How the iGaming Sector Continues to Grow
It’s no secret that gaming in general is having a moment. At last count, a staggering 35% of the world’s population could be considered a ‘gamer.’ And with hardware that facilitates gaming, such as smartphones, becoming more affordable and accessible than ever before, that percentage is only likely to increase in the coming years
The iGaming brand of the gaming industry has proven to be especially robust and successful in recent years, with more success anticipated in the future. By 2027, it’ll be worth more than $127.3 billion.
So, what’s behind this growth, and is it sustainable? Let’s take a closer look.
Emerging Markets
The iGaming industry has gone from strength to strength in recent years for a number of reasons, but perhaps the biggest driver has been the increase in audience size. This has happened for two reasons. First, legislative changes have made iGaming products legal in many more jurisdictions than they were in the past. In the coming years, the number of states and countries that allow iGaming products will continue to increase.
Second, you have many more people who are able to access such websites than in the past. The percentage of the world’s population that owns a smartphone rises every year. With every new user, the iGaming industry’s potential audience base grows.
Convenience and Choice
The iGaming sector isn’t offering anything completely new. To win customers, however, it had to offer something that hadn’t been available in the past. And that’s just what it’s done. You may have previously been able to use iGaming products in real-world establishments, but you’d have to work hard to do so. It would involve traveling, and even then, you would have to hope that that location had your preferred game.
With iGaming, both those issues are removed. The leading websites offer a wide range of games that can be accessed from the comfort of the customer’s home, no travel required. While it takes some time for customers to make this shift, once they do, they rarely go back.
Legitimacy and Reputation
The iGaming industry has existed in some form or another for decades. The first iGaming website, for instance, dates back to 1994. Of course, no one actually used that website. The public was largely skeptical of such websites up until relatively recently.
Indeed, the iGaming industry follows a similar trajectory to the eCommerce industry; it wasn’t too long ago when the average person would much prefer shopping in the real world to online. Now, it’s the other way around. And the same happened with iGaming. By investing in design, security, and advertising, the iGaming industry has established itself as legitimate — and, in turn, earned a reputation for trust.
Competitive Landscape
The iGaming industry is exciting, in part, because of the sheer level of competition. This is a blossoming industry that has multiple players, which in turn helps to elevate the standards of the products on offer.
Customers don’t just benefit from a range of choice but are also more likely to find deals. In competitive industries, both businesses and customers tend to benefit, and that’s just what we’ve seen in the iGaming industry.
Investment
We talked earlier about how valuable the iGaming industry will become in the next few years. Part of that success is down to the significant investment that brands have made in their products.
Visit a modern iGaming website, and you’ll likely find a flawlessly designed, high-functioning website that has impeccable security credentials. Indeed, while not an outlier, the iGaming industry is a rare breed in that it continually reinvests its profits, which in turn leads to an ever-improving customer experience.
Into the Future
The present is good for the iGaming industry, and the future will be, too.
In the years to come, we expect to see new and emerging technologies take center stage in the industry, including VR and AR, as well as an increasing number of brand partnerships and a growing audience base.
