Diving into the iGaming Industry: The Newest Developments
iGaming has revolutionized traditional gambling through the integration of advanced technologies, positioning itself as a core segment in the online entertainment industry.
- The pace at which iGaming has grown has been staggering, with revenues booming in parallel with the increased mainstream adoption of digital entertainment sectors.
- Much more than simply being a digital gaming genre, iGaming is a standalone industry that incorporates a spectrum of real money gaming and wagering activities.
- iGaming operators are the brands and companies that supply accessible iGaming experiences via innovative gaming platform websites and mobile apps.
- iGaming set to continue its ascent in the coming years — particularly as new gaming trends like blockchain and cryptocurrency.
For several years now, the global iGaming industry has been on the rise. This innovative digital gaming market has revolutionized traditional gambling through the integration of advanced technologies, positioning itself as a core segment in the online entertainment industry.
Encompassing a wide variety of gaming formats, the sector has attracted a lot of interest from investors and entrepreneurs over the past decade or so, particularly as more iGaming markets have been established across the globe.
The pace at which iGaming has grown has been staggering, with revenues booming in parallel with the increased mainstream adoption of digital entertainment sectors. According to Statista, by the end of this year alone the market will be worth $95.05 billion, with projections from Grand View Research estimating annual revenues to increase to as much as $153.57 billion by 2030.
What is iGaming?
Much more than simply being a digital gaming genre, iGaming is a standalone industry that incorporates a spectrum of real money gaming and wagering activities.
The increased availability of the internet and the rise of online gaming since the year 2000 propelled the industry towards stellar growth, causing a significant shift in the popularity and accessibility of real money gaming in the process. The core sectors that underpin the industry are:
- Online Casino — Digital versions of traditional card and table games like roulette and blackjack, as well as electronic slots.
- Online Poker — Variants like Texas Hold ‘em are iGaming staples, with many cash games and online tournaments being widely available.
- Sports Betting — The digital betting sector includes everything from traditional sports betting to innovative new markets like eSports betting.
- Lotteries & Competitions.
The development and the current state of iGaming
The industry itself forms a vast ecosystem of software developers, operators, and licensing authorities. Developers running in the sector have pioneered the creation of cutting-edge gaming experiences that deliver maximum immersion and engagement for players.
iGaming operators are the brands and companies that supply accessible iGaming experiences via innovative gaming platform websites and mobile apps. Meanwhile, to follow operational legislation, iGaming operators need to be licensed and approved by a recognized gambling authority.
All of this may be a somewhat complicated process, but overall it is all in the service of providing the most engaging experience for the customer. The gambling industry has long established its roots in the entertainment market, and as mentioned that is largely due to the ecosystem having an emphasis on the software, as well as the overall technological shifts and developments in the world.
Pioneering digital casino platforms
The introduction of online platforms is the example that immediately comes to mind. While not quite having the atmosphere of a physical establishment, having some of the most iconic casino games, whether that is slots, poker, blackjack, or whatever else it may be, constantly available in a player’s pocket is highly convenient.
What is interesting when observing the development of the market is the fact that instead of constantly coming up with new ideas, the iGaming industry often enhances already existing and already beloved/well-established ones, bolstering their quality even higher. Slot machines are a perfect example of this.
Slots started in a very limited, mechanical form, and have progressed into the state we see today, with significantly more outcomes, scaled up to much higher rewards, alongside the inclusion of various themes and other unique aspects. Nowadays, slots are available to play for real money on platforms like Cafe Casino, featuring exciting bonus rounds and free spins that grant the player bigger chances to win. This opens up the realm of digital gambling to everyone with access to the internet, as casino platforms operate 24/7 in the online world.
The only concern around slots may be that some of the experience may be location-gated, as online games in the U.S. may look slightly different from other corners of the world, for example.
This applies to all other games as well, though it is a small concern, as generally, a player will always have access to their specific favorite game in the absolute prime format.
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Entering the iGaming industry
With iGaming set to continue its ascent in the coming years — particularly as new gaming trends like blockchain and cryptocurrency continue to grow, and legislation expands throughout the US — it’s certainly an attractive time to enter the industry.
Compared to other gaming markets, there are fewer barriers to entry in digital gambling, but entrepreneurs can still make mistakes that lead to complex problems down the line. Forgoing proper market research and underestimating the financial requirements of launching and running an iGaming business are two such examples.
Moreover, the importance of operating licensed platforms cannot be overstated enough. Next to selecting a software provider/s to work with, it’s the second biggest decision that any entrepreneur looking to launch an online casino or digital poker platform can make.
Licenses are often categorized as internal (which allows operators to function within the geographical boundaries of a specific territory) and international or off-shore.
Internally-regulated territories include the UK, Portugal, Spain, Estonia, and individual US states such as New Jersey and Pennsylvania, so any operator looking to launch in these countries will need to be licensed by the relevant gaming authority.
Licenses awarded by international jurisdictions, on the other hand, allow operators to run offshore platforms throughout multiple territories, provided online gambling is legal within those territories. The more reputable jurisdictions to operate from are Malta, Isle of Man, Antigua and Barbuda, Montenegro, and Curaçao.
Entering the industry can be a strategic move for any entrepreneur looking to capitalize on the dynamic and rapidly shifting trends in online gaming. However, success in the market requires a comprehensive understanding not just of user behaviors and tech trends, but also of iGaming’s global regulatory frameworks.
