The Future of iGaming
The iGaming Industry is one of the fastest growing industries in the world making it very attractive to investors and entrepreneurs. In fact, in 2016, the online gaming industry was worth $41.78 billion and today, it is worth over $66 billion. Needless to say, many potential investors are asking about iGaming and its Future.
As additional US states introduce iGaming and Canada establishes its own market, this number is expected to increase substantially in the coming years.
What is iGaming?
iGaming can be defined as any form of online wagering that predicts the future results of games or events. This encompasses various activities, including sports betting, online casinos, poker, and eSports.
The iGaming industry focuses on online sports betting, online casino market. While the term is also used by the video game industry, its use is now very prevalent with the gambling industry.
Therefore, iGaming or online gaming is playing or wagering on the outcome of a game or event through the internet. These also includes not limited to online poker, eSports, online video gaming and more.
The accessibility of iGaming differs across various regions, with some areas experiencing restrictions while others are fully regulated. Geolocation technology is employed to verify that a bettor is placing wagers from a jurisdiction where iGaming is both legal and accessible.
Now, let us examine the present landscape of iGaming and highlight several significant locations where it is offered.
The Current State of the iGaming Industry
The legal status of iGaming varies significantly across the globe, with nations such as Canada and the United States being among the latest to develop iGaming markets.
While iGaming encompasses all forms of online wagering, it does not imply that every nation permits identical legal betting options throughout all its regions. The introduction of iGaming casinos, in contrast to mobile sports betting, occurs at different paces in various locations, with some launching simultaneously while others do not.
For example, legal online sports betting has been accessible only in select states within the United States since 2018. In contrast, countries like the United Kingdom have permitted off-course betting since 1960, with updated legislation in 2005 that governs online sports betting, casinos, and poker platforms.
Thus, the number of sports betting software providers and companies in turn has increased. In addition, people are now able to easily start their own sportsbook or casin business in just a few minutes. This is because of the popularity of the sportsbook pay per head concept. This is basically a turnkey service that lets people use their iGambling software and infrastructure to open their own gambling operation.
The Future of iGaming – Rise in Popularity
In the past decade and a half, the world has seen the emergence of iGaming grow from a curiosity to becoming mainstream. According to Gambling Reports, the online gambling industry is growing at a CAGR of 11.5% and will reach $127 billion by 2027.
Part of its growth is due to the increase in technology and the increase in internet access around the world. Some iGaming analysts also believe that the COVID-19 pandemic also had a part in its explosive growth in the past year.
As innovation and mobile technology improve, accessibility and creativity also improve. This makes iGaming even more appealing, with mobile gaming particularly becoming the fastest growing platform in the industry. Tat the moment, iGaming Platforms make up approximately 45% of the global gaming market.
According to a recent study, mobile usage is on the rise. This is because today, the average person spending over 24 hours per week on their mobile phone. This is double the current amount of time from a decade ago. In addition, one out of 5 person spends around 40 hours a week on the internet.
The countries with the highest market share of the iGaming market are currently Canada, the U.S. and Europe. However, expect to see Asian countries to start taking a bigger share of the online gambling market in the future. For those trying to enter the iGaming Industry, it is not tool later to open a sportsbook or gaming website.
The future of the online gaming industry is just beginning and the current iGaming trends looks promising. For example, Online Sports betting platform are constantly improving with more gaming options. In addition, virtual gaming technology is a reality and getting better every day.
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