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Global Virtual Reality In Gaming Market Is Poised To Value Over US$ 38,331.5 Million by 2027 End
The Global Virtual Reality in Gaming Market is expected to be valued at US$ 38,331.5 million by 2027, exhibiting a CAGR of 28.6% during the forecast period of 2020 to 2027, as highlighted in a report published by Coherent Market Insights.
Virtual reality is the use of computer technology to create a simulated environment using computer software and hardware technologies. VR technology has been used in many applications including entertainment and gaming. Virtual reality in gaming is referred to the use of sound and graphics technology in games where the user wears gloves, head-mounted display (HMD), and glasses as a part of their experience. There are several equipped to these devices that record the movement.
Growing digitization and advancement in technology is expected to boost the global virtual reality in gaming market growth over the forecast period
Over the years, both developed and emerging economies have witnessed massive digitization. This is complemented with advancements in technology, in order to expand the use of virtual reality devices. There are various technological advancements are expected in the near future namely wide field-of-view AR displays, transition from PC-based to standalone mobile VR devices, 5G mobile devices, and more. Such technological advancements enhance the user experience and reduce the latency up to a significant level. Hence, these factors are expected to drive growth of the global virtual reality in gaming market growth over the forecast period.
Launch of novel products can present lucrative growth opportunities for market players
Key players are focused on research and development activities, in order to expand the product portfolio and gain a competitive edge in the market. For instance, in May 2014, Electronic Arts Inc. launched EA Sports NHL 15, the first title in a new generation of hockey games. In August 2013, Nintendo Co. Ltd. introduced a 2DS handheld gaming device. The device enabled the user to play 3DS and all other games with the device. Furthermore, in February 2014, Sony Corporation launched its virtual reality headsets named HMZ- T3Q VR.
Challenges associated with user-friendly VR are expected to hamper the global virtual reality in gaming market growth over the forecast period
Despite its various advantages such as enhanced quality and realistic experience, many VR devices are not user friendly. Some of those devices are complicated to use and require adequate training long before they used for gaming experience. Manufacturers are required to provide a user-friendly device that can be operated by a layman as well. Hence, such factors are expected to hamper the global virtual reality in gaming market growth over the forecast period.
North America Trends
According to Coherent Market Insights’s study among regions, North America is expected to witness significant growth in the global virtual reality in gaming market during the forecast period. This is owing to the large presence of major VR companies across the region. Furthermore, growing investment in cutting-edge technologies is expected to propel the global virtual reality in gaming market growth over the forecast period.
Europe Trends
Europe is expected to register robust growth rate in the global virtual reality in gaming market over the forecast period. This owing to constant digitalization of various industries across the region. Furthermore, high growth of VR market in France is expected to boost the regional market growth over the forecast period.
Global Virtual Reality in Gaming Market – Impact of Coronavirus (Covid-19) Pandemic
The countries such as China and India, are play crucial role in the supply chain of virtual reality in gaming market. In the span of lockdown the supply chain in these countries mainly disturbed. Many industries were forced to close down their manufacturing site or remained operational with limited people working on the shop floor, which lowered the production capacity of factories. Further, demand for non-essential products decreased during the pandemic. This hindered the market growth during the pandemic.
Competitive Section
Key companies operating in the global virtual reality in gaming market are Electronic Arts Inc., Kaneva LLC, Nintendo Co. Ltd, Avatar Reality Inc., Sony Corporation, Oculus VR, Activision Publishing Inc., and Sega Corporation.
Key Developments
Major companies are focused on research and development activities, in order to enhance the market presence. For instance, in May 2020, Oculus VR, a subsidiary of Facebook Inc., announced that it is developing a new Quest VR headset of 90Hz for the smoother gaming experience.
Key market players are involved in collaborations and partnerships, in order to gain a competitive edge in the market. For instance, in December 2017, Sega Corporation collaborated with StarVR to introduce premium VR arcade experience in Japan.
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Oddin.gg is proud to announce that it has secured a full 3-year sports betting license in Ohio, further strengthening its standing as the esports betting solutions provider with the most licenses in North America. With this latest addition, Oddin.gg now holds four US licenses—New Jersey, Colorado, West Virginia, and Ohio—and a total of five across North America, including Ontario, Canada.
The Ohio license is a strategic milestone, as the state is set to become one of the most active betting markets in the American Midwest. According to projections from the Ohio Legislative Service Commission, the state’s sports gaming market is expected to reach approximately $3.35 billion annually as it matures. By securing this license, Oddin.gg is well-positioned to support operators in tapping into this significant potential.
Obtaining the Ohio license also demonstrates Oddin.gg’s ability to meet the state’s comprehensive regulatory standards, which include arduous assessments of financial stability, operational integrity, and adherence to state laws. This achievement reinforces Oddin.gg’s reputation for compliance and reliability, enhancing its capability to deliver full-service esports betting solutions tailored to a growing market.
Ohio’s sports betting legislation imposes a 10% tax on sports gaming receipts, contributing to public education and initiatives supporting veterans in the state. Oddin.gg’s entry into this regulated environment reinforces its role as a leader in shaping the future of esports betting in the US while offering operators a pathway to engage with a new generation of bettors in a secure and exciting way.
Vlastimil Venclík, CEO of Oddin.gg, shared his enthusiasm about the news: “Securing a license from the Ohio Casino Control Commission is a significant step in our North American journey. Ohio is poised to become one of the most dynamic betting markets in the US, and gaining this
approval aer meeting the state’s rigorous standards is a true reflection of our commitment to integrity and excellence both in Ohio and beyond. However, this license isn’t just about expanding our reach; it’s about ensuring our partners have access to market-leading esports betting solutions that fully align with all local regulatory requirements.”
He continued, “Ohio’s market is gearing up to be something special, and we’re excited to help operators tap into that potential. As esports betting continues to evolve, Oddin.gg is ready to provide the expertise, technology, and support to make sure our partners succeed.
Here are this weeks latest slots releases compiled by European Gaming
Amusnet has released 40 Bulky Dice – a classic video slot full of lucky dice symbols with a modern twist, which tempts with lots of entertainment and fantastic prizes. This 5-reel, 40 fixed paylines slot game offers vivid gameplay, epic sound effects and an easy-to-use interface. Watch out for the colourful Joker, which is the Wild symbol and appears on the second, third and fourth reels.
BGaming has teamed up with famous rapper and record producer Snoop Dogg to create an iconic new slot, Snoop Dogg Dollars. The themed game is BGaming’s first branded content in collaboration with a celebrity and was exclusively launched with Roobet on 25th September, before going live across the wider network on 30th October.
Relax Gaming has delivered a knockout blow with its latest release, Feather Fury. Fists are flying in this 3×2 boxing-themed slot, where players can win up to 5,000x their stake thanks to a truly unique mechanic that awards respins following dead spins. Every dead spin that is registered automatically adds a notch to the bar, with 10 dead spins being enough to trigger Feather Fury’s respin feature.
“Reel Rabbit” from Hölle Games is already live, a new entry in the Reel franchise. This 5×3, 25 payline slot continues in the footsteps of furry friends Fox, Tiger and Wolf, and while it might be the most mild-mannered mammal of the bunch, Reel Rabbit still packs a hefty punch!
Step into the vibrant world of Muertos Fortuna, an exciting slot game from Zillion Games, featuring 3D animation and engaging features. Muertos Fortuna, inspired by Día de los Muertos and Halloween, brings vibrant animations and the unique presence of Catrina Muerte, who may appear during gameplay to interact and cheer you on with fun phrases, adding an engaging element to the experience.
Play’n GO invites players to revisit the mystical world of the beyond in Lady of Fortune Remastered, where the future holds untold riches and mysterious revelations. Venture where the veil between our world and the unknown is thin, and fortunes await those who dare to look. This 5×3 video slot revisits the popular title, Lady of Fortune, now with enhanced visuals and enriched gameplay.
Belatra Games has released its latest hot shot, Lucky Bandits. This exhilarating escapade launches players into the lawless lands of the Wild West that are brought to life with stunning visuals, immersive soundscapes, and thrilling gameplay. The game is bursting with engaging features such as Free Games, Hot Mode, and the intense Shot and Dynamite Bonuses.
Intrepid players are being given the chance to venture back in time to a land ruled by the great Pharaohs where they can uncover relics, treasures and big wins in Gold of Egypt, the latest slot from Silverback Gaming. In Gold of Egypt, players find themselves in a hot and arid desert at the entrance to a secret tomb. As the reels spin, ancient symbols land on the reels including a Cat, Snake, Scorpion and Scarab, as well as different hieroglyphics.
They say Rome wasn’t built in a day, but in Swintt’s all-new slot sensation, Hidden Treasures of Rome, players’ fortunes can certainly be built up in seconds thanks to the presence of Free Spins, a rewarding tumble feature and random multipliers that offer a maximum payout of up to 5,000x the stated win.
On October 2nd Endorphina, released its newest slot game, Panda Strike, now available for play in most online casinos. Panda Strike is a 5-reel, 4-row oriental slot with 40 fixed paylines. Set in a small Chinese town, the slot encourages players to master concentration and self-discipline, leading them to face the legendary panda, a master of the martial arts.
Amusnet has released its new online slot game, 10 Vampire Bites. The game has 11 symbols scattered across 5 reels and 10 paylines. The video slot game also showcases a hauntingly beautiful gothic design that immerses players in a world of mystery, while the atmospheric soundtrack further enhances the eerie experience, drawing players deeper into the chilling narrative.
The post Week 40/2024 slot games releases appeared first on European Gaming Industry News.
SOFTSWISS, a global tech supplier of software for the iGaming industry, along with its employees, has actively aided communities affected by the recent flooding in Southern Poland.
In September, Storm Boris brought devastating floods to Central and Eastern Europe, causing widespread damage. Torrential rains left thousands of homes submerged, severely impacting numerous cities in Poland, the Czech Republic, and Romania. In Poland, the southern regions were hit the hardest, with dozens of towns requiring urgent evacuations and support for affected communities.
To provide immediate relief, SOFTSWISS made a financial donation to the Wielka Orkiestra Świątecznej Pomocy, a well-known Polish charity organisation. SOFTSWISS has two development offices in Poland, allowing employees to quickly join the relief efforts and offer their assistance during the flood.
Under the company’s coordination, Polish employees packed boxes of over 100 kilograms of essential items, including food, hygiene products, and necessities such as matches, candles, and batteries. SOFTSWISS handed these supplies to Caritas Polska, a charitable organisation spearheading relief efforts for the affected areas.
Earlier this year, SOFTSWISS also organised a large-scale charity and awareness campaign to support flood-hit regions in Brazil.
“Unfortunately, natural disasters happen, and we don’t want to stand idly by. We strive to help in any way we can. This aligns with one of our core values, We See People, which applies not only to our employees. We always see the people beyond the business, and I believe our ESG initiatives reflect this,” said Natalia Perkowska, Deputy Chief HR Officer at SOFTSWISS.
The aid campaigns in Poland and Brazil are part of SOFTSWISS’ broader global strategy focused on social responsibility and sustainable development (ESG). The company also dedicates to long-term social and environmental projects, with notable initiatives such as participation in World Environment Day, Pink October, Movember, and various environmental protection efforts.
Recently, SOFTSWISS was recognised as The Best Employer of 2024 at the SBC Awards.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
The post SOFTSWISS Steps In to Assist Southern Poland After Severe Flooding appeared first on European Gaming Industry News.
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