer but also new players.

“Continuing and even expanding our partnership with Games Workshop is a logical step, as it unlocks numerous opportunities to create versatile gaming experiences based on globally beloved universes. We are very excited about the opportunity to enhance the Warhammer Combat Cards game with additional IPs and provide fans of the game with new content in the long term,” says Klaas Kersting, CEO of Phoenix Games.

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Gaming

Honor of Kings shares details of groundbreaking new Open Series, registration to begin 15 April

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Today sees a major update for the world’s most played mobile MOBA with new features and content aimed at making Honor of Kings even more enjoyable for both current players and newcomers alike. This is coupled with the announcement of a major esports initiative – The Open Series – aimed specifically at identifying and nurturing the stars of the future.
Level Infinite, publisher of Honor of Kings, has revealed that registration for the new Honor of Kings Open Series Split 1 will begin on April 15, 2024. This groundbreaking series offers amateur players a platform to showcase their skills globally, competing individually and in teams, with the chance to qualify for the prestigious Honor of Kings Invitational Season 2 tournament. With no rank requirements, teams from Türkiye, CIS, MENA, and Wildcard will clash in open qualifiers starting May 1, 2024. The series, featuring two stages, will culminate in the Finals in May, offering special in-game rewards for participants.

James Yang, Senior Director of Level Infinite Global Esports, expressed excitement for the series, emphasizing its role in fostering undiscovered talent and enriching the Honor of Kings esports ecosystem with a path-to-pro opportunity. Interested teams can register from April 15-26, 2024 (UTC+0), and follow official social media channels for updates.

“The Honor of Kings Open Series is an exciting step forward in our mission to grow Honor of Kings esports on the international stage,” said James Yang, Senior Director of Level Infinite Global Esports, Tencent Games. “ Part of Honor of Kings’ commitment in esports is to ensure we provide a path-to-pro for exciting undiscovered talent to put their skill on full display for the world and show fans that anyone is capable of being the best with hard work and dedication. We can’t wait to see what teams emerge from the Open Series to challenge the world’s best at the Honor of Kings Invitational Season 2 tournament.”

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