If you’ve spent any time around the online entrepreneurial space, you might have heard the term “iGaming” before. In truth, this is a pretty broad church; the world of iGaming encapsulates many different pastimes and ideas. It’s an extremely lucrative industry full of potential, and many have already realized that potential, creating successful and far-reaching iGaming businesses that have millions of customers each year. If you’re thinking about getting into the iGaming industry, then it might help you to know exactly what iGaming is and why it’s such a big deal. Without further ado, let’s answer the question: what is iGaming?
iGaming: a primer
Here’s the basic rundown: iGaming is, in essence, any system that allows or encourages online betting. This could be, for example, online casino gaming, or it could refer to sports betting done through a website as opposed to a traditional bookmaker. The iGaming umbrella also encapsulates the nascent world of esports betting, which is poised to take over the industry in the coming years as more and more people discover its benefits. There’s a lot more to it than that, but in a nutshell, the world of iGaming is all about online betting.
How much is the iGaming industry worth?
At time of writing, the iGaming industry was worth a staggering $67 billion per year, and that number is only set to increase as the iGaming world gains prominence and becomes more mainstream. It’s just a simple fact that many gamers love to play on iGaming sites, mostly for the convenience, simplicity, and chance to win real money (although, of course, that’s never guaranteed) that those sites offer. The market is expected to reach around $93 billion by 2023, so that should give you a good idea of just how hugely profitable the iGaming industry truly is.
What is the history of iGaming?
The history of iGaming can, of course, be traced back to the earliest casinos, but in a strictly online sense, it dates back to around 1994. This was when the first internet browsers with built-in security protocols began to debut, and it’s also when several countries relaxed their business laws, allowing companies to start and operate online casino businesses within their borders. The arrival of Windows 95 sealed the deal, with the user-friendly operating system becoming the environment of choice for the consumer as well as the PC enthusiast. The history of iGaming is, of course, more complex than that, but that’s a potted history that gets us to where we are today!
What are the pros of starting an iGaming business?
First and foremost, the biggest pro of starting an iGaming business is, as we’ve established, the huge and lucrative potential of the industry. You could stand to make a huge amount of money simply by offering customers great games to play. There’s also the fact that you get to explore your creative side by indulging in web design and graphic design, and the fact that there are a wide range of companies and other businesses with which you can collaborate in order to create the best iGaming business in the world. There are, of course, lots of other pros, but these are some of the most obvious.
What are the cons of starting an iGaming business?
Naturally, it’s not all sunshine and rainbows when you’re running an iGaming business. There are pitfalls that you can fall into. For example, making sure that your cybersecurity is as good as it can possibly be is of paramount importance; if you don’t protect your customers’ money, then they could easily be scammed by unscrupulous software providers or payment companies. You need to choose who you work with very carefully indeed in the iGaming industry, and that can be difficult, especially for a relatively inexperienced entrepreneur in the business.
How do you start an iGaming business?
Of course, starting an iGaming business isn’t easy, just as starting any kind of business presents its own unique challenges and obstacles. There are various things you’ll need in order to start an iGaming business, not least a licence to operate wherever you plan to base your headquarters. You’ll also need to navigate the murky world of gambling legality in various countries around the globe, which isn’t straightforward or simple. However, if you’ve got a head for web design, a decent entrepreneurial spirit, and a desire to innovate, the iGaming world could be for you!
Where is the iGaming industry moving next?
The future looks pretty bright for the iGaming industry. Not only is iGaming poised to take over the market, with an incredible projected growth rate and overall value in the next couple of years, but it’s also taking advantage of exciting new technologies like Web3 and cryptocurrency. The world of NFTs is also interacting closely with iGaming, and these two industries look set to collaborate and come together in some seriously exciting ways in 2022. To put it simply, the sky’s the limit for the iGaming world right now, and we foresee only growth for this evergreen industry.
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Should you start an iGaming business?
We can’t tell you whether or not it’s a good idea to start up your own iGaming business, but we can tell you one thing: if you’re a budding entrepreneur looking to run your first venture, then you could do a lot worse than the world of iGaming. It’s an exciting, lucrative industry that could yield huge benefits for you, and if you manage to successfully navigate its pitfalls and obstacles, a successful operation could be waiting for you. Just make sure you’ve got the correct licenses and you’re au fait with your competition, and you’re good to go!
