What Is iGaming? Everything You Need to Know
In the present day, iGaming is heard by most people, but some are a bit confused about its basic meaning as they coin it to an umbrella term covering all kinds of online gambling.
Do you think so?
If yes, then there is a slight marginal difference, i.e., iGaming is considered as those online gambling where money is involved. In short, iGaming covers all such forms of online gambling where the money takes part, such as sports betting, online poker, Bingo, etc.
However, there are some online platforms where betting is not involved, such as Social Casino Games, and considering the same to iGaming is not accepted. Here, in this article, you will come to know everything about iGaming, its market value, history timeline, and future.
Now, you are pretty familiar with the term iGaming, and it will be easier to understand the concept behind the origin. Late in 1994, the leading gambling software development firm Microgaming launched the software for gambling, and it has given the push to this business. Soon, after two years, the Kahnawake Commission was established in Canada with the aim of regulating online gambling.
In 1998, Microgaming launched a powerful software again and thus paved the way for the online slot jackpot, which was coined Cash Splash. In the same year, another significant improvement was noticed in iGaming, i.e., the launch of the first online poker game by Planet poker company. You can experience Microgaming slots on Slotxo3388 Casino.
A Multiplayer online gambling system was introduced to make iGaming work more effectively, which enabled more than one person to participate in online gambling. Additionally, this system also helped them chat with each other, and the developers were keenly interested in giving them the true feeling of the casino, which all happened in 1999.
Regulation on iGaming Companies by the Respective Government
In 2000, some leading gambling companies in the U.K. stepped into the online platform and boosted iGaming; At that time, the revenue generated through this platform was $2 billion, and the active users were around 8 million.
In the same year, the Australian Government brought the Interactive Gambling Moratorium Act, which pulled the leg of online casinos which were not licensed. In short, this act gives the power to the Government to allow such online casinos in the territory which have a license. Furthermore, in the U.S., the Federal Government passed the UIGEA act in 2006, aiming to restrict the online payment mode in the iGaming platform.
Rise of iGaming
Since after 2009, the technology got its pace, and the introduction of smartphone boosted the iGaming as most people were quite comfortable with the online gambling; the stats shows that the iGaming revenue generated during that period was $10 billion, and after a decade, it reached to $60 billion.
Why People Are Rushing Towards iGaming and What Makes It So Much Popular?
With the advancement of technology, iGaming has grown tremendously, and the prime reason behind the same is the security, accessibility, ample range of games, and many more. The iGaming companies understand the need of the users, and accordingly, they have made the platform. So, let’s see what the key features involved in iGaming which attract the users more are.gaming services
Varieties of Game
In the land-based casino, you will find limited games, but in the online casino, there are varieties of games, and you can choose the one as per your skill. Furthermore, on the online platform, you will get additional perks in the form of bonuses, which will give you additional money against the wager.
Security is quite important in the gambling sector, and every gambling companies try to maintain the same. But in the land-based casino, there is a chance of security breaches and also the possibility of privacy issues. In such a casino, there is a huge crowd where maintaining privacy is a tough job, which is the biggest demerit of a land-based casino. In iGaming, you will find a layer of security that is quite hard for cyber attackers to penetrate the system. Thus, you can say that your money and privacy are completely secured in the online platform.
In the present day, cryptocurrency is high in demand. Considering the same, many iGaming companies offer this feature to the users which means the player can access the ultimate betting experience using cryptocurrency. Additionally, the use of bitcoin in this platform gives additional security to your money and your identity.
The land-based casino is always crowded, and getting a table is a challenging task. Furthermore, the time slot is fixed for the punters, and if you miss the same, you will have to wait longer to get a table. But in iGaming, you won’t find such a scenario as everything is online, and all you need to do is choose your time and game to win the bet. Furthermore, in iGaming, you will get the best odds from the bookmakers, which will also assist you in placing the bet effectively.
iGaming Hubs Across The World
Now you are quite familiar with iGaming, its origin, and its features, so it’s the right time to know where the iGaming hubs are located. There are basically three major countries where iGaming is running flawlessly, and they are Gibraltar, the United Kingdom, and Malta. Let’s see more about these places and their unique features, making them the hub of iGaming.
Malta is an island surrounded by the Mediterranean Sea. Also, it is the smallest country on the list of European Union members. As the country’s GDP is mainly focused on Tourism, this is the big reason which gave way to iGaming companies in this region. As per the stats, the iGaming companies contribute nearly 10% to this country’s GDP, and if you go much deeper, you will find there are 294 iGaming companies, and this number is quite huge.
Gibraltar is a hub of iGaming companies, and here you will find the headquarter of many leading iGaming companies, including William Hill and 888 Casino. The first company that paved the path for iGaming in Gibraltar was BetVictor and once it got a huge success, many more iGaming companies knocked on the door of Gibraltar. Now this region has become the hub of iGaming.
The U.K. is the hub of many iGaming companies, such as William Hill and others, and the prime reason behind the same is the simple rules and regulations on gambling. If you go through, the revenue contributed by iGaming companies to this Nation is around 4.5 billion Euro. But after the exit of the U.K. from the E.U., a significant dip has been noticed in the country’s economy as well as in the gambling industry.
iGaming has brought a revolution in the gambling sector, and in coming years, it will go beyond the imagination. Most users are waiting to access the metaverse feature in gambling, and once it is launched in full-fledged, the players will get the true essence of a traditional casino on the virtual platform.