The iGaming Industry is one of the fastest growing industry in the world making it very attractive to investors and entrepreneurs. In fact, in 2016, the online gaming industry was worth $41.78 billion and today, it is worth over $66 billion. Needless to say, many potential investors are asking about iGaming and its Future.
First off, what is iGaming? The iGaming industry focuses on online sports betting, online casino market. While the term is also used by the video game industry, its use is now very prevalent with the gambling industry.
Therefore, iGaming or online gaming is playing or wagering on the outcome of a game or event through the internet. These also includes not limited to online poker, eSports, online video gaming and more.
iGaming and its Future – Rise in Popularity
In the past decade and a half, the world has seen the emergence of iGaming grow from a curiosity to becoming mainstream. According to Gambling Reports, the online gambling industry is growing at a CAGR of 11.5% and will reach $127 billion by 2027.
Part of its growth is due to the increase in technology and the increase in internet access around the world. Some iGaming analysts also believe that the COVID-19 pandemic also had a part in its explosive growth in the past year.
As innovation and mobile technology improve, accessibility and creativity also improve. This makes iGaming even more appealing, with mobile gaming particularly becoming the fastest growing platform in the industry. At the moment, iGaming Platforms make up approximately 45% of the global gaming market.
According to a recent study, mobile usage is on the rise. This is because today, the average person spending over 24 hours per week on their mobile phone. This is double the current amount of time from a decade ago. In addition, one out of 5 person spends around 40 hours a week on the internet.
The countries with the highest market share of the iGaming market are currently Canada, the U.S. and Europe. However, expect to see Asian countries to start taking a bigger share of the online gambling market in the future.
The future of the online gaming industry is just beginning and the current iGaming trends looks promising. For example, Online Sports betting platform are constantly improving with more gaming options. In addition, virtual gaming technology is a reality and getting better every day.