2022 Global Prognosis on the iGaming Industry
The State of the Global iGaming Sector
More people are betting online than ever, thanks to a competitive iGaming sector, new markets opening up to betting, and technological advances. Here’s how things stand and might develop in the iGaming market today.</p>
Stats and facts
The United Kingdom is one of the biggest iGaming markets in the world thanks to a combination of liberal legislation, a top-class regulatory reputation, and a pro-betting population. Figures for 2020 (from the Gambling Commission) indicate that for gamblers generally (and young bettors in particular), the most popular way to access online betting was through mobile phones. This is perhaps to be expected given how ubiquitous smartphones are now and will likely continue as the eagerly awaited 5G rollout continues. Most bettors in the UK in 2020 had three accounts, and esports betting was on the rise when the figures were collated.
The USA has been one of the major drivers of recent growth, having (mostly, regulations vary by state) moved on from its previously apprehensive approach to embracing online casinos and sportsbooks. In 2021, Grand View Research found the combined US online betting marketplace to be worth some $9.5bn, up from $8.7bn the preceding year. On a global scale, the 2021 valuation of the iGaming industry was $57.54bn, and by 2030 is forecast to grow with a compound annual growth rate (CAGR) of 11.7%.
An Embarrassment of Riches
The hyper-competitive nature of the online betting industry is almost entirely a good thing for players. In this battle to try and win (and retain), players have seen sites offer more generous welcome and existing player bonuses, and they have become very adept at embracing the newest technological advances for fear of getting left behind. However, this very success means there’s an array of potential betting sites, and picking where to play can be a little baffling for newcomers. Luckily, there is an easy way to quickly sort the top online casinos available worldwide and that’s by consulting our convenient link. Within are some of the best international casinos that provide excellent gaming options, great promotions, and a wide array of banking methods.
New Banking Methods – Cryptocurrency
The online betting industry has experienced persistent growth since its inception for several reasons. From expansion on new markets to embracing new technology. Nowhere has this been more obvious than with banking methods. Some sites still offer payment by check, if desired, and almost everywhere has support for Visa and Mastercard, which remain ever-present. However, advances in banking methods are numerous, and some household names did not even exist a few years ago.
E-wallets are a popular alternative to major credit and debit cards, with PayPal, Skrill, Neteller, and ecoPayz among the leading systems (although some are geographically limited). However, a bigger shift has been seen with cryptocurrency. Not so long ago, this was a rare option for banking at online casinos, but Bitcoin, in particular, is becoming more widespread. Unlike regular banking methods, crypto is its own animal, separate from fiat currency, and significantly more volatile than national monetary systems. Crypto today is used for shopping, getting paid, and betting online, and right now, it’s looking like the financial mainstay of the nascent metaverse.
The metaverse has recently made a splash in the news since Facebook rebranded as Meta. Some overlook these shared online worlds as a stepping stone – but seen by others as a retrograde step that offers nothing but an extra layer of inconvenience. However, the online casino industry has never been shy of adapting to new technology, and the metaverse is no exception. And, in some ways, it fits in very neatly with certain types of gaming.
VR (virtual reality) was the next big thing in gaming for decades, but recently it has actually become a viable way to play video games. Naturally, casinos are looking at integrating this, with live tables as the most obvious avenue. This intersects perfectly with the metaverse, which heavily emphasizes AR and VR. Another area of overlap is the use of cryptocurrency, which is the way buying/selling occurs in the metaverse. This is because crypto is also the way that NFTs (non-fungible tokens) purchase, and NFTs for everything from wearable ‘virtual’ sneakers to metaverse real estate is already in existence. However, many feel the NFT bubble has burst and is seen as a metaverse drawback rather than an advantage. Whether the metaverse sinks or swims remains to be seen, but if it flourishes, you can bet your bottom dollar there will be metaverse casinos aplenty.
The online casino industry is booming, and the integration of developing technologies such as VR, crypto, and the metaverse suggests its growth will only continue in short to medium term.