Digital industries are, in the grand scheme of things, still in their infancy in terms of scale and revenue. By digital industries, this would mainly include those companies and businesses that are entirely centred on some kind of digital product. While this list is growing almost daily, the list includes everything from the blockchain to the Metaverse.
One of the most prominent industries seeing unprecedented growth across the last decade is in iGaming, or the world of online casinos and gambling. This sector of the betting market has grown in leaps and bounds due to a wide variety of factors, and doesn’t look to be slowing soon.
The basics of online casinos
Every site that provides online betting services is a little different but there are some core features. Sites like MrQ have a range of slot games and options for mobile casino games; in 2022, not having a mobile-friendly option available for both iOS and Android is almost unheard of in the industry. Other mainstays could include virtual table games, live casino or even bingo, and it’s common for a single site to spread out across multiple game types.
There are old names and new, niches being carved out with themes or specialities and growth across multiple areas of the industry, powered by an equally fast-growing technology side.
Online betting growth
Regarding the amount of betting activity in general, the numbers speak for themselves. According to reliable projection reports, where the online betting market stood at just over USD 61 billion in 2021, by 2028 that’s expected to nearly double up to USD 114 billion, a year-on-year growth not matched by many other industries in the world.
The reasons for this overall growth are manifold, although simple ease of access has played a massive role. It’s no secret that digital services have become the go-to for a lot of the goods and services people want. Thanks to this, most people have become accustomed to doing many tasks via a smartphone, and iGaming as an industry has capitalised well on it. As was mentioned earlier, mobile-friendly sites are basically the standard now, and being able to play slots or bingo from home has been a major factor driving people into the market.
Game developer growth
It isn’t just the casinos themselves that are seeing a spike in growth. Alongside them, slot game development countries are on a huge upwards trend, with a potential 10% growth year-on-year up to 2024 with USD 8 billion being added to the market value.
Demand for newer, bigger and more advanced games has never been higher, and many development companies are expanding operations. Exactly how providers will generate revenue varies, usually involving hosting rights or a percentage of profits per game.
Both casinos and providers combine together to pull the entire industry up, leading to more unusual projects as companies have more freedom to seek their niche, and as technology moves on to the next big thing, it’s likely iGaming will be close behind.
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