At the forefront of technological innovation, the gaming industry in 2021 is at an all-time high. Now a legitimate mainstream activity that generates a vast business ecosystem, gaming is one of the most popular forms of entertainment in the world. According to new data by Accenture, the gaming industry grew significantly over the past three years, welcoming in 500 million new companies and collectively accruing a value of over €250 billion. The market is booming like never before, but certain segments within the industry are leading the way when it comes to global popularity.
The Rise of iGaming
iGaming, which is an umbrella term that encompasses online (and mobile) casino and poker gaming and sports betting is one of the leading markets in the global gaming industry. Although it’s been in existence in one form or another since the turn of the Millennium, over the past decade it has grown significantly.
In the UK alone, iGaming generates a total yield of £5.7 billion per year (equivalent to over $7.5 billion). And a further look at statistics released by the UKGC reveals that during 2021, almost one in four adults had participated in iGaming activities within a four-week period.
Central to the success of iGaming’s massive global popularity is a focus on innovative and rewarding gaming experiences, widespread availability and accessibility, and a commitment to cybersecurity.
Enhanced Gaming Experiences
As a gaming genre that’s not afraid to experiment and innovate, the iGaming industry has given rise to some truly enhanced, engaging gaming experiences in recent years. In the digital realm, limits are endless and gaming developers take advantage of all the possibilities on offer to generate unique games.
If you’ve ever wondered what it would be like to play poker in space you can do so with VR online poker games, while online casino games connect gamers with live dealers for Real-Time virtual casino gaming.
Some games are actually more profitable for gamers to play in the digital world than they are in brick and mortar casinos. Online slots, for example, have an industry-standard Return to Player of at least 94%, while slot machines in casinos and gambling facilities have a much wider average of 70 to 90%.
Accessibility and Availability
While visiting a casino is fun on a trip to Las Vegas or Macau, it’s not always possible for regular gamers to get dressed up and drive or travel to their local brick and mortar casino. Plus, those gamers who are in more rural areas are likely to have to travel even further to find a suitable venue to play in. Remote gaming, on the other hand, offers an always-on alternative that is instantly playable.
iGaming is global, too, so there are remote gaming markets across Europe and the Asia-Pacific region. Even in the US, there’s been a rise in the availability of online gaming platforms and sports betting apps. Thanks to the legalisation of iGaming in the US in 2017, there’s a wide variety of top online casinos in the USA that are open to gamers depending on the state they reside in. Pennsylvania, New Jersey, and Delaware, for example, are three states with blooming iGaming markets.
Secure Payment Methods
In today’s world security is paramount when it comes to real money gaming and legitimate operators invest significant resources in the latest cybersecurity measures. From SSL certificates that encrypt any sensitive data that’s entered onto a website to strict Know-Your-Customer procedures that ensure only you can access your gaming account, making deposits and withdrawing winnings is secure and easy in a licensed gaming platform or bookmakers.
In addition to being secure, most of the platforms operating in today’s market offer up a range of different deposits and withdrawal methods, each with its own added layer of security on top. Debit card and credit card payments are the most ubiquitous, but there are also plenty of casinos with eWallets as an accepted payment method.
More recently, emerging platforms have begun to accept limited cryptocurrencies, such as Bitcoin, and this is an area that could see further expansion in the years to come.
