In 2019, the online gambling market was valued at roughly $53.7bn worldwide and has only continued to grow since then. Industry experts predict that the upward trend is set to continue over the next few years.
Online gambling – also known as iGaming – refers to several different practices, mainly including sports betting and playing online casino games. These forms of betting were, initially, land-based and only possible in-person, but innovations in technology have helped move them into the digital realm.
Now, customers can access all the betting features they’ve come to expect without even leaving their own home. But what does the future hold for iGaming?
Why is iGaming so popular?
iGaming is accessible on any device that has an internet connection, be it a laptop computer or a smartphone. Bettors can play on the go if they so wish, with most iGaming vendors having their own smartphone apps or at the very least mobile-optimized websites.
This is a huge part of why iGaming has seen such a meteoric rise in recent years. It’s also incredibly easy for users – provided they are of age – to sign up and get involved, and they can play virtually whenever and wherever it suits them.
New technology also allows online games to move beyond their land-based counterparts. Mini-games, interactive features and even social functionality make them, arguably, a much more engaging way of gambling.
As these games exist in a virtual space, they can also be easily adapted and improved. New features are often introduced, and many online casino games follow popular trends or have direct tie-ins to movies and television shows.
This only adds to their appeal and speaks to an aspect of iGaming that is likely to give it serious longevity – adaptability.
Online vs land-based
Online suppliers do not face the same hurdles as land-based ones when it comes to making changes; they don’t need to install new machines or teach staff new practices. Instead, they just need to use their CMS (content management system) to make tweaks and changes.
Further still, it’s easier to introduce new games to online offerings; they don’t need to make physical space for them, and the process of installing this new game into their system is usually a relatively simple one.
iGaming is also a very safe and secure way of gambling; suppliers have robust security systems to protect their customers’ money and personal details. In locations where online gambling is legal, providers usually have to adhere to strict regulations and measures in order to be licensed.
Gambling laws in the US
The iGaming industry saw a significant boost in 2018 when a landmark Supreme Court ruling in the U.S. legalized sports betting across the country. Though some states still outlaw iGaming, many others have embraced it and it is now a booming industry in the U.S.
While this U.S. market is still finding its feet, it has sought the help of UK and European suppliers which have much more experience in the industry. Leading UK suppliers now have branches in the U.S. and it’s likely that major American bookmakers will begin to splinter off on their own more.
Sports betting has been revolutionized by iGaming, with bettors now able to access and monitor the most up-to-date odds, which can change by the second. Live betting is now much easier, as is cashing out bets in-game.
It’s also easier for iGaming suppliers to offer bonuses and promotions, making the experience more enjoyable and rewarding for users.
The future of iGaming
In terms of where the industry goes from here as we take the first tentative steps into 2022, much seems to depend on technology. Some believe that virtual and augmented reality will play a bigger part in iGaming this year, with gaming vendors testing out this tech to see how they can implement it.
Users could use a virtual reality headset and play casino games as if on a real-life gambling floor, for example, with a dealer and virtual cards in front of them. This would make the experience so much more immersive but still wouldn’t require customers to travel anywhere.
Cryptocurrency and the blockchain on which it exists is also creeping into the iGaming world, too. More suppliers now accept cryptocurrency as a form of payment, and the technology of blockchain could even be used to make iGaming systems even more secure than they already are.
The blockchain is a decentralized series of computers that work to log and authenticate transactions; this could be used for iGaming purposes so that user’s transactions are safe. Once something is logged on the blockchain, it can’t be tampered with.
This could have huge ramifications for iGaming, particularly in the U.S. As mentioned, some states are still hesitant to legalize online gambling, in part due to concerns around security.
If blockchain technology were to become widely used among iGaming suppliers, this could be a development that leads to more states and territories legalizing it, thus growing the industry further.
In conclusion
iGaming has seen staggering levels of growth over the past few years. Developments in technology and legislation have made it more accessible and secure than ever, with providers constantly seeking out new ways to innovate and improve their services. That trend looks set to continue this year and we could also see further use of exciting technologies like virtual reality and the blockchain.