Did you know that the online gambling market size is expected to hit $112.09 billion by 2025? The industry has been going strong year over year and even came out victorious to some extent from the global pandemic.
The success didn’t come overnight, of course. iGaming’s rise to fame has been in the making for years. Software providers, game developers, and casino operators all worked together to create something wonderful, and the hard work paid off.
Online gambling today is the perfect blend of thrill, tech innovations, and opportunities for socialization. Care to learn more? If so, read on and discover how the industry became a stable and prosperous sector!
Online Gambling – A Journey Through Time
What was once simply a business idea by Microgaming turned out to be the invention of a century. That’s right. The first online casino was supposedly established by Microgaming, a software company based in the Isle of Man.
They claim to have created the first-ever gambling software back in 1994, a decade after the internet came to be. Mind you, at this point, people didn’t even have an internet connection at home! The whole undertaking was a big risk for the software company. Don’t worry, though. Things have been going great for the brand, which is now one of the best-known iGaming companies in the world.
Back to iGaming, the market was still fresh at the time, and there weren’t more than a dozen casinos. However, Microgaming’s revolutionary creation had given entrepreneurs the confidence boost they needed to start an iGaming business of their own. Sooner than you can imagine, new gambling sites joined the now lucrative interactive gaming market, and things started moving in a positive direction.
Growing and Improving One Step at a Time
Online casinos weren’t always as safe and secure as they are today. Once upon a time, gamblers were at high risk of getting scammed. The operators didn’t quite possess a license, and rogue casinos penetrated the market with the speed of light. Casinos refusing to pay out winnings or sites closing out of nowhere with players’ funds in their possession wasn’t that uncommon.
This serious issue that threatened the industry’s reputation was resolved with the birth of iGaming licenses and licensing bodies. Fast forward to today, there is no gambler unfamiliar with the Malta Gaming Authority or the UK Gambling Commission. These reputable authorities ensure that casino operators fulfill their part of the deal by imposing high operating standards and issuing fines.
The birth of such regulatory bodies was a turning point in terms of player safety, fairness, and overall security. Without them, iGaming wouldn’t be as respected and popular as it is today.
Innovation Fueled Growth
With safety and fairness issues out of the way, iGaming got the perfect opportunity to develop its other areas. Naturally, here we must mention all the innovations that forever changed the way people play casino games online.
The visual experience is essential to consumers, so game developers delivered 3D graphics, VR solutions, and RPG-gaming style. Casino games in the 21st century don’t only look great, but they also sound great. The most popular titles come with unique and exciting soundtracks as well as realistic sound effects that help players immerse themselves into the action.
Another aspect of the rise of iGaming has been game mechanic innovation. It took many years to come from three spinning reels to all the complex playing grids and features we have today. Players seem to appreciate the progress as some of the most-played online slots boast unique mechanics like cascading reels or expanding wilds.
This trend will surely continue in the years to come because providers are in a never-ending race for innovations. As the offer becomes more versatile and unusual, it will likely attract more attention and players too.
Casinos were few and far between when the iGaming business was just getting started. However, gamblers these days have access to thousands of internet casinos, while more and more governments are opening to the concept. With such good financial standings, the market presents an ideal investment opportunity as well as a successful entertainment sector for all.