As legal sports betting spreads across North America, you’ve probably heard the phrase “iGaming” used frequently. The number of states that allow mobile betting in the United States continues to grow, and private sportsbooks are opening shop in many jurisdictions abroad.
Internet gambling has surpassed traditional casino betting as the preferred method of gambling. New York and Louisiana, two US states that have recently legalized online sports betting, have contributed to a monthly increase in iGaming revenue records.
Despite its rising popularity, the name “iGaming” can still be puzzling to some. Does “iGaming” only mean “gambling” in the sense of “online casinos?” Is this only available for mobile sports betting? Or does it refer to any form of online gambling?
The iGaming market is booming, with a current valuation of almost $300 billion. The industry’s ability to influence and advance technical development is equally unique to its scale.
The popularity of playing games online has been rising year after year. Each year further solidifies iGaming’s status as a major industry player. You can do your research if you’re considering adding iGaming offers to your advertising portfolio. Get familiar with iGaming by reading this comprehensive guide.
You’ve probably heard the phrase “iGaming” used interchangeably with “Sports Betting,” “Internet Gambling,” and others.
The term “iGaming” is commonly used to describe any form of online gambling that involves placing a wager on the outcome of a game or other event in the future.
In addition, iGaming encompasses various activities, from sports betting to internet casinos to poker to eSports, that https://casinoreviewers.com/fi/ classifies and rates.
When all potential markets are taken into account, the annual value of the online gambling industry is estimated to be $66.7 billion. For the foreseeable future, this number will increase dramatically as more states in the United States legalize iGaming and Canada opens its industry.
iGaming’s accessibility varies worldwide, from prohibited in certain places to strictly governed in others. Using geolocation services, operators can verify that a player is placing bets from a country that allows for and supports iGaming.
Let’s look at where iGaming stands now and highlight some key venues that provide it.
iGaming’s Current State
Various nations have different schedules for establishing iGaming marketplaces, and countries like Canada and the United States are among the most recent to do so.
When we say “iGaming,” we mean any form of internet gambling, but it doesn’t mean that every jurisdiction allows the same conditions of legal gambling. Unlike mobile sports betting, the introduction of iGaming casinos tends to be both staggered and simultaneous.
For instance, as of 2018, just a few US states allowed legal internet sports betting. In contrast, countries like the United Kingdom have permitted off-course betting since 1960 and revised legislation regulating internet sports betting, casinos, and poker sites as recently as 2005.
Advancements in Technology
Using cutting-edge innovations like VR and AI, iGaming has exploded into a multimillion-dollar industry that never stops innovating. Every improvement contributes to the growth of the market.
What is cloud computing? Operators increasingly turn to cloud computing to handle and retain player data and boost operational efficiency.
The use of augmented reality? Authentic casino sounds and visuals give players the feeling of being immersed in the action.
Improvements in in-game graphics have the same effect of making them more appealing. iGaming follows technological developments closely.
Mobile Gambling’s Evolution
This transformation is integral to shifting from traditional brick-and-mortar casinos to mobile phone-based gambling. The fact that more people than ever before have access to Internet-compatible mobile devices is a critical factor in the business’s success, as is the allure of having a wide selection of games at your fingertips.
Over half of Americans say they couldn’t survive without their phone for more than 24 hours, and the average American spends roughly 2 hours and 54 minutes daily on theirs. Helping to speed up the shift from traditional to mobile gambling. We have a serious problem with our cell phones. In the same vein, betting on them is risky business.
Almost half of all online gamblers use their smartphones, and this percentage is only expected to grow. There is a significant age gap, with 75% of online gamblers between 18 and 34 utilizing mobile devices, but only 14% of those 65 and up doing the same. The research also suggests that people in this age range (i.e., 18-34) who gamble online utilize a greater variety of devices, including laptops and tablets, than gamblers of older ages.
Since the advent of blockchain technology, hosting online competitions and tournaments has become more straightforward. Using blockchain, organizers no longer had to allocate different resources to overseeing team rosters, prize money, and venue logistics.
Blockchain also has the added benefit of providing users with safe financial transactions. Data from any network in which it is installed can be monitored in real-time.
Home Sweet Home
The fact that iGaming can be enjoyed from the comfort of one’s home is unquestionably a contributing cause to its meteoric rise in popularity. Consider that, with today’s technology, you may play virtually any video game wherever and whenever you like. What about playing video games on the way to work? Check. Putting money on the line as you wait for a friend who’s running late? Check.
The recent lockdown experienced during the pandemic must have contributed significantly to the change in outlook. It was only a matter of time until we learned to appreciate the benefits of staying inside our own four walls for entertainment. If you want to gamble, there’s no reason to get dressed up and spend money on a plane ticket to travel to a casino when you can do it right from your living room. I figured as much.
iGaming’s Bright Future
Is it going to shock anyone that iGaming has a more vital future than ever? Given how long we’ve seen it growing, I don’t think anyone has a reason to be skeptical. As an illustration, the sports betting market was worth $72B in 2017 and is expected to reach $140B by 2028, an increase of nearly 10.1%. The scope of this opportunity is vast.
Because of this shift, casinos will feel more pressure to adapt to changing player preferences and adopt new marketing strategies to remain competitive. It’s inevitable that as iGaming grows, a new audience will become interested in it. Even while the older guys are still heavily active in online gambling, younger people are beginning to enter the market.
It will be fascinating to observe how businesses adapt to the changing landscape. It is certain, however, that the next generation of social entertainment platforms will be intensively developed and tailored to match the needs of the next generation while also satisfying the needs of the current age.