Back in 1994, Microgaming launched the world’s online casino. A period of expansion and massive growth followed, and there are some big players in the iGaming world today. The online gaming industry is experiencing significant development every year, and it’s not expected to slow down. In light of the Covid-19 pandemic, it showed how resilient it was when other industries crashed.
According to the newest gambling stats, the industry’s value in 2020 was $162.32 billion. Moreover, it is expected to reach a value of nearly $300 billion in the next five years. But what helped iGaming to reach its current success levels? Scroll down and discover the innovations that fueled the industry’s rapid evolution.
Technology Improvements Drive Growth
The huge advancements in technology over the past few years had a massive impact on the rise of iGaming. Thanks to numerous tech innovations, the online gaming industry can offer players a much better experience. As a result, consumers enjoy online casino games more than ever before.
Now, developers can create more sophisticated products. They add realistic graphics, flawless animations, and better features. The overall iGaming experience has dramatically improved since 1994, thanks to the launch of several important novelties.
Convenience, accessibility, and engagement are the cornerstones of mobile gambling. The “play on the go” services support playing slots, roulette, blackjack, and whatnot on smartphones and tablets. But, they also support sports betting, virtual betting, live casino action, and more.
A fast-paced lifestyle is what will mark the exciting 21st century. People are always hurrying to reach their offices. There are endless errands to run and events to visit. Not everyone can go to Vegas or stay at home to play casino games. Mobile-friendly solutions represent an easy fix to the issue as they brought such games to mobile devices.
Today, with your phone in your pocket, you can always enjoy some light iGaming entertainment as long as you have an internet connection. This has been an important milestone for online gambling as accessibility always drives growth. Consumers don’t like to feel restricted, especially not when it comes to their relaxation time. Mobile gambling, therefore, gave them the much-needed freedom.
Another central area of growth for the industry is live casinos, which consumers seem to love. Playing against a live dealer and interacting with other players during the game creates an authentic casino atmosphere. The increased popularity of live casinos is why more and more online gaming companies add them to their product portfolios.
After all, 2021 turned out to be highly dynamic for the economy on a global level. Covid threw many industries and businesses into unfamiliar waters for sure. But, the iGaming industry is in a state of revival. And, with so many new opportunities on the horizon, it’s expected to shoot up in the next few years.
VR gaming has been around since the launching of the “Virtual Boy” console in the 1990s. The device was excellently designed. Still, it was too advanced to be understood at the time, and players weren’t too happy with the experience. In the past few years, computer technology developments turned VR gaming into a more realistic prospect. As a result, major companies started investing in it.
Online gaming companies started using Virtual Reality to augment their casino experiences. So, these days players can enter a VR casino, play various games, and socialize with other players. All they need is a casino account, a robust PC, and a solid VR headset.
Mobile gambling, live casinos, and VR technology have been important milestones for the iGaming industry. If nothing else, they showed the impressive creativity and innovation capabilities of gambling software and game developers. Each of them keeps evolving and boosts the industry further.
The success story of remote gambling is not over yet as we witness the market growing year-over-year. So, it’s exciting to see what else companies and casinos come up with to keep things fresh for the new generations.