According to a recent study conducted by Global Market Insights, a research firm specializing in custom research and growth consulting, the global iGaming industry is projected to witness a tremendous growth spurt within the next half-decade.
The rise is primarily attributed to a combination of factors, including a massive increase in smartphone usage, improvements in global internet connectivity, and easy access to online gambling platforms. Multiple governments regulating the industry within their borders are helping add fuel to the fire.
Gambling is traditionally defined as the act of risking money or any item of material value for unpredictable results. iGaming is nothing but online gambling. The most popular forms of iGaming include sports betting and casino table games like poker, baccarat, roulette, craps, and video slots to name a few.
Decoding Popular Reasons Behind the Surge
iGaming software developers are slowly introducing technological advancements into the genre to attract more customers and the plan seems to be working wonders. This trend is expected to lure younger gamers who prefer easy accessibility while staying in-sync with the best of modern technology, and their armoury includes including 3D gaming, Virtual Reality, Live Casino experience, and more.
According to Global Market Insight’s analysis, the iGaming industry should be worth over $160 billion by the end of 2026. Based on type, the casino market is segregated into bingo, lottery, poker, craps, and similar games, while the sports betting fraternity is categorized under horse racing, tennis, football, Formula One, eSports, boxing, UFC, and other regional sporting events. In fact, it is expected that bingo sites are going to be more popular than today’s bingo halls.
Online gambling is one of the quickest growing industries in the projected duration, and the growth rate exploded with the mass-application of Artificial Intelligence. The convenience of cashless transactions further increased the influence of iGaming, especially among the female population, who aren’t as comfortable at brick and mortar establishments.
What the Numbers Say So Far
The online gambling market is further sub-classified based on the browsing device, and the popular divisions include mobile and desktop. While the demand for desktop gaming still overshadows mobile gambling, the difference is expected to thin out in the next couple of years as smartphone use increases.
In terms of geo-classification, the Asia-Pacific region witnessed major growth in the iGaming scenery, especially during the coronavirus pandemic. And the strict lockdowns imposed by the regional and federal governments are directly responsible for driving growth. In fact, according to independent research by illion & Alpha Beta Australia, there was a 67% surge in online gambling activities in the country in April 2020.
In a similar trend, Global Poker, a popular online poker conglomerate catering to the US market, reported a 43% surge in daily activity as soon as the lockdown was imposed across the States. The region also observed a 255% increase in activity among first-time players in the subsequent months. The increase in free time during the lockdown introduced amateurs to the world of iGaming, and the trend stuck on.