How the iGaming Industry Took Over the World

February 15, 2024
Nikk Holland

Unless you’ve been living under a rock, you’ll have noticed the continued rise of the iGaming industry over the past few years. After years of behind-the-scenes work, the industry is having a moment, and it’s out there for all to see. Advertisements appear on television and at sports arenas, and there’s a long list of celebrities who have lined up to promote various offerings from the iGaming industry.

This has all led to a high market valuation that continues to grow year-on-year. In 2022, the industry hit a $60 billion valuation, and growth is anticipated to grow even more in the next few years. According to one report, the industry will experience a staggering 12.5% CAGR (compound annual growth rate) through 2027. In other words: the iGaming industry is quickly taking over the world.

And this is no accident. Let’s take a look at some of the key reasons behind the phenomenal growth rate of the industry.

Widespread Acceptance

The industry’s success is due, in part, to its growing legality across the United States. Once a relatively overlooked sector, today sports wagering is legal in nearly half of the country’s States, while seven states have already legalized all iGaming activities, with more states — and countries — anticipated to do so in the coming years. After years of limited state legislature, the doors are finally opening, and that’s led to a significant boost for companies in the industry who are continuing to invest in their products and services.

Favorable Consumer Deals

Legality doesn’t count for much if the public isn’t interested in what’s available. But every sign suggests that there is significant interest in the states where iGaming is available. Though many states offer offline gaming activities, digital offerings have proven highly popular. This is due, in part, to the number of bonus bets and other deals that are routinely available to new customers. These types of deals have not historically been available in offline establishments. They help to create an attractive environment in the eyes of customers, who can sample a range of websites from the comfort of their own homes.

Technology Advancements

The desire for a robust iGaming industry has always been there. In fact, it has always been there — the first offerings date back to the mid 1990’s. But the technology required just wasn’t there, and plus, the majority of the public did not have the digital needs needed to access the services. That’s all different today. The internet and technology have evolved significantly in the past ten years, especially from a security perspective. Consumers, who are practically guaranteed to have an adequate internet-accessible device, can have confidence that the security credentials of their preferred website will be as high as anything they’ll find online. Just as the eCommerce industry needed time before consumers trusted website shopping, so too did the iGaming industry.

Mainstream Partnerships

The iGaming industry has been popular with certain audiences for years, but it historically lacked mainstream acceptance, most likely because the industry was still in its infancy. Today, the iGaming industry isn’t just trying to get its foot in the door of the mainstream world — it’s very much a part of it. This was especially evident in the 2024 Super Bowl, in which the iGaming industry had a significant presence. Other major brands, including McDonald’s, Adidas, New Era, and Subway, also have partnerships with iGaming companies.

Continued Innovation, Development, and Improvements

The above points have all gone a long way towards ensuring iGaming is one of the fastest-growing and most talked about industries on the planet. But the industry’s real power lies in its commitment to innovation and ongoing improvements. The offerings from the biggest companies today are watertight, but the sector won’t rest on its laurels. It’ll find ways to develop and improve. With VR, augmented reality, and better mobile experiences on the way, the industry’s positive growth outlook looks all but assured in the coming decade.

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