The iGaming Industry’s Story
Today, the iGaming industry is amassing billions of dollars and continuously expanding its audience. This incredible surge in online gambling popularity has been achieved in just a few decades. The history, as narrated by https://gr8.tech/, is a journey marked by technological innovations altering the perception of gambling games and influencing the entertainment industry as a whole.
What is iGaming?
Experts define iGaming as an online betting system where all outcomes depend on chance, and players receive monetary rewards upon winning. The category of online gambling encompasses casino games and bookmaking, including poker, mobile gambling, casino slot machines, lotteries, sports and horse race betting, bingo, and more. Games played online that do not involve a betting system do not fall under the iGaming category.
Development and History
One of the largest game developers, Microgaming, created the first online gaming site nearly 30 years ago. The success of this development preceded the era when millions began playing in online casinos. In the same year, the state of Antigua and Barbuda issued the world’s first online casino licenses.
Kahnawake Gaming Commission
The KGC became one of the first regulators in the iGaming market. Established by Canada in 1996, this commission aimed to regulate the licensing of online gambling worldwide. Within two years, the commission launched its own information center, Mohawk Internet Technologies, hosting online casinos on its servers.
iGaming in 1998-1999
A few years after Microgaming developed gambling software, they introduced Cash Splash in 1998 – the first online slot with a progressive jackpot, enticing players with substantial payouts. In the same year, PlanetPoker launched the world’s first online poker room. The first multiplayer game, allowing participants to communicate during gameplay, was already operational.
Industry Growth
By the year 2000, more countries began developing iGaming, with the United Kingdom, Gibraltar, and the Isle of Man opening up to online games. The wave continued to spread, reaching 8 million users worldwide. By the beginning of the 21st century, industry revenue exceeded $2 billion.
Technological Revolution
Despite rapid growth, the sector faced various challenges.
- Technological Challenges. In Western countries, the rapid adoption of online services and the increasing use of portable devices necessitate matching the speed of connectivity and processing power to integrate new technologies into the online industry. Therefore, companies often find themselves updating or reissuing developments. Players always demand the latest and best: new slots, sound, and graphics. Developers must daily maintain the relevance of their software.
- Intense Competition. Today, the iGaming industry is saturated with games due to high demand. Companies must offer generous and innovative incentives to attract the attention of new players. Operators capture attention with offers such as bonuses, free bets or spins, free play feature, player loyalty points (FPP), and cashback promotions.
As the market’s popularity grows, more developers and websites emerge, intensifying the competition. Gaming companies delve into demographic data to define their target audience.
