The iGaming industry has demonstrated that it can absorb new technologies at breakneck speeds. In fact, most innovators use the iGaming sector to test how their new innovations will be received by mass audiences. Operators and game developers use incentives in order to attract digital-only players. Cryptocurrencies, machine learning, mobile experiences and artificial intelligence have been effortlessly integrated into online gambling.
Machine learning, Artificial intelligence and digital coins have been disrupting the internet. We expect this trend to continue in the coming years. It’s also possible that new technologies will emerge because of the fast-changing market. Below, we have discussed all the important factors about iGaming.
What is iGaming?
This is when a player engages in any type of online betting that is related to the outcome of specific events or games. Therefore, iGaming can be used as an umbrella term that represents any kind of online gambling. This includes eSports, poker, casino games and sports betting. The term can also extend to fantasy sports, binary trading, cryptocurrencies and esports betting.
The industry contains a wide variety of businesses that include platform providers, game designers and affiliates.
Gamblers and gamers are normally involved in similar activities. In fact, the industry commonly uses gambling and gaming terms interchangeably. The only difference is that gaming requires skill while gambling needs a little bit of luck. Gamblers should use the best online casinos in Canada because they offer security and high rewards.
History of iGaming
1994: Microgaming brags of being the first company to create an iGaming website. This was a revolutionary move because the world had never heard of online casinos. In fact, the company was the biggest gaming developer at that time.
Antigua Barbuda set the trend for other nations by issuing the first licenses that permitted a free business environment for online casinos. These licensed owners had the power to open online casinos in different parts of the globe.
1996: The next big step happened when authorities launched the Kahnawake Gaming Commission which was used in managing gambling in the Kahnawake Mohawk region. However, this commission wasn’t acknowledged by the Quebec and Canada governments.
2000: The iGaming industry achieved a huge milestone when it generated more than $2 billion in revenue. This huge figure helped to stabilize and establish the industry as one of the most attractive investments. The industry has maintained this growth trajectory and it’s forecasted to generate more than $70 billion by the end of next year.
2003: The US claimed its piece of the iGaming market with the introduction of the 888.com online casino website. In 2013, this would become USA’s first licensed online casino.
2018: the United States improved the iGaming environment by adopting new laws that made it easy for investors to invest in this industry. The Supreme Court opened the floodgates for sports betting by repealing the Professional and Amateur Sports Protection Act (PASPA).
Cryptocurrencies and Crypto-casinos
Over the last year, there has been an accelerated growth in the usage of Bitcoin and Crypto gambling. This new technology allows gamblers to get immediate winnings from their stakes. This is an improvement on the hefty fees and slow payouts associated with credit reimbursement, bank transfers or e-Wallets.
Crypto-based casinos are popular because they guarantee anonymity, greater security and fast payouts. They are able to offer these stream-lined services because they use blockchain technology.
Wazdan offers some of the best slot titles for players who want to use cryptocurrencies to place wagers. You can also try online slots in Canada.
Augmented Reality, Virtual Reality, and Live Streaming
Augmented reality is an innovation that adjusts the real-life environment by adding sensory stimuli like visual elements, somatosensory and sound. This computer-generated perception affects how we view real-life objects. AR is used in Snapchat, video games and Pokemon Go.
VR is a three-dimensional image that is created from computer-generated simulation. This simulation can be completely different or similar to the real world.
Live streaming is the transmission of real-time events. The live media files are meant to be broadcasted over the internet. This dissemination of information can be used in video games, sporting events and award shows.
The above technologies have risen in popularity because they make the casino experience more enjoyable. AR and VR have introduced new alternatives to compete with traditional sit-in gambling. Modern gamblers are now adopting the idea of playing online slots using the live-streaming phenomenon. This has forced operators to create new engagement channels, like streaming campaigns and influencer marketing.
The Future iGaming Industry
The value of this billion-dollar industry is expected to surpass the $100 billion mark by 2026. In 2020, the global market generated more than USD 66 billion. These figures indicate that the online gambling industry will continue to experience steady growth.
The iGaming industry is a haven for investors and professional gamblers but it’s important to be wary of its challenges. However, you’ll be happy to know that the pros of the industry outweigh the cons. It’s therefore possible to make huge profits both as a casino operator and a gambler.
The iGaming industry is being reshaped by new inventions and technological advancements. Stakeholders have predicted that the industry will expand at an accelerated speed in the next 10 years.
Some of the new technologies that are accelerating this growth include Virtual Reality, the Internet of Things, Artificial Intelligence and Augmented Reality. These technologies will improve the efficiency of playing games but some of the best things are the simple ones. For instance, you can still enjoy gambling without an initial fee if you choose a casino with no deposit bonus.
The future of iGaming is extremely bright because the industry has demonstrated tremendous growth since it was established in 1994. In fact, the pandemic has accelerated this process. Many people were engaged in gambling and iGaming because they were stuck in lockdown.
The emergence of new innovations has helped to improve the experience of the customers. It’s these technologies that are driving the popularity of this industry. The industry is expected to continue growing because iGaming companies have shown a desire to try new technologies. The value of this billion-dollar industry is expected to surpass the $100 billion mark by 2026. It’s therefore advisable for investors to launch new gaming apps and websites. However, remember to come up with fresh iGaming ideas in order to avoid oversaturation.