While most sectors are under strain as the global economy limps along post-pandemic, iGaming is one sector that isn’t struggling. In fact, one could say it is one of very few industries that seem to be thriving and rapidly growing. iGaming refers to ‘internet gaming’ or any virtual online activity related to online casino games and online sports betting.
Since the iGaming market opened up in Ontario, the industry has experienced a boom in Canada, with the market projected to grow to CA$28bn within the next five years. This hasn’t happened by accident, of course – the growth of iGaming has largely been fueled by technology and the digital age, which has enabled the iGaming market to remain innovative and on the cutting edge. Let’s take a closer look at exactly how the digital age has shaped this fast-growing sector.
Accessibility and convenience
The internet is nothing new but with advancements in technology, the advent of high-speed internet connections has made iGaming more accessible to people across the world. While slow internet connections may previously have created lags and buffering – any gamer’s worst nightmare – the lightning-fast, stable connections we enjoy today have made iGaming a much more enjoyable experience. Many online casinos now also offer mobile apps, such as the ComeOn! Online Casino & Slots app, which makes it possible to play anytime, anywhere (eg on your morning commute or while standing in a line) for added convenience.
Better gaming experience
If you compared online casino games from 10 years ago to what you see today, you would be shocked at how poor the quality used to be, especially if you’re accustomed to the high-quality online casinos available to you nowadays. Technology has enabled game developers to enhance graphics and sound quality for a vastly upgraded gaming experience.
Furthermore, the introduction of virtual and augmented reality technology has transformed the iGaming experience by creating a truly immersive and realistic gaming experience for players. It’s so good that you may, for a fleeting moment, truly believe you’re sitting in a real casino. Live events and video streams have also created a more ‘real-world’ experience for players in what was once a very isolated sector.
Another important recent development is the use of AI and machine learning to enhance the user experience for players. From using machine learning to improve game design, helping the house mitigate risks, making personalized game recommendations and implementing AI customer service assistants, this is an area in which a lot more growth is expected to happen in the next few years.
Increased regulation and security
Increased regulation has made iGaming much more secure and safe for players worldwide, and digital technology has been at the forefront of enforcing these regulations and ensuring fair play. Historically, iGaming was a bit of a free-for-all, with very little control over players, but technology has created a much more sustainable and safe gaming environment that upholds responsible gambling principles. This has been achieved in a number of ways:
- Streamlining KYC procedures and automatically implementing updated directives.
- Early warning systems for problem gamblers to address issues sooner, through an automated risk score based around on-site behaviors and patterns.
- Automatically imposing restrictions on player accounts such as deposit limits, session timeouts and so forth.
- Biometric authentication and encryption technology have enhanced account security and prevent fraud.
- Digital technology has also improved the way online transactions are processed and secured, making placing bets and receiving funds faster and safer for players.
Expansion of the iGaming market
With online gambling being legalized in many countries across the globe, several new markets have opened up for iGaming companies. For example, the rise of professional gamers and new multimillion-dollar tournaments popping up has created a lot of hype around esports betting, a relatively new market that has grown rapidly all over the world.
Digital marketing has also enabled iGaming companies to expand their reach and tap into new markets, which has contributed to the explosive increase in revenue. While there are some restrictions placed on advertising online gambling, it has nonetheless played an important role in helping casinos and sportsbooks reach new audiences.
Final takeaway
It is plain to see that the digital age has played a huge role in shaping the iGaming industry and has contributed to its growth and expansion. Technology has been used to improve the gaming experience, create safer gambling environments and to tap into new markets, culminating in the rapid growth of the sector. With technological advancements showing no signs of slowing down, it’s safe to assume we will see a lot more innovation and change in the iGaming industry in the years to come.