The iGaming industry has been creating a storm recently within the gambling industry. For those that do not know what iGaming is, it is essentially a term used to describe all the games and relevant betting opportunities that the online gambling industry brings to your phone, laptop, computer etc. You probably may have played gambling options for years and just never realised that your favourite slot machine games fall under the umbrella term.
If you love online sports betting, you are an iGaming lover too! Speaking of which, there are many examples of online sports betting houses and racing odds predictions that are creating a hype within the online gambling community. You can access sports coverage and betting fixtures from all around the world. The iGaming market also covers fantasy, classical casino games and so much more!
This industry is continuously growing at such a fast rate, so it is a very exciting prospect indeed, to contemplate what more will be released in the nearing future. Due to its great success and rising popularity, with numbers to prove it, many companies worldwide want to get involved, to try and gain a piece of the cake.
What is the History of iGaming?
iGaming was created through the digitalisation and influence that the casino market brought to the industry, upon its evolution into the online world. This strategic technological advancement was the reason as to why iGaming has become so huge-as everyone can access it, no matter where they are. Casino gambling before the online days, was limited to casino locations, events and social parties, when considering the decades and centuries it has been present within our history.
The first online gambling presence was actually in 1994, when the Lichtenstein Lottery was launched. However not many people actually knew of it, due to the poor marketing schemes that existed back in the day. However, it was not until the late 1990’s that online gambling then began to stir a hype and energy within communities. By 1998, the revenue for the yearly iGaming exceeded $830 million dollars across 200 different online platforms.
The gambling market is accessible all around the world, however it actually originates from countries such as Sweden, Malta, UK, Spain and Estonia. These are the locations that have managed to pull the greatest opportunities and pretty much expand globally as the years progressed. However now, almost in all the corners of the globe, you will find online gambling activities being encouraged and brought to light. However, the European industry still turnover the highest profit margins according to many evaluations that are often published across credible sources such as Forbes for example.
The European markets currently hold a 49.2% share in the entire global market, which is more than any other region, so it is predicted that over the years this figure may as well possibly rise even further and create further strongholds in the gambling markets overall. It is only now that sports betting has become legal in regions of the US, whereas the European market holds a highly supreme acceptance across the laws and regulations of online betting. Yet since the regions of the US have passed their legislations for legal online betting, many European gambling strongholds did not wait to enter the markets immediately, such as Playtech for example. This is expected to only create further influence and powers for European iGaming. Apparently with bold actions such as these, Europe will increase at around 10% every single year. So, we definitely will not see a fall in the production of some of the best gambling companies from Europe such as Playtech, Microgaming, Red Tiger Gaming etc.
iGaming threatens Local Casinos
This is not necessarily a true statement. Many players appreciate what both services bring to their life and entertainment. Some of the biggest casinos in the world lie in Europe, amongst other locations i.e. Monaco. The yearly profit that is brought from land based casinos and online speaks volumes for themselves separately. For example, in the UK alone, online gambling brings £7.6 billion alone remotely, the other half of the total 2019 gambling revenue, was £7.4 billion, from the land based casinos. Meaning they both share pretty much the same equal importance.
One thing we will say however, during the pandemic and the closure of land based casinos-online gambling industries really did blossom and surpass their non-remote alternatives. It is expected that online gambling from this year onwards will come out the reigning winner, as all iGaming enthusiasts had was the access via their portable devices and PC’s. Meaning any of the land based casinos that did not cater to an online presence, will have very much suffered this year, that is for sure.
Online gambling is convenient and very practical for players. They can base their routines around what is suitable to their lifestyle. Only have a minute to spare on your commute to work? Get your internet connection on and stream all the online casino games you fancy. It is pretty much at your own convenience. So, land based casinos are not at an end per say, be it definitely comes with more restrictions-there is a time and a place for that. Online gambling can be entertaining, even when you’re in your jammies on the sofa. However, we do expect to see a fall in land based casino presence after the pandemic has settled, as many businesses will find it hard to survive these past few months, without having some form of online access,
The Future for the iGaming Industry
We predict that the industry is only going to grow and get bigger. Especially for the European region. Europe holds the oldest software developers in the world, meaning they always have been one step ahead of the game; and will likely just keep on exponentially growing. Especially as many counties are slowly lowering their strict guidelines and laws which surround gambling. You will see the European markets just swooping in there and making the best out of their confidence and technological revolution!