A relatively small player just a decade ago, the iGaming industry has grown to become hugely popular and profitable — and there are no signs of things slowing down anytime soon. Currently valued at around $88 billion, the industry is experiencing a 9% compound annual growth rate that’ll see it reach more than $125 billion by the time 2027 rolls around.
Of course, phenomenal success doesn’t come by accident. Rising industry standards and technological development have combined to lead that growth, and we’ll look at precisely how below.
Investment and Innovation
The iGaming industry’s success was never guaranteed, but it did give itself a fighting chance by investing significant time, energy, and money into its development. Unlike other industries, where there’s a tendency to sit on profits, the iGaming sector was committed to reinvesting revenue into improving the playing experience. There’s a big difference between the websites and games available a decade ago and the ones available today. The latest, best iGaming websites offer a user experience that’s as good as any you’ll find on the web, and that doesn’t look like changing anytime soon.
A Wide Selection of Games
The rise of the iGaming industry is due, in large part, to the sheer number of games available at online casinos versus what you’ll typically find at land-based casinos. Real-world establishments are limited in what they can offer by space and local demand. Online casinos have no such restrictions. Look at the games available at a casino online and you’ll find classic table games along with hundreds — if not thousands — of slot games. They don’t have to remove one title when it comes time to offer a new game; they simply create more space, which in turn creates a richer gaming experience than land-based casinos can provide.
Robust Security and Credibility
In the past, there was a hesitancy from the public to use iGaming websites in much the same way as they were hesitant to use eCommerce websites. But this has changed significantly over the past few years. Users are not only more comfortable using websites over real-world alternatives, but they often prefer it. The iGaming industry, for its part, has gone above and beyond to develop trust in its products. The most popular websites have robust security credentials that give players confidence that their sensitive data is safe and secure. In addition, growing brand awareness has given iGaming websites a level of credibility that’s essential for long-term success.
A Large Audience
Even if the iGaming industry had had all the tools and infrastructure it needed to be successful in years gone by, it would have struggled to achieve its current level of success. And that’s all due to market penetration. There’s been a rapid increase in the number of smartphone users in recent years, and that’s helped to increase the iGaming industry’s audience reach. With people increasingly comfortable using their smartphone devices for any and all activities, it was just a matter of time before this digital offering overtook the land-based alternative, especially because of the convenience and range of games it can offer.
Into the FutureIt’s clear that the iGaming industry is having a moment; you need only look at the numbers to confirm that. The industry has become synonymous with investment and innovation, and, in the coming years, we’ll likely see further developments that help to solidify its market position. Virtual and augmented reality are just two of the innovative developments that are beginning to take off, and with more forward-thinking features in the works, there’s every hope that iGaming’s future will be just as bright as its present.