Meta: The iGaming industry has gone through various milestones to get to where it is today. Here’s a detailed guide for beginners or all those who wish to understand the factors and challenges which contributed to the rise of this exciting gaming platform.
What do you understand once you hear the word ‘iGaming?’ While it may sound like a pretty basic term, it’s something which continues to cause a lot of misunderstanding and confusion, especially for newbies. That’s why we have taken enough time and resources to come up with this simple iGaming industry beginner’s manual. We hope that it will go a long way in settling all your worries. Take a look!
What is ‘iGaming?’
Before we dive into the history and growth of this exciting industry, let us first define the term ‘iGaming.’ Well, according to Sally M. Gainsbury, who wrote an interesting piece on the taxonomy of casino games as well as gambling, iGaming is a system of online slots where all outcomes depend on chance. Players also receive monetary awards once they win.
However, online games which don’t involve this system of betting don’t fall under the ‘iGaming’ category. Such includes casino-based games. These are basically social casino slots where no actual betting is required. That being said, some of the most interesting ‘iGaming’ classifications being played in today’s online casinos include:
– Poker
– Mobile Gambling
– Various Casino Slots
– Lottery
– Sports Betting
– Bets on Horse Racing
– Bingo
Growth and History of ‘iGaming’
1. Microgaming Developed the First Online iGaming Website In 1994
Before we were introduced to the world of online casinos, Microgaming had already started marking remarkable strides in this industry. In fact, during this time, it was considered to be the largest gaming developer. Also, in the same year, Antigua Barbuda became the first country to issue licenses allowing online casinos to operate freely through its free processing and trade act.
2. The Establishment of The Kahnawake Gaming Commission in 1996
It was launched in the Canadian, Kahnawake Mohawk Territory to regulate all online gambling licensing activities across the world. The InterCasino was also the first gambling house to allow its players to wager using real money.
3. Tremendous iGaming Achievements In 1998 From Microgaming and Planetpoker
Just four years after establishing its gambling software, Microgaming introduced ‘Cash Splash.’ This was its first progressive online jackpot slot, designed to reward players with huge cash-outs. Likewise, during the same year, we also saw the introduction of the first online poker room from PlanetPoker.
4. Other iGaming Advancements by 1999
Before ushering in the new century, the ‘iGaming’ industry already had over 700 online top casinos running on real money. There was also the establishment of the Multiplayer feature, which allowed gamers to communicate with one another as they played.
5. By 2000, More Countries Had Began to Accept the Concept of ‘iGaming’
Different territories in the United Kingdom like Gibraltar and the Isle of Man opened their ‘gambling’ doors to online gaming. This ‘wave’ kept on spreading with more than 8 million users across the globe. Furthermore, the industry surpassed more than 2 billion dollars in revenue.
6. 888.com was Launched Back in 2003
This was quite an eventful year for the industry with the introduction of 888.com, one of the most reputable online gaming websites of today. Interestingly, according to the Chinese culture, the number ‘8’ is a lucky digit, something which resonates well with ‘iGaming.’
Sadly though, three years later, the United States of America (USA) passed a somewhat controversial Gambling Enforcement law. It prohibited all gaming houses from accepting online payments for betting.
7. Growth of Mobile Devices in Online Gaming by 2010
There’s no arguing the fact that mobile devices have transformed the way we do business and interact with each other. When it comes to the ‘iGaming,’ in 2010, they had become the ‘kings’ of the industry. During this time, gamers had already placed bets worth 10 billion dollars using their online betting platform!
The Technical Revolution Challenges of The iGaming Industry!
Despite such remarkable growth, ‘iGaming’ has gone through various problems. Yes, other than just looking for a way to maneuver through harsh legal policies, online gaming companies had a lot more on their plate.
These include:
A. Technological Problems
The continued adoption of internet services in different countries, especially those to the west and the growing use of personal computers in homes contributed to a substantial rise in the ‘iGaming’ market services. As the speed and power of these computers continued to increase, companies had to work tirelessly just to improve their offerings. They also had to create better sound and graphics as well as provide players with a wide variety of online slots.
B. Massive Competition
Today, the ‘iGaming’ industry is overcrowded with online games due to the increase in demand. Hence, companies need to have a generous and innovative incentive that allows them to draw the attention of new players. Good examples include:
– Bonuses like free bets or spins
– The free-play feature
– Frequent player points (FPP)
– Cashback promotions
Conclusion
The ‘iGaming’ industry is something which will continue to grow as time goes on and as more people continue to see the value of placing online bets for huge cash-outs. It’s convenient, fast, and flexible for the everyday gambler. Besides, even though it continues to face different challenges, its continued success is truly outstanding.
So, what you think about the ‘iGaming’ industry? Is it an easy or risky way of making money in the tough economic situation of today? We’d like to hear from you, drop us a comment!
This guest post was written Thomas Glare, a passionate iGaming enthusiast who takes great pride in understanding the steady growth of this industry. Through his work, he provides content that brings joy to your heart and offer a helpful hand to all those who are just starting their journey into online casino slots or games.
