I-GAMING
When we talk about the future and what technology holds for us, our minds always focus on the possibilities of digital technology and software. We are no longer in the era where physicality and presence are invaluable. Now we can do a plethora of things online with the help of technology. Understanding capital markets, recording of stocks and bonds, purchase of the latest or your favourite designer bags and of course gaming. We now look at these activities in a different light, where your presence in a typical stall is not needed to get what you want, and the same can be said for gaming.
Technologically advanced interfaces that favour everybody due to its simplicity in its conveyance helps to shine a brighter light on the endless possibilities of iGaming. But first, what is iGaming? Simply and concisely put, it is playing or betting on several outcomes on an event or sport through the use of an internet. I-Gaming since its inception more than 15 years ago has continued to open doors to endless market expansion and innovation, whether through attraction of investors or higher revenue generation. It remains one of the most profitable business endeavours in gaming globally. Considering the continuous emergence of a more tech-savvy generation, iGaming will soon become an undebatable new reality and with its low cost and high profits, traditional casinos will slowly become obsolete for both producers and consumers.
One may ask why iGaming has taken up so much prevalence in the market and how it is constantly becoming the new norm. Apparently, there is an increase and popularity of mobile phones. And a greater number of people will have virtually unlimited access, depending on services and charges, to bet and play odds without the need to get into a car and drive to the nearest casino. What about those people in a country that don’t even have a casino? All these point to one direction that iGaming is so popular because of its location-on the internet. This grants higher access to features and reduces the stress of a casino, as an individual can casually sit down on his couch in the living room from the comfort of his house and play odds on his phone. This shows how far technology has advanced in the area of iGaming and gambling in general. Furthermore, unlike traditional casinos such as the Genting Highlands in Malaysia or the Venetian Macau in Cotai Strip, digital currencies in payments are now being embraced. Cryptocurrencies took the world and especially the global economy by storm and have now become popular and iGaming, being a safer and more reliable gaming enterprise, would indeed adopt any efficient processes that reflects its futuristic aura and agenda. Being paid in digital currencies like Bitcoin and so on further increases its popularity and attracts even more players, as it was observed that many players prefer a more secure, fast method of payment using cryptocurrencies.
TRANSITION OF CASINOS INTO THE E-WORLD
Casinos backed by legality can be dated as far back as the early 20th century, where certain types of gambling take place. Usually situated around hotels, restaurants, resorts, and other tourist sites, casinos offer games ranging from slot machines, pokers and so on. Casinos quickly became popular as not only a quick medium to get money, but also due to the organizational process and decorum that followed. It was not crude, and it gave rise to better technology for gambling and a more organized method of pay-out.
However, despite the spectacular development of the gaming industry following the introduction of casinos, it still had some shortcomings that could only be solved with the introduction of a new way to game. And thus, internet gaming became a reality and immediately rose up to be a successful venture. The cost of managing traditional casinos are just so high that despite their humongous revenue-yields, at times a below-the-expected profit or losses are made. Furthermore, externalities such as weather disasters, criminal disruptions, pandemics etc. play a pivotal role as to why a casino’s market value would crash at times. But in contrast, an online casino has a very low cost in comparison to traditional casinos and is expected to be yielding more revenue than traditional casinos.
Considering several advancements in the digital market and e-commerce in general, online betting and casinos especially have now covered several gaming opportunities. In 2020, the Covid-19 pandemic gave a huge hit on the global economy, but the iGaming industry remained strong, yielding an astounding revenue of up to 66.67 billion USD. This alone shows the viability and resilience of online gambling. These amazing revenue-yields coupled with a 64% increase of online gaming activities by players due to the numerous lockdowns started to shed more light on the investors and entrepreneurs on the potentially limitless possibilities of online gambling. Even though the pandemic is to end or subside, it is very unlikely that iGaming will fade out, as it has more or less become the new reality. All these point to the fact that traditional casinos are now being replaced gradually with fast and more efficient online casinos.
Focusing on traditional casino owners. They will soon transition to a fully or semi-fully operated online system as it gives greater diversity, computability, availability, and efficiency. Players can even experience Virtual Reality (VR) to simulate physical presence in an actual casino, but this time at the comfort of one’s house. There is an increasing demand for live-dealer games which an online casino or betting hall would easily offer unlike traditional betting centres or casinos. Absence of stealing and criminal disruptions leads to even more stable and increasing revenue-yield. In 2018, the market produced more than 48.9 billion USD globally and is expected to grow more to over 134.5 billion USD by 2027. Considering how massive the global gaming market is, it is expected to have a Compound Annual Growth Rate (CAGR) of about 7.91% until 2026 in relation to online gaming revenue statistics (Global Newswire), thus surpassing double the revenue acquired 9 years before. Therefore, surpassing the revenue-generation and overall functionality, effectiveness and growth of traditional casinos.
Also, it is important to understand that due to these factors, a rise in the iGaming industry is prevalent and inevitable. This is due to the constant increase in standard of living, increased spending abilities, increased access to technology and growing urbanization and commercialization. Although there are still risks of cyber disruptions, this can be easily dealt with due to advancements in computer efficiency and software technology, unlike practical threats in traditional casinos like the domination of American Mafias or Triad Syndicates which are virtually inexistent in online casinos. Therefore, resulting in a safer gaming environment for all players without the risk of losing your earnings via crime or extenuating circumstances.
SUMMARY
I-Gaming is the future and present reality of the gaming world and industry, and producers are starting to realize this. The 21st century has experienced and witnessed a lot of tech-booms and its generation is very tech-oriented. Because of this, demand is very high for technology based services such as iGaming, as iGaming currently takes up approximately 45% of the global gaming market, and according to Transparency Market Research, the market value of online gaming was about 41.78 billion USD in 2016, and it is forecasted to grow two-fold by around 100 billion USD by 2025. I-Gaming is the next step in considerable advancement in technology and digital marketing, its potential is viably limitless.
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