What is iGaming exactly, and how is it set to achieve new heights?

What is iGaming exactly, and how is it set to achieve new heights?

IGaming is a rapidly growing industry that has taken the World by storm. Despite facing the wrath of various governmental authorities across the World, iGaming or Internet Gaming continues to grow at an awe-inspiring rate.

According to Fortune Business Insights, the online gaming market is projected to grow from USD 74.17 billion in 2021 to USD 158.20 billion in 2028 at a CAGR of 11.4%. The fast-paced technological advancements that have given it a new lease of life are largely to thank for iGaming’s exponential growth.

What is iGaming, Exactly?

It’s the humongous World of online gaming where you could either play a game or bet on the outcome of events via the internet. iGaming or Internet Gaming includes a large selection of casino games, poker, bingo, and sports betting. But here’s a fun fact: the majority of revenue in this industry is generated by casino games and sports betting.

iGaming is far more convenient than popular in-person wagering and brick-mortar casinos. As a result, the market for iGaming continues to flourish as far as mobile connectivity escalates around the World.

Furthermore, the legalization of sports betting in Countries such as the United States, the UK and Australia has substantially boosted the existing iGaming industry.

How big is the online gambling industry?

Gambling has roots since the beginning of human history; if you look back in history, you will see there hasn’t been a time when people didn’t gather to wager on different events — no matter how far you go.

This implies that humans have always loved to gamble, making gambling one of the oldest industries. Today most of the revenue in this industry comes from online players. Thanks to igaming platforms, gaming and betting lovers can dive into any game of their choice at the comfort of their couch.

In 2021 the Global Gambling market size was valued at $57.54 billion, which is expected to grow at a compound annual growth rate (CAGR) of 11.7% from 2022 to 2030.

The global reach of the gambling industry is truly staggering, with popular destinations like Las Vegas, Macau, and Monte Carlo attracting millions of visitors each year. Whether playing the slots, placing a bet on the Super Bowl, or buying a lottery ticket, there’s no shortage of ways to gamble. With such a broad reach and immense size, it’s no wonder that the gambling industry is one of the most important industries in the World today.

The Rise of Blockchain Technology

The iGaming market has been snowballing in recent years, and Blockchain technology is starting to play a role in this sector. While many people think of Blockchain mainly in terms of cryptocurrencies like Bitcoin, the truth is that this technology has a lot of potential applications in the iGaming world. 

Blockchain-based iGaming platforms offer enhanced transparency and security, which are critical to maintaining player trust. With Blockchain, all iGaming transactions are recorded in a public ledger accessible to all platform users. This not only allows players to verify that they are receiving their winnings on time, but it also helps to prevent fraud and other forms of cheating.

Above everything else, Blockchain eliminates the need for a trusted third party(escrow service)for processing bets or iGaming transactions. As a result, most iGaming companies are incorporating Blockchain technology.

Factors hindering the growth of the iGaming industry

While online gambling is enjoying a boom in popularity, several factors are hindering the industry’s growth. One major obstacle is the lack of regulation in many countries. There are no clear guidelines governing how online gambling operations should run, making it difficult for companies to operate legally and safely. 

Additionally, online gambling is often associated with crime and addiction, making it unpopular with politicians and the general public. As a result, the iGaming industry is growing only slowly despite its increasing popularity.

Top iGaming Software Providers

It is obvious that World-Class software and tech companies are the main reason behind the leading online casino revolution. These giant companies operate behind the scenes to provide gamers with an immersive and seamless gambling experience.

In addition to providing software services, they also help iGaming businesses with services such as iGaming licensing and payment processing. By working with top software-providing companies, iGaming businesses can ensure that they comply with all relevant regulations and offer players a safe and secure experience.

Gaming Godfather licensing helps casino operators obtain gaming licenses from leading gambling authorities for remote gambling. The process takes about 5-8 weeks depending on the gaming license you choose. With Gaming Godfather’s cost-effective licensing service, you can run a successful casino business and reassure players that they are in a safe, secure and fair gambling environment.

Check it out here – https://gaminggodfather.com/licensing/

Future of iGaming: Bright or Dusky

Just ask yourself. Would you like to travel to a distant casino on a rainy day(even on a typical day for that matter)to play slots, or would you prefer playing it from the comfort of your home while sipping your favourite banana shake?

Gone are the days when you spent hours at a betting shop filling slips among a bunch of depressed people. Say goodbye to those nasty old memories. Now iGaming has your back, and the inevitable truth is that it will only become better with time. 

As more and more countries realize that there is both audience and financial incentive when adopting iGaming, laws are getting relaxed.

And as far as safety and security are concerned, Blockchain seems to be a competent player in managing it.