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Exploring the iGaming economy

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Exploring the iGaming economy

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August 26, 2024February 12, 2023
Exploring the iGaming economy

 

 

The iGaming industry in North America has seen a major upturn in recent years, as increasing demand for online gaming alongside more permissive regulation has led to a huge boost for the sector. Across the continent, players in many different areas have enjoyed a rapid expansion of access to world-leading online casino sites – particularly those living in certain regions of the United States and Canada. The huge boost of the iGaming economy has revolutionized the world of entertainment in North America, and has also given a substantial boost to regional economies by creating new sources of revenue and business opportunities. In this article, we’ve explored the factors which have combined to create the stratospheric rise of iGaming in North America today! 

 

What has driven the rise of online gambling? 

 

When it comes to online gambling, the tides have certainly been changing in recent years in many countries around the world – especially those in North America. Public attitudes towards gambling have generally become more accepting, and as demand grows for this popular form of entertainment, legislators have responded by beginning to change their approach to the industry. In the US, a landmark 2018 Supreme Court decision meant that individual states were able to manage their own legislation around sports betting activities. This historic ruling paved the way for further expansion of iGaming activity, and since then, a number of US states have decided to open up their own legal, regulated iGaming markets, including New Jersey, Delaware, Michigan and West Virginia. Many legislators in other states have noted the substantial tax revenue generated by these new gambling scenes, and industry experts predict that plenty of other US states will soon hope to follow suit. 

 

Similarly, in Canada, iGaming is managed at a provincial level – and regions including Ontario and British Columbia have opened up their doors to online casinos in the last few years. Interestingly, Canadians are not explicitly banned from accessing offshore casino sites, meaning that players all over the country can enjoy playing games by world-leading iGaming operators. With so many options now available to Canadian players, it’s well worth checking out the best online casino ranked in Casino.ca guidance to help you to choose the best site for you. Whilst this fast-moving legislative landscape continues to change, it’s clear to see that iGaming has seen a significant boost in North America in recent years, thanks to increasing consumer demand and the introduction of more permissive legislation. 

 

New technologies have also played a crucial role in boosting the iGaming economy in North America today. Powerful mobile devices and reliable live streaming technology have meant that players can now enjoy their favorite games from anywhere at any time, and they no longer have to visit a brick-and-mortar casino to enjoy thrilling table games like poker and blackjack. Instead, mobile gaming apps have become enormously popular, as in today’s fast-paced world consumers have relished the opportunity to access entertainment whilst on the move. The option to play with a live dealer means that online casino games are more immersive than ever, helping to recreate the highly coveted and exciting experience of in-person play, and new technologies like VR (virtual reality) are creating exhilarating new gaming experiences for players. Alongside these exciting changes to modern gameplay, advancements in tech have also improved the overall experience of using iGaming sites. Innovations in payment processing and cybersecurity have helped to vastly improve the user experience and build consumer trust in online gambling platforms. 

 

What’s next for iGaming in North America? 

 

Right now, the future looks bright for the iGaming economy across North America – online gambling revenue in the continent is projected to reach US $31.89 billion by the end of 2024, and the number of users is expected to hit over 140 million by the end of the decade. As more states in the U.S. move towards legalization, and Canada continues to refine its regulatory framework, this flourishing market is expected to expand even further over the next few years. The future of the iGaming economy will also be hugely impacted by advancements in modern technology. Players can expect to see increased utilization of AI (artificial intelligence) systems, which will personalize the individual gaming experience and create unique entertainment opportunities. North American gamers are also likely to see further involvement of radical new technologies like VR (virtual reality), as operators compete to offer the most exciting and immersive games on the market. 

 

The North American iGaming industry is sure to also face some challenges in the coming years, including increased regulatory scrutiny, more competition, and the continued need to support responsible gaming practices. Balancing economic growth with consumer protections will be a crucial task, in order for this popular industry to maintain long-term sustainability and success. It will be interesting to see how the sector evolves in the next few years, as regulators of legal sites continued to oversee their operations and promote better player protections. 

 

Ultimately, North America’s iGaming economy has seen an enormous boost in the last ten years alone, creating a thrilling new facet of the entertainment industry. Driven by growing consumer demand and changes to legislation, this thriving sector currently shows no signs of slowing down – and as gaming technology continues to evolve over the coming years, it will be fascinating to see how this growing industry incorporates exciting new innovations, creating epic new gaming opportunities for people throughout North America!