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After beginning life back in 1994, when the first legislation that allowed for licenses to be issued to online casinos and sports betting sites was passed, few people could have predicted how big the iGaming industry would become. By 2017, iGaming, which is made up of online casinos, poker, sportsbooks, and bingo, had grown to $46 billion. And believe it or not, it is expected to almost double by 2024, reaching $88 billion worldwide.
This growth has attracted many operators to the sector, which is mostlydominated by several major players, including publicly traded companies. Withso much revenue up for grabs, iGaming companies offer very generous bonuses andfree bet promotions to attract new customers and retain existing ones. Forexample, Oddschecker hasa list of more than 50 different free casino bonuses available to UKcustomers.
The Sourceof Growth
The growth of iGaming in the early days came from the fact that it was more convenient for customers to play casino games from their computer at home, rather than having to travel to a land-based casino. Some people may not have lived near a casino, or could not travel to one easily. In their cases, online casinos were their first opportunity to play games like poker, blackjack and roulette.
This is the same as the eCommerce industry which has made it more convenient for consumers to buy products from the comfort of their own home. In fact, the eCommerce industry began its life at around the same time as iGaming and has followed a similar trajectory, although it is worth more than $500 billion worldwide.
Even More Convenience
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Smartphones, which were popularised by the Apple iPhone in 2007 helped sparka mobile revolution that saw us move away from using computers in favour of thedevices in our pockets. This meant iGaming operators could make theirservices even more convenient for customers. Through mobile apps, consumerscould play games and bet on sports on the go, wherever they were.
This is particularly prominent in sports betting, where fans can place betson matches while at home, on the go, or even inside a stadium. Some bookmakerseven allow them to cash out early and follow the game live, so the sportsbetting app has become the perfect companion for a sports fan.
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Poker Boom
The poker boom took place between 2003 and 2006. During this time, theinterest in the sport grew rapidly around the world, leading to the number ofonline poker players to double each year. Films like Rounders and thetelevising of events like the World Series of Poker helped to create moreinterest in the sport. Entries to the WSOP increased by 1400% between 2002 and2006. It has remained a popular event on the poker calendar since.
ChangingRegulation
The iGaming industry is regulated more strictly than many others. Operators require a license from an official body and must adhere to strict laws. Many territories, particularly in Asia still do not allow online casinos and bookmakers to operate, either to protect their existing land-based casinos or because wagering is not permitted in general anyway.
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Regulationswere relaxed in the United States in 2018, allowing individual states toset their own rules for companies that offer online sports betting services.This has seen a rush of brands looking to launch their new websites in placeslike New Jersey, hoping to gain an early mover advantage.
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Demonstrating the opportunity available in the United States, New Jerseyalone saw $250 million of sports bets placed just in the month of October 2018.In the same period, Nevada based operators processed more than twice asmuch. Meanwhile, Europe continues to be a strong market with stableregulations. In 2020, players are expected to wager around €25 billion inonline casinos and poker rooms alone. Evo888 free credit no deposit.
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The iGaming industry’s prospects look rosy. Both revenues and balance sheetslook set to continue to grow, with strong competition meaning consumers willbenefit from generous bonus offers. However, this competition could force themerger and acquisition of operators in the quest of gaining more market share.Whatever happens, one thing is sure; the iGaming industry keeps growing andwill continue to do so for a long time to come.