What does the future hold for the iGaming industry?

If history tells us anything, it is that the iGaming industry will continue to grow in remarkable fashion. We have seen this sector increase in market value from approximately $70 billion in 2022 to $85.62 billion in 2023 and $97 billion in 2024. It is projected to reach $125.6 billion by 2027. This article looks at some of the factors that have been responsible for this growth, and what we should expect in the coming years.

What is iGaming? 

The term 'iGaming' was first created in 1994 when the first online betting took place. Everything done online back then had the letter ‘i’ in front to show it was on the internet. This means the word refers to online gambling and betting activities done over the internet. The term combines internet and gaming to describe the digital version of traditional gambling and casino activities.

This umbrella term covers several types of online games, including:

Casino games: Digital versions of typical casino games like slots and blackjack that can be played on websites or mobile apps.

Sports betting: Online platforms where users can place bets on sports such as basketball.

Lottery and bingo: Digital versions of traditional lottery games and bingo.

Why the iGaming industry has grown in the past years

There are several reasons why the internet version of online gambling has grown in recent years:

Huge selection

Real-world casinos have been around for a long time – the very first casino opened its doors way back in 1638. The interesting thing is that it has taken its digital counterpart only a few years to catch up. Part of the reason is that iGaming websites are not limited by space in the same way that traditional casinos are.

A real-world casino might offer a single version of poker or roulette, but an online casino can provide players with all the most popular variants. We see this in the range of different slot games available, which is much more expansive than what you would find in a brick-and-mortar establishment. There are also new types of games such as the Aviator game, which is an entirely new type of game that could not have existed in the pre-tech era. These games do not replace the traditional ones but simply add to the selection of games on offer.

User experience

As with most digital offerings, consumers expect a good user experience when they use an iGaming website. In fact, failure to provide that experience was probably why the earliest versions of iGaming products did not grab the public's attention. Today, the leading websites have an interface that is as good as anything you will find on the internet. Some of the most creative and talented web and game developers work in this sector, and that is reflected in the all-around quality of the websites. When a platform has great design and high security credentials, user adoption becomes much more likely, and that is just what we have seen in the iGaming industry.

Convenience

The industry has worked hard to make its services as accessible and stress-free as possible. Good examples are the range of payment options available and how easy it is to get in touch with customer service if players have an issue.

Widespread adoption

The increasing number of customers has led to reassurance that there is a market for these types of products, which in turn has led to greater investment in the services being provided.

This positive journey has not come to an end, either. Today, industry players are working on providing even better experiences, ensuring that the future of the industry will be even brighter than it is today.

Review websites

Review websites such as https://iknf.se/casino/hur-hjalper-casinospesialisten-net-dig-att-hitta-de-basta-onlinecasinona/ have made it easy for players to find the best online casinos. These platforms provide detailed information about different casino sites and their features, which allows players to make knowledgeable decisions before choosing where to play online.

Mobile gambling

Another reason for the growth in iGaming is its adaptation to fit mobile gaming. Most people spend a huge chunk of their day surfing via their phones, making it effortless to access betting platforms. People can now enjoy their favorite casino games while commuting or relaxing at home.

What to expect in the future

We expect to see a number of things unfold in the next decade, including:

More growth

There will be continued growth in the iGaming industry over the next few years. More relaxed regulations in various countries will open up new markets and opportunities. This regulatory change will allow more operators to enter the market legally. 

Use of AI, AR and VR

We expect to see more players using artificial intelligence, augmented reality and virtual reality in their gaming experience, especially for live casino games. AI will help create more personalized gaming experiences and better customer service. AR and VR technologies will make online games feel more realistic. 

More sophisticated games

Gaming technology is improving every day, which will lead to more advanced games. These improvements will keep players more engaged and entertained for longer periods. 

Social gaming and online communities

People want to interact and connect with others while playing online games. Social features like chat rooms, tournaments and community events will become more popular. This will lead to more players sharing their wins and competing with friends and other players. 

Blockchain and crypto

Digital money feels like the future of everything, and the iGaming industry is no exception. Most industries now use blockchain technology and cryptocurrencies such as Bitcoin for various purposes. We expect wider adoption of crypto payments and blockchain solutions in online gambling. These technologies offer better security, faster transactions and greater transparency for both players and operators.

The road ahead for iGaming

The iGaming industry stands at an exciting crossroads, where rapid growth meets innovation. The journey from a $70 billion market in 2022 to a projected $125.6 billion by 2027 tells the story of an industry that has successfully adapted to changing consumer needs and technological advances. Looking forward, the industry shows no signs of slowing down. The future looks bright, with promising developments that will benefit operators and players alike.