It’s no small understatement to say just how much the digital world has developed over the past few decades. Virtually every service you could need is available online or at least remotely, and thousands of businesses have sprung up.
One area that’s grown to massive proportions in a very short space of time is iGaming or the world of online betting as a whole. Online casinos are currently experiencing huge growth, and there are a wide range of factors behind it.
How Exactly does iGaming Work?
The business model of iGaming is pretty much exactly that of a land-based casino, except everything is handled completely digitally. The industry is also more diverse than a standard casino. On the Paddy Power site, for instance, players can access slots, live casino games, and table games, as well as play Paddy’s bingo online, alongside their more well-known sports betting features.
Of course, not every casino has that full range of features, and some specialize in slot games or table games more than others. All of them however will accept a range of digital payment options, and many now accept various forms of cryptocurrency as well.
The numbers are not really comparable to offline casinos, but the growth is much higher. The industry is expected to increase by nearly $50 billion in the space of 5 years, and other estimates put it at a 10% year-on-year increase all the way through until 2030.
The Rise of Technology
The integration of cryptocurrency – in some cases the sole means of deposits and withdrawals for a casino – has been rapid for iGaming, and continues to increase. 2022 has seen crypto gambling more than double, and that’s far from the only technology that the industry has started working with.
Aside from the high-end encryption security used as standard, and the extensive list of payment systems involved, the developers behind the casino games themselves are putting a great amount of investment into newer technologies like Virtual Reality and Augmented Reality. These have already been incorporated into a number of titles by live game developer Evolution and it wouldn’t be surprising to see other developers jump on board with this.
Global Factors
Technology has helped out the iGaming industry externally as well. Every year, 4G and 5G networks spread further across the world, reaching even developing regions such as South America and South-East Asia. This has also been combined with a rapid uptake of smartphones, making mobile gaming the go-to in many parts of the world.
This has opened up markets that had never been open before, bringing in millions of potential customers. Even local casinos are appearing to handle these new markets.
Future Growth
There are still a huge number of directions for iGaming to grow into, although given the lean towards interactive technology, it’s likely that projects such as the Metaverse will be targets for expansion. If the major companies manage to set up entirely virtual casinos, it’ll open up even wider markets and revenue streams.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
