Mobile gaming has experienced an unprecedented upsurge in recent years, overtaking console and PC gaming altogether. The fact that more and more people have access to smartphones with internet capabilities is unavoidably to blame for this. More and more people are downloading and using games as a result of technological advancement and faster internet speeds; additionally, for the same reason, online games are being overrun by players from all over the world. Every now and then, new game genres for mobile devices appear, and iGaming is one of them. While many of us have heard of games in this genre, very few of us are familiar with what “iGaming” is. Let’s take a look, then.
What is “iGaming”?
Any game that incorporates betting or gambling is referred to as “iGaming.” For instance, iGaming encompasses live casino games, real money slot machines, sports betting, horse race betting, and other activities. According to Transparency Market Research, the iGaming industry was valued at about US$41.78 billion at the end of 2016 and is expected to double to about US$100 billion by 2024. (TRM).
iGaming Background
The iGaming industry is not brand new; rather, it is an established veteran genre of mobile games that has undergone numerous advancements to reach its current level. Here is a thorough account of the development of the iGaming industry.
The following is a list of difficulties the online gaming sector faces:
1. Regulation
Online gambling is still illegal in many nations around the world, despite its growth and the opportunities it offers. In operating nations like the United Kingdom, Germany, Australia, and others, the iGaming industry has done well; however, the laws and regulations can change at any time, and this poses the biggest threat to the sector. The gaming industry faces the challenge of not being able to grow as much as it could have if other countries had allowed online gambling, as many still do not permit it.
2. Millennials
Younger people are drawn to games like GTA, PUBG, Fortnite, and others, which pose a serious threat to the iGaming sector. Hardcore games are more appealing to the millennial generation than online casino games. For the iGaming sector to prosper in the future, millennial users are essential.
3. Cryptocurrency
iGaming has been at the forefront of offering cutting-edge payment options. There is currently no iGaming platform that accepts Bitcoin, Dogecoin, or any other cryptocurrency, though. One of the reasons for this is that regulators like the UKGC demand some transparency, and with cryptocurrency, this is a very challenging task.
4. Market Saturation
Numerous people and businesses are entering the iGaming industry as a result of its rapid growth in an effort to profit from it. This is also a result of how simple it is to create an iGaming game app. The result is fierce competition. The status of the games is harmed by the abundance of casino games and other iGaming apps and websites.
5. eSports and video games
Although millennials are less interested in casino games, a new, developing betting industry is on the rise as a substitute. Betting on eSports competitions featuring games like PUBG and many others is creating new opportunities. How to combine sports betting with eSports and how to attract users for the same present new challenges. In order to compete in the world of AAA quality games, companies will also need to incorporate the Launch casino online feature in hardcore games.
Conclusion
As was already mentioned, the billion-dollar iGaming sector is expected to reach $100 bil3–4n in the following three to four years. Online gambling has grown steadily in recent years, with the global market expected to surpass USD 66 billion in 2020. The iGaming sector faces the same challenges that every worthwhile endeavor does.
The advantages of the industry, the opportunities it offers, and its expansion outweigh its drawbacks. According to forecasts, the iGaming sector will grow extraordinarily quickly over the next ten years. Even now, the iGaming sector is changing as a result of new inventions and technological advancement. Artificial intelligence, augmented reality, virtual reality, and
