How iGaming is Taking Over the Gambling Industry
February 26, 2024
The gambling industry is divided into numerous segments. You’ve got software providers like us, as well as online casinos, sportsbooks, and owners/operators who manage thousands of sites all over the world. In the past, it would be fair to say that iGaming wasn’t dominating the industry. However, recent data suggests that iGaming isn’t just biting into the market share of platforms like online sportsbooks, but it’s actually starting to take over. This is obviously very promising from a software provider’s perspective, and we like to think that our collective efforts have played some role in the popularity of iGaming.
Naturally, the more diverse and the higher the quality of games available, the better overall user engagement will be. That said, user engagement and overall enjoyment aren’t quite as quantifiable as the latest industry statistics. This brings us to some of the most striking facts that prove iGaming is becoming more prominent worldwide. So, to begin, if revenue projections are correct, the iGaming industry could be worth more than $150 billion by 2030. This figure projects double-digit compound growth that is expected year on year. And if we bear in mind that the iGaming industry was worth just over $60 billion at the end of 2021, these projections point toward mass adoption and growing interest in places where gambling is already popular.
But how can the iGaming industry expect such rapid growth? There are numerous reasons behind the numbers. First and foremost, the iGaming industry is becoming more and more prevalent in places like North America, largely thanks to relaxed online gambling laws spreading throughout the nation. Additionally, South America is following suit, with enormous markets like Brazil opening up its doors to the world of iGaming. In fact, there are more than 500 million people in the USA and Brazil alone. If even a fraction of the collective population gains an interest in iGaming over the coming years, the outputs could be enormous. Of course, these are just two markets where iGaming is booming, but there is also cause for enthusiasm in places like Europe, Africa, and Australasia.
Despite the fantastic opportunity that these locations present for the iGaming market, there is one missing piece to the puzzle, and that’s the point where companies like CT Interactive and others enter the picture. We say that because no matter how large the market, if the end product isn’t desirable, numbers will dwindle, and the industry won’t grow. But the end product is improving exponentially with cutting-edge technology like artificial intelligence, virtual reality, and cryptocurrency integrations, so we are seeing that growth. Collectively, such technologies are helping to build truly unique experiences, and things like slot games now demonstrate Hollywood-worthy animations. Therefore, there is only one way the iGaming industry will go: up!
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