iGaming Industry Overview in 2022

Let’s talk about how the online gambling market is growing from year to year and noticeably increasing its revenue. 

It is a known fact that the global iGaming revenue was $ 64.13 billion in 2020. This coefficient is significantly lower than the expected revenue of 2021 which will be about $72.02 billion. In comparison with the previous year, it is higher at 12.3%.

Of course, the COVID-19 pandemic has had an impact on the rapid development of the industry during the last year. Here I mean that the social distancing led to the state of people’s frustration and their wish to get new emotions, at least remotely. 

Besides, development has been happening because of the use of innovations and diverse modern mechanics. It is a standard flow of the industry’s enhancement.

According to the market’s experts, iGaming will grow at the same pace or maybe even more intensively in the near future. As a result, it is expected that the industry will generate revenue of more than $110 billion by the year 2025. And it is very interesting to take a closer look at how it will happen.

As for the growth of iGaming users, we actually see that the market is increasing. In fact, not only the iGaming industry is getting bigger, the internet market, in general, is getting bigger and bigger. And a number of its users grow as well. It is expected to grow by 1.5 billion users for 5 years, from 2018 to 2023.

It is particularly curious that a high proportion of the iGaming market is made up of mobile users, it is about 80% of all users in online gambling. For the record, the number of mobile users has grown by more than 120% for less than a decade, since 2012.

What can we conclude at the end? A number of the online gambling platforms are growing which is a reason why the entire market is getting bigger and its revenue is increasing.

So, today, there are about 3,000 online casinos that offer their services to players. It is a lot. No wonder among them can appear more scammers and frauds which is a cause of rising concerns for players and the organizations that regulate this industry.

That’s why the safety of industry for customers is in doubt. On the one hand, the regulations have been intensified. On the other hand, it doesn’t prevent scammers from executions of their atrocities.

Let’s consider this question in more detail. How is the safety of players in the iGaming industry enhancing? 

  • the verification of users gets stricter. Now, special commissions have to check a player’s ID, other personal information and, for instance, its inclusion in a casino’s blacklist.  
  • the payments get more protected. Thanks to particular encryptions and mechanisms, players can transfer their money to a casino’s account and withdraw money after the game without significant troubles.
  • a player’s personal information gets more secure. For example, some protocols can be implemented as the SSL protocol.
  • of course, every gambling website has to gain a licence from a reliable jurisdiction. And it is usually difficult to obtain it. It is so to speak a measure of the quality of an online casino that can be surely checked by players.

And as I’ve said, apart from the industry’s improvements, we can see such negative consequences of the market’s growth as an influx of scam casinos that try to get lost among the sea of other casinos and cheat on a number of gullible customers.

To avoid scammers, players should follow a very simple instruction: 

  • examining the information concerning a casino’s license (it is usually given on the official website of the company)
  • besides, it is better to check the review of other players
  • and look over the terms and conditions of the chosen casino

In fact, online casinos blacklists is a popular and very helpful method to avoid encountering fraud in the iGaming market. The only thing you need is to open a special resource and check if a particular casino is included in it or not.

In conclusion, I have to warn you one more time, online gambling is one of the most fast-growing industries where lots of scammers can operate, so be aware of their presence in the market and try to protect yourself as far as possible.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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