iGaming is a massive industry, but what does it mean? Simply put, it is the word given to betting on the outcome of online games and/or playing games online, whether it be a video game or an online slot. With land casinos and betting shops being closed for the past year and a half, people have moved to their online devices to get their fill of gambling. Sports and online betting go hand in hand, but there are still issues when it comes to legality, which is why the market hasn’t boomed as fast as it could have. Below, we will look at where the iGaming market is and where it is set to go.
The iGaming industry has grown tremendously over the last 6 years, with predictions from TRM suggesting that the global worth of iGaming will rocket to around 100 billion USD by 2024. These are enormous figures, but why is there such rapid growth in the sector?
As mentioned previously, the world of land casinos was shut down along with the rest of the world over the past year and a half. With that, businesses have had to adapt to the remote demand of the customer. So, casino businesses pushed their online platforms and now offer everyone’s favourite slot games, live casino games, and even cover eSports. The need to provide online gaming has been well-received by punters, and it’s unclear to see whether there will be a true return to the land casino.
One reason for the boom in iGaming worth is the advancement in technology. With the wide accessibility to smartphones, people from all around the world can access games online for next to no money. Other technological advancements, like VR headsets, also tip the scales in favour of growth – with people being able to fully submerge themselves into the world of a made-up casino.
With the opening of the world, physical sports betting has grown immensely – which has also boosted the iGaming industry. With the world of sports showing no signs of slowing down, it will only take the iGaming world along for the ride.
The Popularity of eSports
eSports competitions are hugely popular in 2021, with professional gamers thriving in the rise of a remote world. The attractiveness of eSports within the gaming community and wider is largely thanks to being able to try their hand at their favourite eSports. If you like any game, whether that be sports-related or not, there will be a competition for it that you can cast your bets on.
Game developers are constantly coming up with innovative ways to push their games online and make their offerings attractive. New technology will assist the rise of iGaming, as will the popularity of eSports. Some people have a lot more money than they did at the beginning of the pandemic, and if you tie this in with a pent-up need to gamble, you’ve got the perfect storm.
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