What is iGaming: Everything You Need to Know to Become an Operator
Did you know the iGaming industry has one of the highest growth projections in the world? A recent study states that it is expected to grow at a CAGR of 11.9% between 2025 and 2030. Thus, this is the ripe time to start an iGaming business and benefit from its growth in the long run.
Starting with the Basics | Meaning of iGaming
iGaming is online betting that refers to wagering on the future outcome of a game or event. The letter ‘i’ in iGaming stands for internet, as it is an internet-based gambling activity. The global iGaming market is worth approximately $66.7 billion. There are various types of iGaming, including sports betting and lotteries, that contribute to the share of iGaming in the market.
It provides convenient gameplay to players because they can play wherever they want with no time limitation. Players can play games and place bets on their phones without going anywhere. Whereas operators can connect with a wider audience through iGaming services. It also allows them to better understand their players to provide a personalized experience.
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Evolution of iGaming
The iGaming business constantly undergoes transformations due to technological advancements and shifts in consumer preferences.The Start of Online Gaming
It all started in 1994 when the Free Trade & Processing Act was passed by the government of Antigua and Barbuda. Under this act, businesses were allowed to obtain a license to open an online casino. The world’s first commercially viable igaming software development company for use in online casinos was operated by Microgaming, and safe online transactions were handled by Cryptologic, which enabled online casinos to start business.Rapid Growth in Industry
By 1996, iGaming business caught speed. The number of online gambling sites went up to 15. But it didn’t stop there and progressed to 200+ in 1997. Moreover, the online gambling revenue exceeded $830 million in the year 1998. During this period, online poker rooms and players playing online simultaneously became available.Development in Technology and Mobile Gambling
The high degree of technological advancement was the reason behind the growth of the iGaming software solutions provider and the advanced payment system. With the introduction of mobile phones and tablets, access to iGaming improved and enhanced its popularity globally. The first mobile gambling platform in the UK was launched in 2003. By 2006, Europe had overtaken all other regions in the world with regard to the mobile gambling market.
Regulatory Developments
Government regulations tightened with the rise of online gambling in these countries. They understood the need for regulations in the industry in order to protect the users from fraud and ensure fair play. The UK government established the UK Gambling Commission in 2005, which is responsible for the regulation of every type of gambling as a ministerial regulatory body.
Integration of Blockchain and Cryptocurrencies
The past decade has seen the iGaming business continue to take steps forward to build trust by accepting the use of blockchain and cryptocurrencies and providing safer gambling in the market. Blockchain technology involves the use of a digital record that is transparent and visible to everybody. It addresses one of the biggest issues of trust in the world of online gambling.
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Types of iGaming
The iGaming industry has different online gambling games to suit different players. Here is a brief overview of the largest types:
1. Online Casinos
Online casinos provide the opportunity to play traditional games like blackjack and roulette to players from the comfort of their home. Delivering turnkey iGaming software to white label solutions, iGaming software developers made sure the platforms are easy to use, making them ideal to give players a convenient and hassle-free gaming experience. Moreover, high-quality graphics with interactive live dealers and live chat experiences actively make it more entertaining for players.
2. Sportsbooks
Online sportsbooks allow users to bet on sports games and activities, like physical world actions like football, basketball, and horse races, among others. The live betting component is the most interesting part, as players can place wagers as the game progresses/. They can also keep betting on the actions that they just witnessed on live television.
3. Bingo and Lottery
Online bingo and lottery games provide a more relaxed gaming experience for end-users. Often added by iGaming software API providers, it is simple, as customers can buy tickets and enter a draw and bingo session with big prizes to be won. Players tend to favor these games as they want something easy and quick to do.
4. Virtual Sports
Virtual sports are represented as computer-generated simulations of real and live sports events. Players are able to place bets on virtual events that aim to create the dynamics of both unpredictability and excitement of actual sports. It provides the advantage of always placing bets and having opportunities, irrespective of how live sports are scheduled.
Parties at Play in iGaming
The iGaming sector is a complex ecosystem that requires several stakeholders to operate and grow. Below are some of the main players involved:
1. Software Providers
White label iGaming software to customized software providers, these are professionals who design and develop games, platforms, and software for casino and sportsbook operators. They create everything from slots to poker tables with secure backend systems..
2. Operators
Operators run online casinos and betting websites to provide iGaming services. They provide games and customer support while handling the daily operations. They often face a common challenge of following laws and dealing with regulatory effects on their users to ensure safety and security. Operators are the bridge between the iGaming software provider and players.
3. Regulators
Regulators are the official bodies that determine how the iGaming business must be conducted. They provide licensing to the companies that can operate legal iGaming websites and software. These organizations verify the fairness and safety of games while protecting the player’s data. Some of the most well-known regulatory bodies are the UK Gambling Commission and the Malta Gaming Authority.
4. Payment Providers
Payment processors are responsible for monetary transactions between players and operators. . Moreover, they allow players to deposit money in the game and withdraw their winnings in a safe and secure manner.
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Conclusion
iGaming has presented itself as an industry with high growth potential. In fact, given the growth it is expected to attain in the upcoming years, starting an iGaming business can result in one of the most profitable decisions you make. However, to be successful in this industry in the long run, you would also need to keep adjusting to its future trends. For this, you would need a reputable provider that can help you throughout the journey.
This is exactly where TRUEiGTECH can be of help. We can offer you everything you need to build and grow a high-quality iGaming platform. Our team strives to support your vision from game development and UI to payment integration and compliance. So, if you want to give a unique iGaming experience to your users and are looking for a partner that can guide you throughout the process, contact TRUEiGTECH now!
Written by: Prish K
Prish K, Head of Marketing at TRUEiGTECH, holds an experience of more than 10 years in the iGaming domain. Starting from strategic planning and digital marketing to team leadership and cross-functional collaboration, he is a master of his domains. For more than a decade, he has shown a promising commitment to fostering result-driven and creative work outputs. Beyond guiding newcomers and established iGaming operators with the right software solutions for their business needs, Prish also wants to share his industry expertise and knowledge through insightful blogs and articles
