Curious about iGaming? A lot of folks are! The global gambling industry looks a little different here in 2024 than it did a decade ago. Online platforms are gaining some serious ground on traditional land-based venues, and it’s pretty much all thanks to major technological advancements and just how accessible internet-based gambling now is.
Once clear-cut, the dominance of brick-and-mortar casinos has declined in the decade just gone, with iGaming emerging as a powerful force. And actually, the top online casino games are pulling in billions of consumers. That’s true right the way across the globe, beating out brick-and-mortar venues even in developed markets like Europe and the US. This shift is more than just a trend – it’s a total change in the way that consumers want to engage with real money wagering activities.
The global shift to online gambling
The shift towards online casinos has been fuelled by several factors, not least the rapid expansion of the internet and mobile technology. According to Grand View Research, the global online gambling market was valued at just over $63.50 billion in 2022. Now, it’s predicted to grow at a compound annual growth rate of 11.7% by 2030. This genuinely exponential growth reflects an increasing preference for the convenience and accessibility that iGaming offers.
European countries such as the UK, Sweden, and Denmark are among the leaders in this shift, evident in reports on Gross Gambling Yield since the start of the decade. Gross Gaming Yield (GGY) is a key performance metric for the gambling industry, and today’s figures show the stark contrast between digital and traditional gaming venues.
The UK iGaming industry, for example, displays GGY figures that show it consistently outperforms physical casinos. For example, in the financial year 2019-20, remote gambling was the dominant industry sector with a GGY of $5.7 billion.
In Sweden, the Spelinspektionen reports that the online market has eclipsed traditional gaming venues in recent years, with online casinos and sports betting accounting for over half of the country’s total gambling revenue. It’s a similar story in Denmark, where the GGY in the online casino sector first overtook land-based operations in 2019.
Even in younger markets like the US, it’s a similar story. Since the landmark launch of online casinos, poker, and sports betting platforms in the late 2010s, these online gambling markets have shown consistent growth year-on-year, even setting new world records in certain states.
Of course, the position of iGaming varies from country to country, and in some cases, it’s more popular with certain demographics. Generally speaking, though, there seems to be an increased appetite for gambling activities worldwide (no doubt boosted by the impact of the global pandemic).
The technology driving the growth of digital gaming
Much of the success of the iGaming industry can be attributed to technological advancement. In short, digital gaming provides a radically different user experience than the conventional market, offering a level of immediacy that no brick-and-mortar venue can compete with. Moreover, innovations like live dealer gaming, the proliferation of mobile gambling apps, and the use of Machine Learning to deliver bespoke gaming experiences are playing a fundamental role in user retention.
The live dealer vertical, which bridges the gap between the virtual and the physical by enabling players to interact with professional croupiers in real-time, has been key to ensuring online casino gaming isn’t just relevant to modern audiences, but engaging enough to keep their attention in the long run. Added to that the sheer convenience of being able to boot up a PC or open a smartphone app to access a wealth of wagering and gaming options makes the activity even more appealing.
Mobile technology has also played a critical role in the iGaming boom. In the conventional gaming landscape, mobile has been dominating for close to a decade. This is a pattern reflected in the real money markets too. The ability to gamble on-the-go is a major draw for many players, especially those in developing markets, who simply aren’t able to access physical casinos.
Malta’s role in shaping the iGaming industry
No dive into iGaming would be complete without acknowledging Malta’s significant influence. As a global hub for digital gaming, the country has been instrumental in driving the success of online and mobile platforms. Some of the world’s leading names in iGaming have based their headquarters here, supporting the country to establish itself as a leader in the global gaming sector.
There are hundreds of gaming companies based in the country, creating an ecosystem of thousands of top-notch, highly-skilled industry professionals. Microgaming, Playtech, and NetEnt are just a few of the major software providers based in the country, making Malta a hub for iGaming development.
What’s more the role that Malta has played in legitimizing online gambling cannot be underplayed. It has helped the world see and enjoy the value of playing casino games online, and it deserves a solid nod from us for that contribution!
Disclaimer: Play responsibly. Players must be over 18. For help visit https://www.rgf.org.mt/