Brief History of iGaming Industry
The evolution of the iGaming industry began in 1994, a time when an iGaming website was launched by Microgaming, it was the first of its kind on the internet. In 1996, to regulate the gaming industry, the Kahnawake Gaming Commission was established. By 1998, there was the rise of iGames like PlanetPoker which paved the way for online casinos. By the end of 1999, there were over a thousand online casinos games, and many of them have an advanced feature that allowed multiplayer to participate in the iGaming industry.
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In 2020, more countries adopted online gambling, and the world experienced a sharp increase in the number of users to 8 million, and over 2 billion dollars was generated as revenue. In 2010, mobile phones became more affordable, and more people joined the iGaming industry, the mainstreaming of mobile device technology allowed players to wager 10 billion dollars within a year. By 2024, the global market for iGaming will be worth about 100 billion dollars according to Statista.
Even though the iGaming industry is faced with challenges as a result of government regulations even in the USA, it is surprising that the industry keeps getting popular and annual revenue is increasing. Right now, it is safe to say that iGaming is one of the fastest-growing industries in the world. Therefore, with this kind of growth and because of possible tax that the government could collect from the iGaming companies, the legislation is becoming more lenient in some countries and USA states that have strong laws against online betting, gambling or casino are seeing the future opportunities.
Why Is iGaming Now a Big Deal?
Without an iota of doubt, the iGaming industry is a sub-niche in the gaming industry and it will remain the most significant part of the industry for a long time. The next generation of gamers and punters are tech-savvy, they are mostly mobile phone users, and they prefer to have a gaming experience that is similar to what is obtainable at brick and mortar gaming houses.
This expectation requires that developers can provide a user-friendly platform for the millennials, and increase the benefits of betting through an iGaming platform. Mobile phone technology is getting better, it is becoming readily available to more citizens throughout the world. This is why iGaming even gets more attractive to the younger generation, and it is regarded as the fastest-growing sector in the industry with over 40% share of the global gaming market.
It is estimated that an average mobile phone user spends about 30 hours a week on their phones. And 20% of millennials spend more than 45 hours a week on the internet. This metric is even more interesting in online gaming as advanced tech provides better experiences like good graphics, amazing themes, and nice soundtracks that ensure that iGaming is more enticing than console and PC games. And many iGaming companies that own sport betting platforms offer irresistible bonuses and loyalty reward programs that are not available at physical gaming centers.
Is Blockchain The Future of iGaming?
To meet the ever-increasing taste of tech-savvy gamers, the operators and developers are getting more sophisticated in a competitive market. Right now, players now enjoy superior interface and customization, faster payouts, more game options, and winning bonuses.
The multiplicity of iGaming products is overwhelming, and according to GlobalNewswire, the future is set to be crosslinked with other technologies like blockchain that allow players to place bets with digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, Dash, and Stablecoins.
A lot of iGaming platforms are fast adopting cryptocurrencies as an alternative payment option, but the problem of over-centralization of these platforms is still considered a threat to users whose privacy is their priority. Moreso, the idea that the house will always win feels like the system is perpetually rigged against the honest players.
Therefore, Betswamp is building the most decentralized iGaming platform that is powered by cryptocurrency and still allows all the iGamers to truly own the platform. The technology is built in a way that anyone who desires to create a betting event in any category can do so without any issue. With the wisdom of the crowd concept, anyone can create an event and there is no limit to the size of reward that can exist in a reward pool.
There is a global perception that decentralized technology will fuel the next stage of iGaming revolution, because of the transparency and efficiency of blockchain, blockchain betting and casinos are fast gaining the popularity that they deserve.
In Conclusion
The future of iGaming is bright, it is getting adopted by more internet users and there is no sign that this will slow down. Although, some government regulations are unclear concerning online gaming, and the recent global lockdown acted as a catalyst that sped up the growth in iGaming industry.
This is a multi-billion dollar industry, the right time to join a decentralized iGaming platform like Betswamp is now. As it gives you a similar advantage that iGaming platform operators have been enjoying for decades. You don’t need to hire any mobile app or website developer to create betting events and earn money with them. By having a share of Betswamp token, you can earn as an event validator, bet on events created by other players, and create events of your choice that others can bet on. The options are almost limitless with Betswamp.
To learn more about our plans to revolutionize the Igaming industry, follow us on our social media channels;
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