Is the present or the future of iGaming set to become more than a billion-dollar industry? Questions to ask yourself if you’re one of the millions of gamers who participate in this booming technology, look no further than what the last 15 years or so have shown us. The emergence of iGaming shows it is one of the fastest-growing industries on the planet.
By the year 2024, projections estimate that the iGaming industry is set to grow in epic numbers to about $100 billion, up from its original estimated amount of $41 billion in the year 2016. Imagine that, a bubble that won’t burst! Research experts have reasoned that behind this iGaming growth is how fast technological advancements have become, alongside a recent culture of mergers and acquisitions that has defined practically five years of internet operations.
Although various governmental entities want to regulate and structure how the iGaming industry behaves around the world, it’s never going to pop the boom that’s taken hold in the tech field.
What is iGaming and Why All the Buzz?
As simply defined, iGaming is an online gaming practice that is played or bet on, showing the result of the game through the internet. It’s not really rocket science, however, the iGaming activities do include sports betting — NFL, NBA, or MLB wagering — casino and poker betting, or online video gaming. The majority of the iGaming industry falls in the lap of betting on sports and online casino gaming.
There are iGaming hubs popping up everywhere around the planet, with the most popular based in Malta (located in the Mediterranean Sea south of Sicily, Italy) and Gibraltar (located in the United Kingdom). One glance at the scope of the worldwide gaming industry, it’s no wonder that online gaming is taking over several business markets, and in terms of revenue generation, this industry is going toe to toe with the film and music industries, if not performing better. Researchers who study this industry believe that iGaming will remain the most significant focus of technology in many years to come.
The main users are the GenZ and GenX populations, those same tech-savvy individuals who desire the ability to enjoy the ease and convenience of logging into their favorite gaming wherever they happen to be located. Yet for those who are online gaming operators, their challenge has presented a conundrum on ways to mimic the actual casinos found in Vegas hotels or strip malls in states where gambling is legal. The buzz is all about creating value with technology and innovation, and the more precise and accessible the online gaming experience is, the more popular the industry will get.
The appeal of iGaming falls into the hands of the creators and the mobile technology gurus who understand what the public wants and how the current trend of online gaming is making up almost half of the global gaming market. Almost every person — more so than ever — has an Internet-compatible mobile device where they spend more than 24 hours per week on iPhones, something of a sensation from 10 years ago. Also, internet usage accounts for more than 40 hours weekly by almost billions of people worldwide.
Online gamers who are serious about their iGaming passion seek better themes, images, soundtracks, and graphics that create an experience far more superior than the old traditional style of sitting in casinos at poker tables or attending the track and wagering their bets, or even flying cross-country to sports games where the land-based betting is held. The brick-and-mortar casinos can’t hold a candle to the bonuses and promotions that attract online gamers who perhaps have been loyal to current casino promotions or packages offered by the in-person experience for decades. The buzz just got better for online gaming technology.
The Future of iGaming
Software providers and gaming operators are now getting more and more creative to catch up with the iGaming industry in an effort to win out any rising competition in the market. Currently, online gamers are shown a variety of customizations in the games alongside various gaming products. The future gets brighter with each passing year, while other developing technologies like cryptocurrencies, blockchain, and any underlying technology are progressively adopting these platforms amidst emerging markets.
If the payment method changes to Bitcoin and its currencies, the iGaming industry will succeed even further, propelling the next revolutionary phase of iGaming and its overall beckoning future.
In a Nutshell
Gaming and betting aficionados can thank the iGaming industry as they deep dive into whatever game floats their boat, especially from the comfort of their easy chairs or kitchen table. It’s inevitable that the online gaming market will only get better, every gaming platform will raise the ante of technology, and all gaming fanatics will undoubtedly have more to celebrate.