.jpg)
The iGaming industry is one of the fastest-growing gaming sectors globally, with online gambling being a large part of it. The launch of the first online iGaming website in the 90s marked a pivotal moment that contributed to the rapid growth and evolution of the iGaming market.
Everything from online casinos to sports betting, eSports, sweepstakes, and skill-based games play important roles in shaping the gambling aspect.
Given its fast rise and global spread, authorities in Europe, North America, Asia, and the rest of the world have had to tighten regulations to protect players within their jurisdictions and ensure operators stay compliant.
On the other hand, these operators evolve with the legal changes and use strategies like ad networks. This helps them to promote their offering while staying compliant and meeting player demands.
In this guide, we take you through the crucial components of the iGaming industry with a focus on online gambling.
We’ve covered areas ranging from laws to top territories and marketing options that reputable platform owners adopt.
What is iGaming and how big is the industry?
iGaming encompasses all forms of online gambling, including online casinos, sports betting, and other games of chance played for real money over the internet. The "i" in iGaming stands for "interactive," highlighting how activities within the industry are done online.
These activities typically fall into three main categories: online casinos, sports betting, and social casinos. Some people argue for more types, but they all fit under these core groups.
In 2023, the global online gambling market was valued at $86.6 billion, with Europe leading the way and emerging markets like Asia Pacific catching up fast.
How has the iGaming industry evolved over the years?
In the mid-90s, it would not have occurred to many that online gambling would step out from a few casinos to form its own eco-system. It is to such seemingly insignificant yet important moments in history that we owe these current positions:
What are the types of iGaming?
The iGaming industry in its current form embraces a broad range of experiences to meet the demands of different players as well as betting tastes. There are three main segments in this industry, which are online casinos, sports betting, and social casinos, but each of these segments has sub-verticals within the online casino verticals.
All of these gaming products, their subtypes, market share, and more are as follows:
1. Online casinos
Online gambling is a major part of the iGaming industry, which supports playing casino games including slots, blackjack, roulette, and poker from anywhere on the globe. Other platforms go a step further by offering live dealer games where gamblers interact with real human dealers who conduct games through a live stream. This basically mixes up conventional with digital gambling by providing an enriched experience.
As for its market size, the online casino niche is supposed to hit $35.13 billion by 2024 considering the upward trend of users opting for internet-based casino platforms. Some of the most popular gambling sites include Bet365, 888 Casino, and LeoVegas. A few things these operators share in common are mobile-friendly websites, rich and diverse game catalogues, as well as excellent customer service provision.
1.1. Crypto Casinos
Crypto casinos enable people to place bets on casino games using cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. When you access online gambling sites accepting crypto, you can enjoy popular offerings found in fiat online casinos, such as blackjack, poker, and slots, among others. Here, the main benefits are swift transactions, anonymity, and additional security provided by the use of blockchain technology.
The current market for casinos utilizing cryptos is small compared to traditional online casinos. It is expanding nonetheless, reaching up to 250 million dollars in size by 2024. There are many well-known crypto-specific online gambling platforms, as well as hybrids that support digital and fiat currencies. A few of the top players are BitStarz and Stake, which support Bitcoin as well as stable and altcoins.
2. Sports Betting
One of the biggest parts of the internet gambling market is sports betting, which enables users to gamble on various athletic matches. Mobile sports betting has emerged as a distinct and significant category within the broader iGaming landscape, evolving separately in regulatory frameworks across different regions.
Ranging from popular games such as basketball and football to more specialized ones like eSports and horse racing, there are countless choices open to gamblers. Users have access to many types of bets, including simple ‘win’ outcomes or ‘over/under’ totals, through interactive wagering that updates while events unfold.
According to recent projections, the sports wagering industry is projected to grow beyond $45.18 billion before 2025 thanks to growing mobile betting access. Operators like DraftKings and FanDuel offer full-range online sports betting experiences and even support daily fantasy sports for those who prefer fictional sporting events.
2.1. eSports Betting
This iGaming vertical has rapidly risen to be a very important segment of online gambling that permits clients to take part in betting for competitive video game tourneys. The advents in popular games like League of Legends or Dota 2, as well as first-person shooters such as CS:GO; open up an entirely new area for gamblers who find gaming enjoyable.
The popularity of sports betting in major leagues like the National Football League (NFL) has significantly impacted the iGaming industry, showcasing the expansion of betting beyond traditional sports. What sets it apart is real-time interaction where players can make live bets on events occurring in real life, predicting everything, including the results of games.
The global eSports betting market is expected to reach $2.5 billion by 2024 due to the increasing popularity of eSports, which is moving on par with traditional sports. Betway and Unikrn are some of the betting platforms that have identified this lucrative niche and are taking advantage of it by providing such services as live streaming, among others, specifically meant for betting on eSports only.
4. Skill based games
Skill-based games are an important and growing segment within the iGaming industry. Skill-based games are those where the outcome is predominantly determined by the player's skills, abilities, and strategic decisions rather than chance. In pure skill games, there is no random element - the player's skills fully determine the result.
Common types of skill-based games offered by iGaming operators include:
5. Other types of iGaming Verticals
Online lotteries have made it easier than ever for players to participate in big draws like Powerball, Mega Millions, and EuroMillions, all from the comfort of home. Rather than having to visit a local retailer, you can now buy your tickets online and wait for the results just like traditional lotteries.
The market for online lotteries is growing, partly because of the sheer convenience and the larger prize pools. Services like TheLotter and LottoSmile stand out because they simplify the process, giving users easy access to some of the world’s biggest jackpots.
.jpg)
.jpg&description=What is iGaming Vertical?){kind=link}
0 Comments