The online gaming market is one of the fastest-growing businesses nowadays. It has always been a successful industry, but 2020 has proven its potential to expand.
Research shows that the global gaming market will generate revenues of $159.3 billion this year alone. The market is expected to surpass $200 billion in profit by 2023.
According to recent research, a great deal of the success of the gaming industry is due to its variety and flexibility. In the past, gamers would play using gaming consoles or the PC; now they can also play with a mobile phone.
In total, mobile games will create profits of $77.2 billion this year, which is 41% of the total gaming revenue.
Seven research-based facts about the profile of the gamer, which you should know: —
- Gamers aged 18 or older represent 70% of the gaming population
- 46% of gamers are female
- 60% of adult gamers use a mobile phone to play.
- Adult gamers spend an average of 4.8 hours a week playing online
- 30% of mobile gamers worldwide play daily
- Gamers spend more time per session on mobile playing casino and card games
- Gamers are concerned about online security. More than half will not continue a purchase if they know about a security breach.
A good time to start an online gaming business
This is a great time to invest in the gaming industry, especially online platforms. The share of mobile gaming revenue will grow to 59% this year.
Statistics show that the average amount spent on buying games, downloading content or on live streams is $229.
The first step to enter the online gaming business is to open a gaming merchant account to operate financial transactions.
Statistics further show that a massive 70% of gamers prefer to use debit and credit cards on their purchases.
Your online gaming business must be able to process online payments to be successful. It is also essential to protect your customer from fraud and confidential data theft, by offering a secure platform.
iPayTotal offers the ultimate anti-fraud protection for its high-risk merchant accounts.
You will not be able to provide this environment for your clients without a gaming merchant account that offers safe and multiple payment methods for customers.
How to obtain a gaming merchant account
Most merchants find it difficult to obtain a gaming merchant account since this business is considered high risk.
Banks and traditional financial institutions struggle to provide merchant accounts for high-risk industries due to the high volume of chargebacks and fraudulent risks.
Businesses with such a classification need to find a high-risk payment solutions company experienced in working with the online gaming industry, like iPayTotal.
iPayTotal offers a flexible payment processing platform that is integrated with all major merchants. We can provide multi-currency support, advanced risk management and fraud detection systems.
The process to open your gaming merchant account is easy and fast, with quick approval.
We understand the challenges of the gaming industry, especially for online gambling businesses, so we offer the best and most suitable solution for each merchant.