The activity of iGaming is a relatively new concept, and yet its core offering has been around for decades, centuries even. Simply put, iGaming is the word for online betting and casino gaming, with platforms all over the world offering people the chance to play the likes of roulette, baccarat, and slots as well as bet on sports and major events.
To someone who hasn’t ventured into the iGaming scene, it may be perceived as quite a small or niche offering, but iGaming is a colossal global industry, and it continues to grow. Already established in the UK, across Europe, in parts of Africa, Colombia, and most recently the United States, the industry continues to expand its reach, offering, and its demand for new and innovative minds.
Innovation is key in the iGaming industry as not only is the core offering quite restricted on the face of it, but competition is fierce. So, game developers, platforms, and software providers are always looking for people who can help to take them up and notch.
Here’s what you should know about the world of iGaming and how the industry has flourished in recent years.
Competition continues to drive the industry
If there’s one aspect that indicates a healthy, growing, and thriving industry, it’s the level of competition. In iGaming, the level of competition is incredibly high, with as many as hundreds of iGaming platforms offering their games and services in any given market.
Despite the nature of the base offering, all of the platforms present something different, be it the games, the accessibility, or the promotions available. One of the strongest spaces for the industry is the UK, with UK online casinos battling tooth-and-nail to be the best on offer, with the likes of no deposit free spins and libraries of hundreds of games becoming more and more prevalent.
But the competition isn’t only between platform brands: game developers also continue to create and release multiple games a month to expand their offering and reach a larger audience. To do so, each new title needs to be unique or especially intriguing in some way to stand out in the ocean of other titles.
Governing bodies bringing respect to the industry
For decades before the rise of the internet, the land-based gambling scene was mired in controversy, particularly in the United States. So, the iGaming industry has been sure to deploy strict and respected governing bodies who ensure that companies are legitimate, games are fair, and measures are put in place to ensure that the customer experience is of paramount importance.
Considered to be the pinnacle of these authorities in this country is the UK Gambling Commission (UKGC), which regulates all brands that want to offer their services in the UK through their compliance requirements. The governing body lays down strict rules and regulations with regulatory action deployed as a punishment to those who don’t comply.
The industry is rapidly expanding
The primary reason why iGaming isn’t already a wholly global industry is because many jurisdictions have been slow to update relevant laws and introduce regulatory bodies. Regardless of the slow progression in law-making around the world, the iGaming market is projected to exhibit a CAGR of 11.4 per cent from 2018 to 2026. With the market already valued at $46.9 billion as of 2017, this would see iGaming be worth upwards of $123.5 billion in around six years.
With expansion and growth comes more competition and a greater demand for innovative thinkers and creators. A lot of the expansion will rely on people within the industry being able to adhere to the demands of customers in new areas while also continually updating the current offering to keep current players on board.
The world of iGaming continues to grow, and due to this, brands are always on the look-out for people who can devise new plans or creations to push them above the competition and to continue to grow.