The iGaming industry is one of the biggest in the world at the moment, and it is hardly a surprise given the value that the total market is supposedly worth.
According to figures to have been collected, it is understood that the iGaming market is anticipated to be valued at more than 92.9 billion U.S. dollars in 2023, with the current size of the market understood to be almost 59 billion U.S. dollars, as of the end of 2021.
Indeed, it is quite easy to understand why there are forecasts that will suggest that the online gambling industry will continue to increase, especially with a number of factors at play. As a result of the factors that will be explained below, it becomes evident why so much money is being driven to the iGaming operators.
Adoption of online gambling
The adoption of online gambling has simply begun to explode in recent years due to a variety of different aspects. However, perhaps one of the biggest reasons why this has happened was due to the legalization of certain wagering activities.
Although places such as the United Kingdom and New Zealand, where players are able to enjoy the best casino games at Dunder, have a rather rich history when it comes to gambling, there are countries that have started to introduce regulations and legislation that permits iGaming activities within their borders.
The United States of America and Canada are amongst those that have started to regulate online wagering, thus causing the entire iGaming industry to expand in an exponential way and at a rate of pace that many other market sectors in the world will have found impossible to keep up with.
Indeed, with these services becoming available, punters are also finding that they are more convenient and accessible than the traditional physical brick-and-mortar venues that many may have been accustomed to using in the past, which is another potential reason why the money has been driven to iGaming operators.
The explosion of Sports Betting
Of course, the new laws within certain countries/states where iGaming activities have since been permitted also attain to those that were created for sports betting, thus seeing this particular activity also experience a surge of interest and an explosion in popularity.
Bettors in America are being provided with the opportunity to place wagers online on their favorite sports and teams/players for the very first time in recent years, and given how passionate the country is regarding sports activities, it is hardly a surprise to see this play a huge role in making money be driven to iGaming operators.
Perhaps the last of the major reasons – and arguably the overriding factor – is the fact that technology has made the iGaming industry more appealing to players than the traditional casino sector.
As mentioned, access and convenience have both been improved as players can play their favorite games whenever they want via the use of their preferred device, however online operators are also now able to provide them with a range of other technological benefits that physical establishments cannot always provide.
Virtual platforms provide punters with a range of choices that is unrivaled, thus allowing bettors to have an incredible range of titles to play all in one place, whilst they are also provided titles that feature technological advancements such as Virtual Reality and Augmented Reality and even innovative features such as new mechanics.
Furthermore, it could be argued that the ability to use cashless payments has helped to drive the money to iGaming operators, too. Many are using e-wallets, or even cryptocurrency, as a form of payment to enjoy the games they wish to play, whereas this is not possible at a traditional brick-and-mortar venue.