Everything You Need To Know About iGaming

Explore the meaning, types, current regulations, and future of the iGaming industry. 

The industry of iGaming has undoubtedly witnessed an incredible surge in its popularity on a global level in the past few years. Numerous prominent iGaming companies, including Playtech, Evolution Gaming, IGT (International Game Technology), 888 Holdings, Bet365, and Kindred Group (Unibet), are dominating the iGaming landscape, which consists of a wide spectrum of online gambling activities, including sports betting, virtual casinos, poker, bingo, and much more. 

According to the reports and statistics, with around 1.6 billion active players from around the world, iGaming is one of the most flourishing and rapidly growing industries as of April 2024. Additionally, the iGaming industry is anticipated to grow substantially at a Compound Annual Growth Rate (CAGR) of an estimated 12% in the coming few years, making it one of the most dynamic and lucrative sectors in the gaming industry. With specific region-centric regulatory frameworks, numerous developed countries, including the United Kingdom, China, the United States, Australia, and Canada, have been openly supporting and encouraging iGaming activities within their jurisdiction. 

In a nutshell, owing to the ever-evolving technological landscape and increasing legalization of iGaming activities in numerous countries, the iGaming industry is all set to smash pre-existing records and dominate the global market with its path-breaking and value-driven growth. 

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In this article, we will take a look at the history, types, legal regulations, and future scope of the iGaming industry. 

Meaning & History of iGaming 

As mentioned earlier, the iGaming industry consists of numerous virtual gambling activities, including sports betting, virtual casinos, poker, bingo, and much more. 

The roots of the iGaming industry can be traced back to the golden era of the early 1990s, when the internet became widely accessible to almost all parts of the world. Although initially the iGaming industry witnessed a major setback with a lack of security, users didn’t trust investing their money in “online” or “virtual” gambling activities. 

However, things took a better turn for the iGaming industry with technological innovations and advancements that traversed the late 1990s era. This period marked the launch of the infamous “Planet Poker” in 1998 and “Paradise Poker” in 1999. While the iGaming industry was growing at a relatively slower pace in the initial years, the advent of smartphones in the early 2010s completely transformed and revolutionized the way the world looked at the iGaming industry. 

With the growing demand for iGaming platforms, numerous companies started seizing the golden opportunity and started developing highly innovative and interactive games for the masses and the rest is history that still resonates in the annals of the iGaming industry. 

Various Types Of iGaming 

Online Sports Betting 

Often hailed as one of the most popular and highly-rewarding segments of iGaming, “sports betting” has witnessed an incredible user base on a global level in the past few years. Players from all over the world place their “bets” on a wide range of prominent sports events, including cricket, football, basketball, esports, and even horse racing. With live betting options, users can also analyze the dynamics, predict results, and make strategic bets to win substantial prizes.

Online Casinos 

Online casinos in iGaming offer a virtual version of traditional casino games, including blackjack, roulette, slots, and baccarat. With extremely interactive interfaces, a wide variety of games and live dealers, online casinos are extremely popular among iGaming fans.

Esports Betting 

The rising prominence of iGaming has been directly proportional to the rising popularity of esports, and therefore, esports betting has witnessed increasing popularity in the past few years. With a unique blend of video games and gambling activities, eSports betting makes it possible for gaming aficionados to place bets on ongoing gaming tournaments and events, including popular games like Dota 2, League of Legends, Counter-Strike, Call of Duty Mobile and many others.

Live Dealer Games 

In an attempt to bridge the gap between physical casinos and virtual convenience, the iGaming industry launched its path-breaking segment of “live dealer games,” which makes it possible for players to virtually interact with real dealers and place their bets online in real time. 

Also Read: Esports World Cup 2024: Opening Ceremony And Trophy Reveal

Online Poker 

With online poker rooms, iGaming platforms host huge tournaments and events with lucrative prize pools. A few of the most prominent global online poker platforms include Seven-Card Stud, Omaha and Texas Hold’em. 

iGaming Regulations in Major Markets 

Although different countries have different legal and regulatory frameworks for iGaming operators, an anecdote about the world’s most popular and prominent regulators, their jurisdiction and the different types of iGaming licenses that they offer is provided below:

License

Jurisdiction

Type of License

Malta Gaming Authority (MGA) Malta Casino, Betting, Lottery, Poker and Bingo
United Kingdom Gambling Commission (UKGC) UK Casino, Betting, Lottery, Poker and Bingo
Gibraltar Gambling Commissioner (GGC) Gibraltar Casino, Betting and Lottery
Curaçao eGaming Curaçao Casino, Betting, Lottery, Poker and Bingo
Kahnawake Gaming Commission (KGC) Kahnawake Casino- Sports Betting, Bingo and Lottery 

The Future of iGaming On A Global Scale 

With the gradual increase in legalization and technological advancements, the iGaming industry is anticipated to continue growing at a rapid pace and capture a significant portion of the global market in the coming few years. According to recent reports and statistics, the industry is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) of an estimated 12% by 2027, making it one of the most significant and promising projects and indicating a potential future expansion in various countries.

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