Right now, gaming is an unstoppable force that is taking the tech sector to whole new levels of expansion and profitability. Currently estimated to be worth over $180 billion, the industry has experienced substantial growth both in terms of its global reach and innovation.
One of the key segments that are playing an important role in elevating gaming to its leading status is the iGaming market. This digital-based segment has undergone a rapid rise in recent years, signaling a new revolution in consumer gaming.
What is iGaming?
Quite simply, the term iGaming refers to digital real money activities. Under the iGaming umbrella, you’ll find online casino games like roulette or blackjack, digital poker, remote and mobile sports betting, as well as lotteries and real-money competitions. More recent innovations like crypto gaming and play-to-earn have also been encompassed within the term.
According to research published on Global News Wire, iGaming is currently worth over $70 billion. In the year 2030, it’s expected to grow by as much as 11.03% (CAGR) to reach a total valuation of $172.23 billion.
iGaming’s Global Reach
While iGaming may seem like a niche gaming segment, it’s actually one of the most popular and has a global reach. In mainland Europe, the industry is fully regulated, meaning that gamers have a wealth of different platforms, gaming apps and digital tournaments in which to play.
In India, remote poker is gaining traction alongside more traditional forms of iGaming like rummy and fantasy sports. Meanwhile, in the US, it’s a market that is rapidly on the rise.
In 2018, the Supreme Court made a landmark ruling to overturn the Professional and Sports Amateur Act (PASPA) 1992, handing the legislation of real money gaming activities back to individual states. Since then, numerous states have joined Nevada, Delaware and New Jersey in offering digital real money gaming within their borders, including Pennsylvania and Michigan.
Tracing the Appeal of iGaming
So what is it about iGaming that has sparked such a mass take-up with consumers?
Card and table games may well be hundreds of years old, but the iGaming sector has modernized these classic games for a digitally-savvy audience. From interactive casino gaming, which links up players with live dealers so they truly feel immersed in the action, to mobile poker, there’s a whole host of diverse gaming experiences available at players’ fingertips.
In some territories, iGaming platforms are outperforming brick-and-mortar venues, in no small part because of the exclusive opportunities in the digital realm. Players can access free online poker games, free slots reel spins and even match bonus offers when joining certain platforms.
Finally, there’s the accessibility element that truly sets digital casino and poker gaming apart from playing in brick-and-mortar venues. Like the wider gaming industry itself, iGaming is a segment that’s open to all types of players, regardless of background or economic status. This makes it appealing to demographics who would otherwise feel uncomfortable in a live venue, as well as those who don’t live within easy reach of casinos or poker rooms.
Furthermore, the always-on nature of iGaming makes it something that players can conveniently fit into their schedules rather than being bound by set opening and closing times.