iGaming has grown to become one of the biggest online industries over the past decade. iGaming includes anything on which you can bet money, such as sports betting, casino games, Esports betting, bingo, and virtual sports betting. 2022 was an interesting year for the economy in general, with some sectors struggling but was 2022 a good year for the iGaming industry?
Increasing Revenue
The overall factor when assessing if 2022 was a good year for the iGaming industry must be total revenue. In 2021, the iGaming sector enjoyed fantastic growth but some of this must be attributed to the pandemic. Nonetheless, that has not stopped the iGaming industry from achieving even better results in 2022. In fact, the global iGaming market saw an increase in revenue from $73.42 billion in 2021 to $81.08 billion in 2022. The increase is at a compound annual growth rate of 10.4 and we expect to see that continue for the next few years and the iGaming industry to grow to over $115 billion by 2026. So, purely in terms of making money, the iGaming sector enjoyed a tremendous year in 2022.
Why Was 2022 a Good Year for iGaming?
There are several reasons why 2022 was a great year for the iGaming industry. Firstly, we continued to see the development of high-quality casino games. Every year, the quality of online casino gaming improves and the fact we have so many top developers, seems to be pushing each of them to produce better casino games. One glance at the offering at Casumo online casino underlines this point and there are many fantastic casino games to play, ranging from slots to real dealer games. The expansion of 5G internet is another factor in the ongoing success of the iGaming industry. Thanks to faster and more reliable internet connections, people are playing casino games and betting on sport more regularly and with greater enjoyment. The use of 5G internet means there is no concern about live dealer games buffering when big money could be on the line. This has resulted in people having more confidence to play online casino games. The continued introduction on new payment methods is another reason 2022 was a good year for the iGaming industry. The more options people must make payments, the more likely they are going to find one that is suitable.
New Markets
iGaming is being legalized in more regions every year and 2022 was another year of legal iGaming reaching more people. Taking the United States as an example, with each state now responsible for their own gambling laws, we are seeing bills passed to legalize various forms of iGaming across the country. There have also been major developments in Germany and Netherlands regarding iGaming laws, and this opens the market to millions of new people. As with any new form of entertainment, there were plenty of people waiting for iGaming to become legal in their region and this led to an increase in player numbers in 2022.
There is no doubt, 2022 was a good year for the iGaming industry and it shows no sign of slowing down.
Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play/not play subject to applicable law.