Rise and rise of iGaming Industry
The iGaming industry has been around for decades — the first online casino opened in 1994 — but it’s only in recent years that the industry has really taken off. Revenue hit a staggering $94 billion in 2024, and that figure is expected to rise in the coming years, too. With a CAGR of nearly 6.5%, the industry will be worth some $133 billion by 2029.
This success, of course, has not been achieved by accident. The industry has worked hard behind the scenes to create an appealing environment for consumers. Throw in the consumer’s growing acceptance of digital alternatives, and you have an industry that’s fully prepared for success. Below, we’ll run through the contributing factors that have made the iGaming industry a global juggernaut.
Technological Improvements
There had been interest in iGaming websites, both from developers and consumers, for a long time before they found popularity. The problem was that, back then, the technology required to make the iGaming industry vision a reality simply did not exist yet. It’s odd to think about now, but people really didn’t spend that much time online before the release of the iPhone.
As such, it was only in the years after 2007 that people got to work on developing the technological tools that would make iGaming products possible. Today, those tools very much exist, and they’re getting better all the time, too.
Deals and Offers
Two things had to happen for consumers to give iGaming websites a shot. First, they had to have trust that they were as safe playing online as they were in the real world. Second, they needed a reason to give it a try. The extensive range of offers and deals available on iGaming websites provided that motivation.
Most websites offer introductory deals, while some platforms, such as Betano, offer jackpot bonuses that far exceed what players would routinely find in the real world. Put those things together, and you have an environment that’s inviting to new and experienced players alike.
Range of Products
The iGaming industry wouldn’t have taken off if it had nothing additional to offer consumers. The first advantage online casinos have over real-world ones is convenience; there’s no need to get dressed up or travel when you want to play at an online casino. You can simply do so from wherever you happen to be. The other advantage is that iGaming websites can typically offer many more games and products than their real-world counterparts.
A player will find all of the standard casino games along with many others that they may be unable to find in a traditional casino, especially not ones based in Las Vegas. Since there are no space limitations in the digital world, websites can offer any and all games in a way that traditional casinos cannot.
Continual Investment
The iGaming industry began to experience success in the late 2000s, and it was at this point that the industry made a critical decision: rather than basking in its level of success, it would continue to invest time, money, and effort to create the best possible consumer experience. Unlike other sectors, which tend to take a cautious approach, the iGaming industry has been marked by innovation, technological development, and progress. That’s helped to create a thriving digital market that caters to more consumers than ever before.
iGaming: The Future is Bright
And that forward-thinking mindset hasn’t come to an end. In fact, it’s just getting started. In the coming years, we can expect the iGaming industry to be a key driver behind technological advancement, especially in the VR, AR, and machine learning areas. And when they arrive, you can bet that they’ll help to create an even better playing experience.
