The iGaming industry has saturated to the point where it now has a massive global reach. Already an incredibly popular industry in established markets like Europe and Asia, recent online gaming legislation changes in the US have enabled more jurisdictions to regulate the practice, spearheading further growth and expansion.
With such a massive reach, it’s expected that the value of the iGaming industry could well hit $200 billion before the end of the current decade. Given that the rate of growth sped up exponentially during 2020, this number could even be achieved within just five years.
With online gambling now outperforming brick and mortar casinos across the world, what is driving the success of the iGaming industry?
Variety and Accessibility
The term iGaming refers to a wide spectrum of online gambling activities, including casino gaming, poker, sports betting, lotteries, and, more recently, fantasy sports. It’s a multi-spectrum industry, meaning that there’s scope within it for a wide range of different consumer experiences.
Gamers flock to casino platforms or poker rooms, for example, because of the sheer array of games to play and ways to play them. Modern platforms offer hundreds of themed games, which are ever-increasing.
Gamers can choose to engage with live dealer games, which bring elements of real-time gaming to the virtual screen, compete in online poker tournaments, place a bet on an international sporting event at a time that suits them, or even do all the above from the convenience of their smartphone.
The introduction of advanced gaming technology like Virtual Reality, meanwhile, is pointing towards a future for the industry that will offer unparalleled gaming experiences, which could soon eradicate the need for brick-and-mortar casinos. And unlike a traditional casino or poker room, online platforms are accessible every hour of the day, 365 days a week, and live gambling venues could soon be in trouble.
Value for Money and Security
In this over-saturated industry, the best online casinos are having to differentiate themselves from their competitors by running strategic bonuses and promotions, that, in turn, generate value for money for consumers. Generous sign-up bonuses reward gamers with the opportunity to double, or sometimes triple their initial deposit, while daily offers and promotions provide ongoing savings on key games or verticals.
Online gaming platforms are also secure. Operators invest huge amounts into improving the security of their platforms, integrating the latest proven methods of cybersecurity including Transport Layer Security, RSA Tokens, 2-Step Verification, and extensive Know Your Customer processes.
To be granted a gaming license and for it to be renewed on an annual basis, iGaming providers have to prove that the outcomes of their entire portfolios of games are completely random. In the consumer’s mind, this creates a sense of trustworthiness that isn’t always achievable in a brick-and-mortar casino, where human error could result in unfortunate losses.
Whether it’s providing an introduction to real money gaming for curious consumers, or a full-scale multi-sensory experience for dedicated gamers, iGaming remains at the forefront of innovation. This is perhaps the biggest driver behind its phenomenal global uptake.