What is iGaming?
iGaming became a buzzword in the early 2000s along with the development of the internet. The term was created to refer to the early online casinos that were becoming massively popular during that time.
It is common to think that the iGaming industry has something to do with gaming, but it only refers to internet games in which betting with real money is involved. Some of the most popular iGaming services include sports betting, casino games, lottery, horse race betting, etc.
The current state of the global iGaming Market
What was truly revolutionary about iGaming was the fact that it allowed people to enjoy the thrill of gambling from anywhere in the world! Naturally, there were some legal challenges when it comes to providing services worldwide.
Currently, most of the biggest iGaming companies have set up base in countries with more relaxed laws like Gibraltar, Malta, and also the United Kingdom to some extent. These companies also often operate with licenses from these countries, which allows them to offer their services worldwide.
During the early days of the industry, the major western markets were captured by the big players and the industry boomed.
However, most of those markets have become saturated, and the industry is looking towards emerging markets to fuel further growth.
Emerging Markets for the iGaming Industry
The global iGaming market is estimated to be worth $87.75 billion by 2024. On a closer look, it is also noticeable that there is a significant growth opportunity in many countries in Africa, South America, and Asia.
Some of the fastest emerging markets for the iGaming industry include:
Brazil is home to one of the biggest populations in the world. The population also skews towards the younger demographic. These factors are just some of the few that make Brazil a lucrative market for the industry.
However, the current legal landscape in the country only permits betting on a game of skill but not on a game of chance. Due to this, most forms of gambling remains prohibited in the country.
Interestingly, online gambling is not covered by the country’s laws which effectively creates a situation where online casinos are allowed to operate, but land-based casinos cannot. This provides a massive opportunity for the iGaming industry as more and more people in Brazil turn to the internet for their gambling needs.
India is one of the fastest-growing emerging markets for the iGaming industry. It was estimated that the iGaming market in India is worth around $830 million and is expected to grow up by four times within the next decade.
Just like Brazil, India also has a huge young population and a growing economy. Similarly, online gambling in India is not covered by the country’s laws, and international online casinos have started entering the market, hoping to capture a share of the emerging market.
According to Casino Sites India, there are several world-class online casinos currently operating in India with Royal Panda, LeoVegas, and 10Cric being ranked in the top three.
Nigeria is the most populous country in Africa and is one of the top emerging markets for the iGaming industry. Sports betting is incredibly popular in the country, and it is estimated that around 60 million Nigerians like to bet on sports.
The country’s legal landscape is also much more tolerant of gambling, and there are several legally operating bookmakers within the country too.
Even though the international players do not have the advantage of lower competition in this market when compared to Brazil or India, the market is still valuable enough to compete over.