iGaming Business : Everything You Need To Know

Tracing its roots to the mid-90s era, iGaming, also referred to as “interactive gaming” in simple words, encompasses all the online and virtual gambling activities, including online casinos, lottery, bingo and other sports betting events. The craze of gambling and betting culture has co-existed in all societies and cultures at all points of time, but it was only in 1994 that the “free trade and processing act” was passed by Antigua and Barbuda, which made it absolutely legal for the organizations to open online casinos and for developers to design and launch their own gambling websites and applications.

While virtual gambling was transforming to become a reality, the introduction of “Planet Poker” in 1998, which was the world’s first online poker room, further solidified the transition from traditional gambling casinos to virtual online gambling platforms and the rest was history. The early 2000s era witnessed an incredible growth of such online gambling and sports betting platforms. Gamblers in large numbers started making a shift from traditional gambling casinos to these widely trusted online betting sites and applications.

According to recent reports and statistics, there exists a total of 5,098 online casinos and a global online gambling business as of April 2024 and the online gambling market is projected to grow to an estimated U.S. $136.30bn by the end of 2029.

In this article we will take a closer look at the basic dynamics and ongoing trends that have been ruling the world of iGaming.

Everything You Must Know About iGaming

The History of iGaming 

As mentioned earlier, the arena of igaming traces its roots back to the era of the mid-1990s when it was kick-started with minimal resources and an extremely humble reach. The year 1994, often also referred to as the golden period of the iGaming industry, witnessed two major milestones that literally transformed the fate of the online gambling business on a global scale.

A software development company called “Microgaming” established the world’s first ever online casino, attracting gamblers in large numbers and introducing them to a whole new concept of  “online and virtual casinos”. Additionally, as mentioned earlier, the “free trade and processing act” was passed by Antigua and Barbuda in the same year, which legalized online casinos and betting apps. As the igaming industry started garnering attention from gamblers around the world, numerous organizations started venturing into the industry.

While 1996 witnessed the launch of “Interpops”, an online sports betting platform, 1998 commemorated the launch of “Planet Poker”, an online poker room.

With constant technological advancements taking place in the 2000s era, the feature of “Random Number Generators (RNGs)” was introduced on all the online gambling and betting platforms to ensure fair play for all players. More and more countries have actively started formulating rules and regulations to both promote and safeguard users’ safety on these online gambling platforms.

From witnessing humble beginnings to transforming into a multi-billion virtual business, the igaming industry has undoubtedly created a unique opportunity for players to invest their money without being scared of being scammed.

The Diverse Aspects of iGaming 

Often hailed as one of the highest revenue generating mediums, interactive gaming aka iGaming has been ruling the world of virtual gambling activities with millions of daily and monthly active users around the world. Since the iGaming industry is majorly driven by user-investments, a lot of regulations have been implemented in various countries in order to provide a safe gambling environment for the users.

Additionally, the information and data provided by the users of these iGaming platforms is generally kept encrypted in order to safeguard users from any malicious cyberattacks. Moreover, in addition to the online virtual versions of the traditional gambling activities like poker and other casino games, the iGaming platforms have also entwined technological innovations and introduced numerous modern mediums of online gambling, including live dealer games and virtual reality (VR) casinos.

The Leading iGaming Software Companies 

According to reports and statistics, the online gambling platforms generate an annual revenue of US dollars 90 billion as of April 2024. The humongous market size captured by the online gambling industry has been mainly driven by the leading iGaming Software companies, including Microgaming, Playtech, Evolution Gaming, Novomatic and IGT (International Game Technology).

The Global Expansion And Future of iGaming

Currently, more and more countries are realizing and acknowledging the revolutionary economic potential of iGaming and formulating favorable regulations for online betting and gambling platforms. Additionally, as more and more users are shifting from traditional casino-based gambling towards mobile-based gambling, incredible growth is being anticipated by experts in the iGaming industry.

Moreover, the blockchain technology that offers players an enhanced sense of security and transparency is being actively adopted by the most prominent iGaming software companies in order to win the trust of people and cater to a wide segment of players from around the world. Furthermore, with innovative technological advancements including the AI chatbots and in-game personalisation, these iGaming software companies are actively working towards providing players with an immersive gaming experience in addition to keeping their data secure and uncompromised from any possible cyberattacks.

With an ever-growing ecosystem of gambling and betting platforms, the iGaming industry undoubtedly has a lot to offer both to the software giants and players on a global level.