Understanding ‘iGaming’ and the Scope of Online Gambling
iGaming is one of the largest and fastest-growing industries in the world. Over the last decade, innovations in the technology sector have changed how people access and play games, increasing the popularity of iGaming. But despite its continued market domination, very few people actually grasp the meaning and true scope of iGaming. The following guide will help you learn more about this very lucrative and still immensely promising industry.
Gaming Vs. iGaming
Let’s start with the difference between gaming and iGaming. Both happen online so we know that that’s not what distinguishes the two. In the simplest terms, gaming covers video games while iGaming involves gambling. Gaming is what you do when you play FIFA, GTA, Legend of Zelda and other recreational games, whether on your console, mobile phone, or PC.
On the other hand, iGaming happens on betting and casino platforms like betway gh and covers lotteries, online casino games, sports betting, and similar games. A key distinguishing factor is that Gaming involves the use of real money. Yes, video gamers can use money to purchase in-game items, but it is only in iGaming that you can use money to gamble and possibly win more or lose it.
How Did iGaming Begin?
Now that you know what iGaming is; how did it begin?
iGaming as an industry became notable enough to mention within the last decade but its roots can be traced to the early 90s. The commercial availability of the internet set the stage for iGaming but progress was hindered by the lack of online privacy and security at the time. Because world wide web systems were not secure, they could not support online payments.
More advancements in the 90s allowed the launch of Planet Poker in 1998, the first online iGaming website. This was followed by ParadisePoker in 1999, which increased interest in online gambling. In the years between 2000 and 2006, the industry experienced a significant boom.
Things got even better when mobile device proliferation began in the early 2010s. As more and more people acquired smartphones, iGaming providers launched mobile gaming. This move is what grew the industry into the multi-billion market it is today. And it continues to grow.
Types of iGaming
Today, iGaming can be divided into two primary categories: sports betting and online casinos. Online sports betting is conducted by sportsbooks like BetMGM, Bogota, and Betway to name a few, and is one of the most popular forms of entertainment today. Participants – called bettors – watch live games and study the odds to wager on the outcome of different aspects of a sport.
They can bet on who will win a match, who will score the first goal, and more. Bettors can wager on virtually any sport in the world, including horse racing, motorsports, baseball, MMA, tennis, golf, soccer, football, cricket. Most recently, sportsbooks are allowing bettors to wager on esports – other people, usually professionals, playing competitive video games.
The other classification is online casinos where people play popular casino games online. Many iGaming platforms, including Betway offer both sports betting and casino options. In the casino section of the platform, gamers can play poker, baccarat, slots, roulette, blackjack, and more.
The Future of iGaming
iGaming has come a long way within a relatively short time and the scope of the industry is wide, to say the least. The iGaming industry was estimated to be worth $63.53 billion in 2022. And according to economic projections, it will grow to a $205.60 billion market value by 2030. A major part of this is the different technologies driving growth in iGaming. In the coming years, innovations like virtual reality, augmented reality, esports, blockchain, and the Metaverse will propel iGaming to even greater heights.