Why is online gaming a profitable startup idea?
Image by Ronald Carreño from Pixabay
With a solid business plan, a down-to-earth marketing strategy, and a team of talented developers, you can turn your online gaming startup idea into a profitable business.
Why are we so sure that online gaming can be a profitable startup idea? It’s the conclusions we derived from accurate data.
Do you want to learn about them?
Well, in that case, let’s dig in.
1. The market value of online gaming industry keeps increasing
The online gaming market has been steadily growing in the last decade, and the market experts expect it to grow further in the foreseeable future.
According to a report from Allied Market Research, the online gaming market is expected to grow at a CAGR of 11.1% by 2032. The same report also predicted the global gaming market to expand to $231.4 billion by 2032.
Clearly, it’s a huge market that is up for a grab.
As long as you can develop a solid online gaming app with a diverse range of games, and a captivating UI, and implement an effective marketing strategy, your gaming startup will surely be profitable.
2. Evolving technology favors online gaming
Thanks to the ever-evolving technology, smartphones have become an integral part of many people’s lives. Every day, hundreds of millions of people use their smartphones to browse the internet, download gaming apps, and spend their leisure time.
As a result, many sports and betting games now have the opportunity to reach these gaming enthusiasts more easily and get them hooked on a wide range of games.
And the more people play your online games, the more revenue you earn.
In simple words, the advancing technology makes it easier to attract more players and generate more profit. So, if you have a solid online gaming startup idea, now is the best time to launch it.
3. Convenient betting attracts more people to online sports and betting games
The Internet and its virtual domain are a huge boon to our daily (both private and professional) lives.
Now, we can get things (at least, most of the things) done faster than ever. We can finish our tasks faster, communicate with people thousands of miles away faster, and finally, we can place bets in various online games faster.
According to a Science Direct report, many prefer iGaming and other online betting games over their land-based alternatives.
Why?
Because of convenience.
The ease, anonymity, and comfort of online sports and betting games are highly attractive to betting enthusiasts, making online gaming startups quite profitable.
4. iGaming players bet more than their offline counterparts
According to another ScienceDirect study, iGaming players bet more frequently than their offline counterparts.
The report says that 43% of all online betting game players gamble 4 or more times a week. Meanwhile, for the non-internet gambler, this number only reaches up to 19.3% of all offline gamblers.
Clearly, an iGaming startup has a fair chance of drawing more revenue than a similar brick-and-mortar establishment.
Final thoughts!
Developing an online gaming app or platform can be a very profitable startup idea as long as you have the right resources and a good marketing strategy.
The key factors that can make your online gaming startup a profitable business are:
- The steadily growing online gaming market
- Advanced technology
- The convenience of iGaming
- And the high betting frequency of the online players
Do you want to share your ideas or thoughts about online gaming? Let us know in the comments!
