Although it does not attract as much attention as the IT industry, there is another industry that is almost as big: iGaming. Moreover, its roots go back long before the informatics industry, even more than a century. Analysts say the global gambling market stood at $ 449.3 billion in 2018, and it will reach $ 565.4 billion in 2022. This is a very serious figure, and the iGaming industry accounts for almost 20% of that. Even the most pessimistic forecasts show that by 2024, the iGaming industry will have a share of approximately $ 95 billion in the global gambling market. If we consider that this figure was approximately 46 billion dollars in 2017, we can see how high the pace of progress is. In other words, iGaming is an incredibly large industry, and sites like Vulkan Vegas casino keep popping up day by day. So, how did this industry start, and what is the secret of its success? Why is it believed to continue to grow steadily? Below, we tried to answer all these questions.
The Origin of iGaming
The roots of the gambling industry go back hundreds of years, but iGaming is a much newer industry. It is not possible to give an exact date as to when it started, because if we start with digitally playable casino games, we need to accept Java-based games of the early 90s as the origin. If we start with the first online casino site, we can say that 1996 was the point of origin, as the world’s first online casino (Inter Casino) was launched this year.
In the same year, Inter Casino accepted the first online wager and started a true revolution. Since then, online wagers have exceeded billions of dollars, and people continue to invest in online casino games every day. The options offered by online gambling are far more than land-based casinos, so more and more players are choosing online casinos to gamble. For nearly 25 years, we can list the biggest players in the iGaming industry as:
- IGT (4.83 billion USD)
- GVC Holdings (Ladbrokes Coral) (4.14 billion USD)
- bet365 (4.03 billion USD)
- Scientific Games (3.36 billion USD)
- Paddy Power Betfair (2.64 billion USD)
- William Hill (2.28 billion USD)
- The Stars Group (2.02 billion USD)
- Playtech (1.75 billion USD)
- Kindred Group (1.28 billion USD)
- 888 Holdings (0.54 billion USD)
So, what’s the secret that these companies make so much profit? Why is the iGaming industry so successful?
The “Secret” of iGaming
The main reason for this success is that iGaming is not subject to the limitations of classic gambling. There are many restrictions on a physical casino building – the space you can use and the games you can offer are subject to a limit. Therefore, land-based casinos cannot go beyond traditional games such as slots, blackjack, roulette, and poker. Their audience and limitations allow nothing more.
The problem is that the audience that this classic experience appeals to is now well aged and the new generation of gamers want more. Playing the same games for more than a century has become a very boring thing, and online casinos are, therefore, a great alternative. First of all, they have no limitations in terms of location and type of games: An online casino can offer thousands of games at once. Because everything is digital, it is also possible for them to offer different types of experiences. For example, have you ever played roulette with virtual reality glasses? Or, have you tried games that are exclusive to online casinos? Jackpot games, for example, are subject to certain restrictions in land-based casinos. There is a limit on the number of games you can place in a building, so there is a limit to the jackpot prize too. In online casinos, on the other hand, thousands of games can use the same pool, and the jackpot prize can rise to millions of dollars. Mega Moolah, for example, paid almost 18 million Euros in 2015.
Online casinos are constantly improving themselves by offering new services and new technologies. Even if you visit a casino in Las Vegas 10 years later, you will see that nothing has changed. In online casinos, however, things are constantly changing: new games are added, new services are offered, different bonuses are given, etc. Online gambling is much more dynamic and exciting than classic gambling. This is the secret of the iGaming industry: It can renew itself continuously and regularly. And this is what the next generation of gamblers want.