iGaming is a digital gaming sector that’s centred around the practice of real money wagering. It encompasses casino games like slots and roulette, card games like poker and baccarat, and remote sports betting. Even lotteries, bingos and monetary competitions now come under the umbrella of iGaming.
A mere decade ago, this sector was still very much in a fledgling state. Now, however, iGaming has already broken the $65 billion mark (in 2020) and is now expected to be worth as much as $129 billion by the end of 2027, which reflects a CAGR of 10.11%.
Consumers worldwide can’t get enough of this booming sector, and the sheer variety of iGaming experiences that are available makes it a market with universal appeal. In the US alone, over 2800 sites were active in 2018, offering several different games and betting activities.
While the exact statistics are yet to be published, we can safely estimate that this number has increased significantly during the intervening four years, particularly as numerous US states have taken advantage of the reversal of the Professional and Amateur Sports Protection Act 1992 (PASPA) to launch new gaming platforms and apps.
The popularity of online gaming as a whole has reached stratospheric levels, but in this article, we’ll be taking a closer look at the reasons why iGaming has become as successful as it is.
Prior to 2010, if a consumer wanted to engage in gambling practices, they’d either need to drive to their nearest casino or poker room, or head to the high street to place wagers on sporting events. For those consumers in rural areas with no local gaming venue, or those lacking the transport or mobility for regular trips to the bookies, there were little to no other options. As technology advances and players look for new and engaging features, a notably emerging trend that iGaming operators should consider exploring is AR and VR casinos.
Digitalisation changed all that, making real money wagering practices available to everyone. Consumers can access cutting-edge gaming platforms and the latest betting markets on both local and major sporting events, all at the click of a button or swipe of a screen.
While there has certainly been a consistent expansion in recent years on the part of brick-and-mortar gambling venues – the City of Dreams is a prime example – nevertheless, there are several perks to gaming and betting online. In the casino vertical, for instance, it’s pretty common for operators to integrate free slot game offers into sign-up bonuses, while most online bookies will run regular free bet promotions.
iGaming is a sector that’s constantly evolving and, as such, it’s not shy when it comes to integrating the latest innovations. Advanced technology plays a big role in the iGaming experiences, giving players access to things like live dealer games, virtual and augmented reality and up-to-the-minute odds and betting markets.
Furthermore, operators are embracing new developments in cyber tech to bolster the security of their online gaming platforms. TLS data encryption is now standard on any licensed iGaming provider’s platform, while mobile gambling apps utilise face and fingerprint recognition tech to provide secure play.
Speaking of mobile gambling apps, the increased adoption of smartphones has played a pivotal role in driving the popularity of iGaming. Thanks to the various business models adopted by iGaming app developers, players can access freemium platforms, free-to-play games, and even play money apps all on their smartphones.