In the past two decades since online casino and wagering activities first launched into the mainstream market, the industry has undergone quite a transformation. The key areas of iGaming such as online casinos, poker and sports betting have enjoyed major growth. In 2020, the industry was worth $66.72 but within months it had already exceeded $72 billion in value.
According to Grand View Research, iGaming is actually well on the way to being worth a substantial $153.6 billion by the end of 2030. With such phenomenal growth on the cards, let’s take a look at the key developments that are making this possible.
iGaming hits the US
iGaming is a global industry and has established a solid market across Europe and Asia since its early days. During the last few years of the 2010s, however, it broke into the US market following a landmark reversal of the Professional and Amateur Sports Protection Act of 1992.
In 2018, the Supreme Court overturned PASPA and granted individual states the ability to legislate and regulate online real money activities within their borders. Prior to this, online gaming activities were only available to players resident in Nevada so the new ruling allowed powerhouse states like New Jersey, Delaware and Pennsylvania to enter the market.
Since then, a total of 27 states have introduced some form of online gambling – whether online casino gaming, poker, sports betting, lotteries and competitions or a combination. Additionally, a further four states including California are in the process of passing bills.
What’s Behind the Popularity of iGaming?
The ever-evolving nature of iGaming means that it attracts a massive audience base that dwarfs that of traditional gaming venues. While brick and mortar casinos can only offer a limited number of games to consumers, in the digital realm there’s an almost unlimited supply.
Take the casino gaming segment, for example, there are hundreds of online slots games that can be played in remote gaming platforms and mobile apps. This not only gives dedicated real money gaming fans a new opportunity in which to play, but it also makes the segment attractive to consumers who would otherwise feel alienated in traditional gaming environments.
The convenience aspect of iGaming also makes it more favourable among its global audience. Being able to access a range of different platforms, offering not just a variety of games but also seemingly unlimited betting markets, 24/7, 365 days a year is far more convenient for today’s time-pressed gamers and punters.
To consumers, iGaming is a hugely popular form of entertainment. To budding poker pros, it’s a viable career development opportunity. However, the industry is much more than that – it’s a vital market in the global tech industry.
iGaming has a strong connection to innovation and the development of new technology. Companies in the market were among the first to implement 3D graphics and advanced technology like virtual reality into their games and activities. Moving forward, the market is playing a big role as a driver in the growth of cryptocurrencies, thanks to NFT gaming innovations.