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Current And Future Of The Gaming Industry – iGaming 2020: Main Stats, Facts, And Data You Need To Know About

19 February 2021

The iGaming industry has been growing in numbers for the past 15 years, and it hasn't stopped. Back in 2016, the gaming industry's worth stretched to around US$41.78 billion, with a prediction of it reaching its maximum growth to around US$100 billion in 2024. The above stats are by Transparency Market Research (TRM), being a specialist in trend researches.

Now you must be wondering how the gaming industry is growing so fast? One of the reasons could be due to the technological advancements and the acquisition and mergers ruling the internet operations for the past five years.

Since you are still skeptical about what iGaming actually is, here is a complete guide for you to follow through. The decision of it being beneficial or not is entirely up to you.

What is iGaming?

In simpler words, iGaming involves betting on games or events (such as sports) over the internet. Just to be clear, it does involve sports betting. Since you asked, these are all it includes:

  • Online casino betting
  • Online video game betting
  • Poker betting

And many more.

But the highest shares in this industry come from casino and sports betting.

The hub of iGaming is not restricted to any location in the world; however, the main headquarters is in Malta, a central Mediterranean region, and Gibraltar in the U.K.

If you analyze the gaming industry as a whole, it would be no surprise to us that the industry has crept into the global market. It is now on par with the film and music industry in terms of market size and revenue generation.



Why is it gaining importance?

As we mentioned above, the iGaming industry continues to grow and plays a vital role in the gaming industry.

This is the era of gamers and punters. Thus, they demand to enjoy their games no matter where they tend to go or live in the world.

Technological advancement has lent a hand in the growth of the top paying online casinos and gaming industry on the whole. The improvement of mobile and innovative technology comes with an improvement in creativity and accessibility. The mobile gaming platform grows with approx—45% of the world gaming market.

We have seen a sudden shift from gaming consoles to cell phones, particularly smartphones, due to internet compatibility.

A recent study suggests that an average human employs more than 24 hours per week on their cell phones. This metric has doubled over the past decade. Another study also suggests that every one out of five human spends around 40 hours per week using the internet. Who can relate to this?

But again, this is just about an average person. If you consider a gamer, their hours per week could be doubled or even tripled due to the addiction afflicted to these games.



Current and future of the gaming industry?

It is safe to say that game developers are coming up with new tricks and games to make online games even more attractive. It's like a race against time.

But the question here arises, is it all that worth it in the end? Let's just say that even gold that glitters is not always gold.

Spending so much money over a game, betting, and losing your precious savings, is it worth losing everything you have? Not to mention the amount of time you spend wasting on just a game, sitting all-day gaining weight, and the threat to your overall health, the decision is yours.

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