In recent years, the online casino gaming industry has experienced something of a boom. The rapid spread and ubiquity of internet access means that almost everyone can enjoy casino gambling without having to set foot out of their homes.
iGaming refers to any form of online gaming that involves betting or gambling. Online slot machines, live casino table games like Poker or Blackjack, Sports Betting, Horse Race Betting, et cetera all fall under the term iGaming.
Investing in Gambling
To some investors, it may seem like the iGaming market is extremely volatile. In a sense, it is – it is heavily bounded by different laws and regulations in different countries. Fortunately, that is not the case at all in the UK!
The UK is seeing a drastic shift in its betting and gambling industry. Large numbers of physical bookkeeping stores and gambling establishments have shut down and been replaced by online casino sites. The future is digital, so it is only sensible to shift online.
For entrepreneurs looking to start up their own iGaming establishment, NuxGame offers a high-quality software suite and dedicated consulting services to help a new business. NuxGame is a new software provider that offers solutions for igaming business, you can get acquainted with the service at https://nuxgame.com. NuxGame is an example of how good products can be in igaming business. By using NuxGame’s Seamless Wallet API and Turnkey, two of the biggest challenges of developing an iGaming business can be overcome.
No other country is as dominant in the online gambling scene than the UK. In 2008, the UK gambling industry earned around £8 Billion in revenue. Ten years later, in 2018, that revenue had increased to more than £14.4 Billion. A growth rate of 80% over a period of ten years is completely phenomenal! It signals that the industry is ready to expand even further and is testament to what kind of returns a wise investor or entrepreneur can earn by starting a new business.
A simple glance at the numbers can tell you just how incredibly fast the iGaming scene is growing worldwide. In 2016, global revenues from iGaming were around £31.8 Billion ($41.8 Billion in USD). According to experts, by 2025, this number will exceed £76 Billion, or $100 Billion in USD.
The History of iGaming
Many prominent iGaming companies, classified as online casino software developers, date back to the late 1990s. Some notable developers from this period include Microgaming and NetEnt. At the time, the internet was only just taking off, so iGaming remained relatively obscure until around the 2010s.
Since then, it exploded in popularity. A number of factors propelled it to such heights: a younger, tech-savvy generation of adults interested in gambling, the widespread proliferation of affordable smartphones, faster internet speeds and even government legislation around the world loosening restrictions on gambling.
The Future of iGaming
All expert predictions suggest the same thing: the iGaming industry will continue to expand at an incredible rate for most of the next decade. Even today, many inventions are reshaping the iGaming landscape.
Artificial Intelligence (AI) is being developed that can offer all players a fun challenge. This AI can automatically adjust its own difficulty, so it can challenge novices and experts alike just as easily.
Virtual Reality (VR) can be used to create extremely immersive experiences. By combining a VR Headset with a Live Casino Game, players can reach new heights of immersion.
Other technologies such as Augmented Reality and the Internet of Things are also contributing to further development of iGaming software and hardware.
Online betting has an extremely bright future ahead of it. The industry brings in record levels of profits with every year, and is adapting extremely well to various new technologies that are currently in development.
Financiers and entrepreneurs interested in starting their own igaming business can turn to NuxGame to bring their ideas to life.