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What is iGaming? Are skill-based games allowed in it?

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08 Feb

Due to the blessing bestowed by the COVID 19 pandemic, the entire world nurtured a new interest in gaming. And in that race, iGaming made its mark that is impossible to erase now.

This iGaming includes a wide range of games that had been so far possible only physically. This article will un-box more such details that will provide you with a deep insight regarding iGaming.

What is iGaming?                  

Simplifying the concept, iGaming is making bets on the outcome of an online game or event. It is all done on mobile phones; hence, it can also be termed mobile gaming. It is not only restricted to sports wagering but includes a lot of fun and real earning. This mobile gaming thing involves varied activities such as online casinos, poker, and sports betting.

Among all the popular casino games, apps like ‘Fruity King online slots’ are gaining much popularity that brought a new turn in the virtual gaming world. The iGaming platform has become one of the most mainstream among the entire gaming market.

What is the history behind iGaming?

Earlier, people only knew games like poker and casinos are only played physically with real friends. But the entire concept changed when iGaming made its entry into the market. While the iGaming industry is climbing the ladder of popularity, it originated in the mid-90s.

It was in 1994 when the first-ever online gaming software was developed by Microgaming. Similarly, in 1996, the Intercasino became the first-ever internet casino that allowed real money wager. However, the layman term 'Internet Gambling' or 'iGaming' got coined by the early 2000s. It was by then when the online casinos began to earn popularity, and around 8 million users became a part of it globally.

Evolution of iGaming

Evolution of iGaming

As mentioned in the earlier factor, the evolution of iGaming software began back in 1994. That led to the establishment of the 'Kahnawake Gaming Commission in Canada in 1996. With its up-gradation, the iGaming sector began introducing new options. As mobile technology improved, creativity and accessibility demand to improve as well.

With mobile gaming becoming the fastest evolving platform, it offers better pictures, graphics, soundtracks, and themes. Since everybody owns different handsets, it has also become friendly to every screen type. With innovative creations, exclusive UX/UI designs, and amazing implementation, the iGaming has evolved wonderfully to capture the global gaming market.

Why is iGaming a buzzing word worldwide?

Generally, it's the youngsters who involve themselves in gaming, and depending on today's gen Z kids' needs, earning has become an important factor. And iGaming brings that opportunity to everyone without the hassle of workload or deadlines. This iGaming is all about fun and enjoyment with a scope of gaining some money besides that has covered approx 45% of the worldwide gaming industry. Also, keeping the present situation in mind, while everybody is locked at their home and has ample time to kill, it has become a great source of entertainment.

The following chart shows how prevalent online gaming is in the USA market.

The following chart shows how people around the world play online games with genres.

Facts about iGaming

There are certain interesting facts about iGaming; among them, the first thing that seems to happen very rarely is that it has attracted more female players. The following are some of the facts about iGaming:

  • The percentage of female players reached 52% in iGaming.
  • The industry evidenced a 140% increase in revenue in 2000 and in 2020 it reached beyond the expectation.
  • As per the report, around 8 million users involved themselves in iGaming globally the same year.
  • The revenue surpassed $2 billion in 2000.
  • And it has gradually increased by $10 and $59.79 billion in 2010 and 2020, respectively.

A quick Glimpse of Casino iGaming.

Current and future iGaming trends

The iGaming software providers and operators have become more innovative day-by-day to match up with the present competition. Currently, players are introduced with several customizations, like gamers here can play small and win big. Also, if anyone feels like things are going out of their hand, they can withdraw anytime from the game, which is not possible in a physical casino. And can later come back as per their preference. Apart from that, various creative themes, soundtracks, animations, thrills, etc., are there in the game.

However, the future trend is said to be intertwined with other technologies like digital currencies and blockchain. Experts also predict that blockchain technology will take iGaming to a new level due to its problem-solving capabilities. Apart from that, iGaming platforms tend to opt for cryptocurrencies like Bitcoin, Litecoin, etc., for various other payment methods.      

Are skill-based games allowed in it?

Yes, only Skill-based games are allowed, not luck-based games. Games that don't involve payment options are unable to make their position in the iGaming industry. Real money skill-based games that require tactics & skills undoubtedly make their place in the iGaming list.

Legal compliance and rules for iGaming

There are certain legal compliance and regulations already marked for clearing its license and passing the Free Trade and Processing Zone Act that allowed many iGaming companies to spread globally and serve people under their country's jurisdictions.

For instance, in Australia, it is the Interactive Gambling Moratorium Act passed by the government that only allowed Lasseter's online as the first legal online game. Only allowed Australian citizens could bet against each other. Similarly, in the U.K, only 18+ people are allowed to invest in any licensed online casino site. While in an Asian country like India, under The Public Gambling Act, 1876, individual states have different regulations regarding gambling activities.

Opportunity for entrepreneurs

Evidencing the current iGaming development in the market, it gives a beneficial opportunity to earn for any entrepreneur. However, the most important step is ‘a perfect gaming application’ is important to be developed and later with proper marketing skills and patience, any entrepreneur can make a profit in this game. Also, entrepreneurs get the scope to expand their game features, introducing new opportunities and developments in an application for more amusement and providing the gamers with opportunities of earning massive prizes. This, in turn, enhances the profit of the entrepreneurs.

How to choose the right vendors?

This is the most crucial part for fulfilling the dream.

  • Vendors must have a proven track record of working with big clients, because bigger clients never make the mistake of working with freshers. Bigger clients/ bigger brands might have investors who always plan to invest with the best in the industry.
  • Select a vendor who is having big brand name clients in their list of portfolios.
  • The vendor must have proven experience in multiplayer- Real money / Virtual money games.
  • The vendor must have proven scalability solutions and an in-house server architecture team who can help you bring down the costing of your server through their expertise.
  • The vendor must have in-house dedicated teams from scratch till it’s release and even post release maintenance, customizations work. i.e. graphics designers, frontend-backend developers, QA (testers) with in-house multiple model devices to test your product during the QA, server management team and Project managers.
  • The vendor must be capable of handling multiple projects simultaneously; otherwise the delivery might get affected. The vendor must assure you a dedicated team too.
  • Vendors must be willing to give at least 30-60 calendar days of free maintenance period on the defined SoW.
  • If the vendor has an in-house marketing team, then it’s a plus point for the client, as the whole product and the marketing everything can be managed under a single roof.
  • Hunt for a vendor who doesn’t begin your work in a hurry, make sure the vendor has understood the task perfectly.

Conclusion   

These are some in-depth facts about the iGaming that makes it more interesting. However, when every day there are hundreds of games launched in the market, it is guaranteed that iGaming will remain the king of all.

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Alpesh Vaghasiya

The Founder & CEO of Artoon Solutions Pvt. Ltd. who has experience of more than fifteen years in the mobile app development industry. With his exclusive strategies and team leading skills, he has been helping his fellow people for their business growth digitally. Being an integral part of the the industry and contributing to the small & large businesses for developing their online presence, he is a true inspiration.

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  • Igaming development
  • Igaming industry
  • Igaming platform
  • Skill based game