What Is The IGaming Industry?
Along with metaverse, non-fungible token (NFT), and web3, iGaming is one of the tech buzzwords you need to know in 2022. Interest in the term iGaming has increased over time on search engines like Google, and renowned media outlets like Bloomberg, Forbes, and BBC have all covered the subject. But what is iGaming? Even if you know certain aspects, the industry has many layers worth exploring. That’s what we will look at today.
What Is iGaming?
iGaming is an innovative industry that includes activities like online casino gambling and sports betting. The term was coined in the early 2000s at the start of the online gambling boom. Now, industry experts predict the market will be worth more than $70 billion per year by next year. The first iGaming website launched in the early 1990s, and the industry surpassed $2 billion in revenue for the first time in 2000.
How Is The Market Segmented?
Today, the iGaming market is segmented by game types, such as bingo, poker, and slots. Some game types are for entertainment purposes only, while others are played for real money. For example, you can play slot games for real cash like jackpot slots, which sees every player’s bet added to a communal prize pool that one individual wins at the end of the game.
In some instances, these games pay out prizes worth around £/€1,000,000. The iGaming market also offers real money video slot games, which use central stories from popular culture and animation to bring the games to life.
Likewise, the iGaming market is segmented by device, such as mobile, tablet, and desktop. Even though the desktop market is the largest iGaming segment, accounting for nearly 70% of the total in 2020, industry experts are forecasting the mobile segment will grow during 2020-2025. That is because mobile phones have easier-to-navigate user interfaces and reduced lag times. The latter has been a direct result of the global adoption of 5G technology.
Current And Future iGaming Trends
One of the most important things a business can do is continue growing and expanding its products and services, even if the company is already profitable. The iGaming industry understands this well; even though the market has seen incredible success in the United Kingdom and the United States, iGaming operators are getting increasingly creative to beat the competition in the space.
For example, that’s why we’re seeing more casino operators starting to adopt other developing technologies, such as cryptocurrencies like Bitcoin and Ethereum. Some online casinos have even started offering their customers blockchain-based NFT prizes.
It’s for these same reasons online payment systems like PayPal have become staples in the iGaming market. By offering digital wallets, the iGaming market is demonstrating to its target audience that it is keeping up-to-date with emerging trends and developing technologies, and that there is something for every type of gambler, from traditional to modern.
What’s more, digital wallet usage worldwide is only going to increase in the coming years, so the iGaming market was smart to adopt the technology early on.
Going forward, the presence of iGaming in popular culture will increase. This growth will be propelled by several factors, including the growing adoption of smartphones worldwide and the increasing popularity of digital payments.
iGaming is one of the hottest buzzwords of 2022; the market has many different things to offer, from game types to the developing technologies included in these games, such as cryptocurrencies and blockchain. If you don’t already know about the online gambling space, now is the time to start learning more about iGaming. The industry isn’t going anywhere for a long time.