iGaming is the online gaming and gambling industry. It encompasses the playing or betting on the outcome of a game or an event online. This can include betting on the outcome of a video game or a sports event, poker betting, and playing online casino games for real money. The majority of iGaming involves sports betting and casino games and we are going to take a closer look at how they fared in 2021 across the globe.
Every industry on the planet was forced to deal with an unpredictable and often difficult 2021. There were times when people were limited in what they could do and when they could do it but one thing that remained open at all times was iGaming. However, that is not to say iGaming did not take a hit and the online sports betting industry was looking to recover from an extremely difficult 2020. There is no doubt 2021, not without its own problems, was far superior to that of 2020 for the iGaming industry.
There was an upward trend in terms of growth as people became more accustomed to doing things digitally. It is believed that by the end of 2021, the online gaming industry exceeded $75 billion, which is an incredible figure. Interest in land based casino gambling has dropped, despite the fact most land based casinos around the world have now reopened. The same cannot be said for iGaming and having seen growth in 2021, this is expected to continue at a potential rate of 11.4% in 2022 onwards. That would mean, by the time we reach 2026, the online gambling market could be worth over double what it is today, which is incredible.
The iGaming industry would struggle to expand if it were not for countries passing legislation to legalise online gambling. The Netherlands and Germany are two good examples of countries who have issued first licenses for iGaming and Ireland are not far behind. There are several other emerging iGaming regions across the world that saw growth in 2021. In New Zealand, online casino gambling remains illegal but playing in foreign online casinos is allowed, with Casumo online casino being one of the top licensed offshore casinos offering their services in the country.
Technology was one of the leading developments within the iGaming industry in 2021. As more people started using cryptocurrency to make payments online, iGaming brands were forced to look more closely at blockchain systems. Virtual reality and augmented reality also took steps forward in 2021.
eSports was adopted by several online gambling brands in 2021 having seen how successful it was during the previous year. When everything else stopped in the world of professional competitive sport, eSports kept going due to the fact players could participate from their own home. As a result, more online bookmakers introduced eSports betting markets and that continued in 2021, something that has proven popular with online gamblers.
So, 2021 was a strong year for the iGaming industry and we expect to see more of the same in 2022 and beyond.
