The Continuous Growth of The iGaming Industry

There have been massive strides in the iGaming industry for the past couple of years. Countries worldwide saw the impact of the iGaming market, and while some have started discussing lowering prohibitions laws, others have fully set regulations on gambling activities.

On top of that, technology has come a long way in certain countries. If we consider Africa and South America, a few years ago, some parts of the continents didn’t even have mobile phones or computers, let alone the internet. Today, thousands of people in those regions actively partake in online gaming. Let’s dive in a bit deeper and check how iGaming has started to break barriers and what we can expect in the future.

Gambling Laws

The online gaming market has blown up worldwide. More and more online bookmakers and casinos are being established, providing players with different bets, odds, and casino entertainment.

The numbers show that by 2023, the online gambling market can reach an evaluation of over $93.9 billion. Countries are already looking at these statistics and wondering whether it is time to lift some restrictions. Around the world, some have entirely made online gaming legal, while others are still nit-picking what forms of gambling should be allowed. With more and more countries legalizing some sort of online gambling, operators are quickly looking for a new opportunity to enter a specific market.

iGaming and Tech

Apart from the legalization of gambling worldwide, technology has also allowed millions of people to start betting and playing casino games online. With the modernization and the increased accessibility of the internet, more players have access to online gaming entertainment.

There have been various improvements in payment methods and mobile gaming options, and with the emergence of cryptocurrencies, the iGaming market has skyrocketed.

Payment Methods

Before any credit/debit card, e-wallet or cryptocurrency was available, players had to contact their bank, send statements, and all sorts of documents just to play at online casinos and place bets.

However, third-party payment systems have allowed players to bypass speaking with their banks and continue depositing, placing bets, and playing casino games.

The rise of crypto has even given members additional safety and security when entering and using online gambling sites. Players can now complete anonymous transactions at an online casino or bet on their favorite sports team through their crypto wallets.

Mobile Gaming

While desktop versions of every online casino and sportsbook are available, more new players are starting to register accounts and play using their mobile phones. This allows them to gamble on the go at any time, any place. Some of the more prominent online gambling providers release dedicated mobile apps for Android and iOS.

South America is an excellent example of the use of mobile phones to access online gambling sites. In the past few years, the internet has become available in rural or third-world countries, and the number of online players has grown because of their massive population.

This is why many businesses and large companies are starting to invest in iGaming in this part of the world, benefiting local communities as well.

Cryptocurrency

Crypto has made a huge mark in the iGaming industry by providing a secure way to make transactions. With millions of people investing in crypto, online gambling operators recognized the opportunity to attract more players by adding crypto payment methods to their sites.

Using crypto at an online sportsbook or casino gives the players complete anonymity, while the blockchain technology protects every transaction from third-party breaches. Operators don’t require personal info, credit cards, or bank statements to deposit or register – you’ll just need your crypto wallet. Moreover, some iGaming sites give exclusive incentives for players using Bitcoin, Ethereum, Litecoin, or any other cryptocurrency.

Final Thoughts

Seeing how technology is improving every day and young people constantly entering the field, the iGaming industry won’t experience any slumps any time soon. The number of game providers and online operators is increasing, and with the expansion of the iGaming industry into third-world countries, there’s a bigger player base to cover. Many countries are noticing how their neighbors benefit from legalizing all forms of gambling and starting conversations about implementing new laws. Ultimately, the iGaming industry is on the rise, and as things stand, this trend will continue in the future.