The iGaming industry is expected to reach a worth of $321 billion by 2026 since its popularity has surpassed many expectations. The iGaming industry emerged with the development of online casinos in the late 1990s. Since then, it has continued to grow and evolve with the integration of many technological innovations, which were not only prevalent in the market but also on a global scale.
The rise of technology since the turning of the millennium has been astonishing, as the rate of growth in all sectors made the internet the most powerful digital tool ever conceived. What was once a niche subculture online reserved for tech experts to share minimal amounts of information has expanded to a global audience for entertainment, news, and ecommerce.
Below, we will learn why the iGaming industry has evolved to a billion-dollar industry in the digital age.
Mobile devices made huge waves in the iGaming sector, and in general, the introduction of smartphones redefined many business sectors, not just industries that are related to online entertainment. In the iGaming sector, mobile devices represent a turning point because they introduced both mobile casino games and games of chance to a global audience that previously didn’t have access to iGaming platforms. Long gone are the days of old, clunky, limited web pages on a mobile phone, replaced with sleek, eloquent designed apps and games, enticing in players.
For instance, online casino sites like casumo.com had an opportunity to provide a comprehensive gaming experience to their mobile users. They have, for this reason, created mobile-friendly casino sites as well as mobile applications. With both options, you have access to everything the casino site has to offer, starting from different bonuses and promotions to a rich library of casino games.
This also applies to other online gambling platforms, lottery sites, or bingo sites because, on every gaming platform, there was a mobile revolution where they had to focus on developing mobile options that would be appealing to a global audience of mobile users.
It comes as no surprise because we generally on a global scale spend most of our free time on our mobile devices, and it’s likely that we will spend even more time in the future, so it is important to stay on top of this trend and provide with better mobile gambling options.
As one could expect, in the past, there were very limited payment options that didn’t even begin to cover the variety of digital payment methods available on iGaming sites today. Operators looking to capitalize on the rapid expansions of the crypto boom over the past few years have now started to incorporate as many online payment options as possible for their customers, with funds like Bitcoin and Ethereum being widely adopted. Today you can use everything from your credit card to digital payment methods like PayPal, Skrill, Neteller, and even cryptocurrencies to make payments on online gambling sites.
In fact, virtual currencies represent one of the latest innovations in the iGaming sector, which started around the time Bitcoin entered its bull market phase in 2020. So, today you can make safe deposits and withdrawals on gambling sites that allow you to use crypto funds online. This is one technological innovation that we could not have predicted in the early days of the iGaming sector.
Machine Learning Technology
Machine learning technology represents an important addition to the gaming sector since it creates multiple opportunities for personalization. We can utilize the machine learning technologies integrated into online gambling sites in order to create personalized recommendations regarding the games of chance or to deliver personalized offers and promotions that suit the preferences of the online members. This rapid expansion in a growing and uncertain field of technology makes for a promising, if not uncertain future for most businesses, as almost every industry has an online presence to some extent in the modern world.
Because machine learning technology became big part of online businesses in the last decade, it wasn’t even an important factor for the success of online gambling sites in the early 2000s and a major improvement towards developing or personalized gaming experience.