If you’ve ever logged in to an online casino or tried your hand at sports betting, you’ve had a taste of iGaming. Unless you’ve been hibernating for the last decade, you’ve definitely heard of, or perhaps even had some experience with, iGaming. You’ve probably seen the promotions and offers from a wide range of online casinos and sportsbooks that attempt to enhance the casino experience.
Indeed, access to the immense world of iGaming has never been easier, thanks to advanced software technologies. The industry rakes in billions of dollars each year, reflecting its demand and popularity. But what’s the reason behind the prominence of this industry? What exactly has led it to develop and grow in such a tremendous way? Let’s delve into these questions.
The iGaming industry is booming in 2023
To give you a clearer picture of the magnitude of the iGaming industry, let’s turn our attention to some data. In 2022, the industry was valued at a whopping figure in excess of $65 billion, with impressive payouts and lucrative offers that have attracted a large number of users. Expected to demonstrate an astounding growth rate of around 11% per year, this sector is projected to more than double its current worth by 2030, reaching $150 billion!
If you compare this with the video gaming industry, valued at around $220 billion as of 2022, the popularity of iGaming comes into perspective. Just consider the number of people who are immersed in video games and own gaming consoles! As more and more countries and US states revise their gambling laws, we can anticipate the already narrow gap to shrink further.
Moving on, these statistics and numbers, although staggering and indicative of projected growth, do not reveal the complete picture. Why has the industry progressed in this manner? One of the key contributing factors is undoubtedly the advent of the internet in the 90s, which opened up the way for the development of online gambling sites, offering individuals unrestricted access to the gambling experience whenever they wanted.
Looking back at my previous gaming experiences on consoles like the Atari and Mega Drive, the advancement in gaming technology becomes starkly visible. Today, top-tier online casinos host hundreds of high-quality games, significantly enhancing the gambling experience for users.
One crucial aspect that all of these platforms have in common is the superior quality of their games. Everything from graphics and bonus features to audio and animations has seen a marked improvement. Modern casino games are on par with video games, delivering a delightful casino experience. Additionally, live dealer games, which once seemed impossible due to unstable and slow internet connections, have now become a reality.
Why has iGaming exploded in popularity?
Another significant driver of this industry’s growth is the advent of online payments. Today, online casinos and sportsbooks support a myriad of payment methods, making them more accessible than ever before. Most casinos offer multiple banking options, including debit cards, credit cards, e-wallets and even cryptocurrency, making both deposits and withdrawals incredibly convenient for users.
Thanks to improvements in payment methods and software, anyone can swiftly register at an iGaming platform, deposit money via various banking options and start their gambling experience within minutes, enjoying a host of offers and promotions designed to enhance their gambling experience.
Without a doubt, the biggest factor in the iGaming boom is the proliferation of smartphones. These powerful devices, such as the Samsung Galaxy Ultra S23 and iPhone 14, enhance the overall user experience by providing seamless access to high-definition casino games, with ease.
Developments in gaming technology
With larger screens, incredible 4G and 5G connectivity, and robust smartphone security, the iGaming industry has leveraged the smartphone trend to its maximum benefit.
There’s no denying the fact that many people have historically been skeptical of online gambling, mainly due to security and data protection concerns. However, today’s iGaming platforms employ top-notch encryption and data protection measures, giving assurance to users and encouraging even the most doubting individuals to download casino apps and start playing!
The iGaming industry’s continued success can be primarily attributed to a plethora of technological innovations. Online casinos and sportsbooks have swiftly adopted these innovations and adapted to changing gambling habits, which has propelled its rapid growth.
As it stands, the relevance of iGaming remains unchallenged, which is evident from the industry’s considerable income and the ever-growing number of online casinos and sportsbooks to choose from. You can find lists of online casinos at sites like https://www.canadiancasino.org/casinos/ and you will notice a trend – all these platforms have hundreds of high quality games.
Improvements in payment gateways
The advent of online payments and the excellent support for different payment types are undoubtedly factors too. Simply put, online casinos and sportsbooks are more accessible than ever – regardless of who you bank with or how you make transactions.
Most casinos support multiple payment gateways and methods like debit cards, credit cards, e-wallets and even cryptocurrency. In years past, transactions were slow and you even had to use methods like pay-by-phone, which was incredibly tedious and prone to issues.
Today, anyone can easily register on an iGaming platform, deposit money and start gaming within a few minutes.
The rise of the smartphone
The biggest factor for the iGaming boom is definitely the smartphone. Today, the majority of online gambling is done via smartphones, and devices like the Samsung Galaxy Ultra S23 and iPhone 14 are immensely powerful and easily capable of running the best casino games.
The latest devices also have much bigger screens, stable 4G and 5G connectivity and brilliant smartphone security. The iGaming industry has jumped on this trend and has harnessed the power of smartphone gaming.
Improvements in user safety and protection
Many people have been cautious of using the internet and online gambling because of security and data protection issues. However, today’s iGaming platforms are incredibly safe and use the latest encryption and data protection measures – unlike Google, which has had privacy concerns in the past. This eases people’s minds and means that those who may once have been doubtful are now downloading casino apps and playing!
iGaming is here to stay, and it should only increase in popularity
As you can see, various technological innovations have led to the continued success of the iGaming industry. Online casinos and sportsbooks have been quick to adapt as people’s gambling habits have changed, including the utilization of smartphones and next-gen games with incredible graphics.
iGaming continues to stay relevant, and it is easy to understand why the industry generates so much income and why there are so many online casinos and sportsbooks to choose from.