What Is iGaming?
iGaming is any kind of online betting that wagers on the future outcome of a game or event. Sports betting, online casinos, poker, and eSports all fall under the iGaming definition.
iGaming Refers to online gambling, whereas gaming refers to gambling in brick and mortar location.
The online gambling market is worth an estimated $66.7 billion per year when you factor in every available market. As more US states launch iGaming and Canada launches their own market, this figure will continue to grow significantly for years to come.
Is iGaming same as gambling?
iGaming encapsulates all the gaming options offered on a mobile betting app. In fact, in Ontario, the government body that oversees all Online Gambling is called iGaming Ontario.
How popular is iGaming?
iGaming first emerged in 1994. Thanks to a surge in popularity of the internet, rapid development in iGaming technology, and the provision of iGaming server infrastructure, the market quickly grew.
By 2020, the worldwide iGaming sector was worth $64.13 billion. It’s expected to almost double in size to $112.09 billion by 2025 as iGaming infrastructure continues to improve and more people look to gamble online.
Why is iGaming so popular?
It’s all about accessibility. iGaming can be accessed via websites and apps, allowing players to engage at any place, any time on virtually any device. Anyone with a device and an internet connection can play a few hands of poker or spin some slots on the bus to work.
The pandemic was also instrumental in driving growth as people looked for online alternatives while physical casinos were closed. 2021 was a record year for the iGaming technology industry in the US, with many states recording all-time high revenues, and a nation-wide income of $53 billion. Such huge numbers were achievable thanks to the powerful iGaming server infrastructure available which could support many players.
iGaming is beginning to take off in less-developed nations too. In Africa, for example, rising mobile phone ownership is driving increased uptake of online gambling. As iGaming becomes more affordable, accessible and widely legalized, we can expect to see the iGaming industry grow to new levels.
Is iGaming legal?
The legality of iGaming has different timelines around the world, and countries like Canada and the United States are some of the most recent to establish iGaming markets.
Even though iGaming is defined as any kind of online betting, that doesn’t mean every country allows the same legal betting options in all regions. The launch of iGaming casinos as opposed to something like mobile sports betting is staggered in some places and simultaneous in others.
For instance, legal online sports betting has only been available in certain US states as of 2018. Compare that to countries like the United Kingdom, where off-course betting has been legal since 1960, with revamped laws in 2005 regulating online sports betting, casinos, and poker sites.
Not every US state has legal online wagering, and the privately-operated Ontario iGaming market is just getting underway in Canada as of April 4, 2022. Again, this is just a high-level overview of the current state of iGaming, as rules and regulations vary greatly in every country.
What states allow iGaming?
Sports betting is legal in nearly three-quarters of the states. Within a few months, online sports betting will be allowed in more than half of the states. Online casinos are only in six states.
Sports betting is ubiquitous, even in states that have yet to legalize it. Ads for sportsbooks are prevalent online and over the air. Stadiums and arenas devote signage, and sports broadcasting crews now bring up odds in their event coverage – a taboo topic not long ago.
Online casino gaming doesn’t generate the same buzz. But what it does generate is money. A lot of it.
According to data from Spectrum Gaming Group, iGaming operators in New Jersey reported gross gaming revenues of $1.49 billion in the 12-month period ending in April. In Pennsylvania, operators there made $1.2 billion, while Michigan’s online casinos earned $1.18 billion.
What is iGaming Glossary
This glossary was developed to give new and established iGaming operators a central resource for all terminology related to iGaming. In an industry that’s quickly evolving, there are always new developments and terms to be aware of. You can refer to this glossary to get a better understanding of all the terminology that you hear regularly in conversations surrounding iGaming. Check back often for new updates!
Gross Gaming Revenue
Gross gaming revenue is the difference between the amount of money bettors wager minus the amount that they win. GGR is equivalent to “sales” or “revenue” – but importantly is not equivalent to “profit” or “earnings.”
Application Programming Interface
APIs are sets of programming code that enable data transmission between one software product and another.
Esports are multiplayer video games that are played competitively by professional gamers for spectators and with cash prizes for the winners. Popular examples of Esports include League of Legends, Dota 2, and Fortnite.
How to spot an offshore sportsbook
The website for an offshore sportsbook and online casino may look identical to a licensed sportsbook. Thankfully, there are some easy ways to decipher whether the operator is legal, or not.
Step one is to look at the top of bottom of the website for the state’s gaming regulation seal. In Illinois, the emblem is an eagle holding a red ribbon in its mouth. You can also look for a logo that says RG, which is the Responsible Gaming emblem. If you see those things, you’re on a licensed sportsbook.
The second step is to check the website’s URL. If it ends in something like .ag, .lv or .eu, that means you’re on an offshore site. Those are all indicators of which country the website operates in. Licensed US sportsbooks will also have URLs ending in .com.
Finally, keep an eye out for the option to deposit cryptocurrency as playable betting funds. Offshore sportsbooks often accept cryptocurrency such as Bitcoin as a deposit. This is a tell-tale sign you’re on an offshore site, as licensed sportsbooks only accept real-money deposits.
How big is the iGaming industry?
Many factors could be accounted for the growth of the iGaming industry. Technological advance means that the games are constantly evolving and improving. All kinds of betting services are offered with better visual and audio design which naturally attract more customers.
iGaming is a highly innovative industry that never sleeps, and the online casino sector is leading the way. Online slots are coming out every week and gather a massive public following. Meanwhile, classic games like roulette and blackjack maintain a steady base of players.
What is iGaming Malta?
The innovative and robust gaming framework that began in 2004 has made Malta the hub of the iGaming sector. The Malta Gaming Authority (MGA) has since been considered a flagship authority within the gaming industry.
Started in 2004, The Remote Gaming Regulations (Malta) placed Malta as the first member state of the European Union to regulate remote gaming. The Remote Gaming Regulations are now replaced by the updated and relevant Gaming Act, which came into force in August of 2018.
Considering its fast-paced growth, the booming iGaming industry in Malta has seen years of aggressive growth is expecting considerable momentum in the future as well. As more compelling possibilities for iGaming companies unravel themselves, there has never been a better time considering all the perks.
iGaming is highly innovative and never sleeps; it has grown into a multibillion-dollar industry by leveraging new technologies like virtual reality and machine learning. Every advance plays into the industry’s strength.
Cloud-based technology? Operators utilize cloud computing technologies to manage and store player information while also increasing operating efficiency.
Augmented reality? Players can experience the real atmosphere of the game and feel like they’re actually in a casino.
The same goes for advances in graphics that make games simply more appealing. Every step forward technology takes, iGaming is along for the ride.
Gaming Business is a business-to-business (B2B) magazine focusing on the online gambling industry. It launched in 2003, and has two sister magazines – iGaming Business North America and iGB Affiliate.
The magazine is a bi-monthly publication. covering industry news, regulatory developments, and interviews with senior figures from the online poker, casino, bingo and sports betting space. It has featured interviews with CEOs of FTSE 100 and FTSE 250 companies.
A website, igamingbusiness.com, publishes daily news from public and private companies in the sector. Michael Caselli has served as editor-in-chief of the three magazines for their duration, and is the co-founder of each of the magazines as they exist in their current format. Caselli leads the direction of each magazine and their accompanying conferences.
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According to a study by the American Gaming Association (AGA), the iGaming industry is predicted to reach $90 billion by 2023. Similarly, in 2022 Statista revealed that the iGaming market had reached $59 billion, a trend that is expected to double within the following year.
Speaking generally, iGaming companies are any regulatory bodies or privately-owned operators that deal in the business of online wagering. Examples of regulatory bodies includes iGaming Ontario, while privately-owned operators would refer to sites like DraftKings Canada or FanDuel Canada.