In recent years, mobile gaming has seen an unprecedented boost which has even left console and PC gaming behind. This is inevitably due to the fact that more and more people have access to internet-available smartphones.
Due to technological advancement and better internet speeds, more and more people are downloading and using games, moreover, due to the same reason, online games are being crowded by users worldwide.
Various genres of mobile games are surfacing every now and then, and one such genre is iGaming. Many of us have heard about games that belong to this genre, however, very few of us know what iGaming is.
- What is iGaming?
- iGaming History
- Key Challenges of the iGaming Industry in 2023
- What’s the present situation and the future prediction for the iGaming Industry?
- Top Tips for Getting into the iGaming Business
- How much time does it take to develop an iGaming App and Website?
- Wrapping Up
What is iGaming?
iGaming, short for “interactive gaming,” encompasses a wide array of online activities involving betting or gambling. It includes various forms of entertainment and wagering, such as live casino games, real-money slot games, sports betting, horse race betting, and more. iGaming has gained significant popularity in recent years, driven by advancements in technology and the increasing demand for convenient and immersive gaming experiences.
As of the latest data available, global online gambling marketing stood at $81.08 billion in 2022 and is expected to grow up to $88.65 billion by the end of 2023 at a compound annual growth rate (CAGR) of 9.3%, according to Online Gambling Global Market Report 2023 by Research & Market. The iGaming sector will reach US$100 billion by 2024, as per Transparency Market Research (TRM).
iGaming History
The iGaming industry is not new, but a rising veteran genre of mobile games that has gone through various breakthroughs to get to the level it is today. Here is a detailed history of the rise of the iGaming genre.
1994: Microgaming developed the first online iGaming website
1996: The Establishment of The Kahnawake Gaming Commission to regulate all online gambling licensing activities across the world
1998: Microgaming introduces “CashSplash” Jackpot Slot, and PlanetPoker launched the first online poker room
1999: 700+ top Casinos had their online casino game, Many advanced features, including the multiplayer feature, were included in iGaming
2000: Various countries opened their doors for online gambling, and the number of users rose to roughly 8 million worldwide. The industry surpassed more than 2 billion dollars in revenue.
2003: One of today’s most popular Online Casino sites, 888.com, was launched
2010: Mobile devices became a mainstream technology, and from this platform alone, players have already wagered an amount worth $10 Billion by 2010
2020: The iGaming market size reached the USD 59.6 billion mark in 2020
2021: The iGaming industry continued to surge, with advancements in mobile gaming experiences and the introduction of innovative gaming technologies. Now the industry is valued at USD 61.5 Billion.
2022: Cryptocurrency is becoming increasingly accepted in the iGaming industry. Enhanced virtual reality (VR) and augmented reality (AR) experiences started gaining traction in iGaming, offering players immersive and interactive gameplay.
2023: expected to grow up to $88.65 billion by the end of 2023 at the compound annual growth rate (CAGR) of 9.3%, according to Online Gambling Global Market Report 2023 by Research & Market. In the coming 4 years (end of 2027), the online gambling market is expected to reach $125.6 billion at a CAGR of 9.1%.
Key Challenges of the iGaming Industry in 2023
With technological advancements like 5G, VR, AR, IoT, AI, etc., the future for iGaming looks bright. However, this industry is not immune to challenges, and it faces a fair share of challenges too.
Here is a list of challenges that the iGaming industry faces:
1. Regulation
Despite the growth of online gambling and the opportunities that it holds, it is still not legal in many countries around the world. The iGaming industry has done a good job in operating countries like the United Kingdom, Germany, Australia, etc, however, the laws and regulations can change anytime, and this poses the biggest threat for the iGaming industry.
As many countries still do not permit online gambling, the Gaming industry faces the challenge of not being able to grow as much as it could have if other countries would have allowed online gambling.
2. Millennials
Games like GTA, PUBG, Fortnite, etc., are attracting the younger generation, and this poses a huge threat for the iGaming industry. The millennial generation is not interested in online casino games as they are interested in hardcore games. The iGaming industry needs millennial users to thrive in the future.
3. Cryptocurrency
iGaming has been at the forefront when it comes to providing innovative options for payment. However, till date, there is no iGaming platform that accepts Bitcoin, Dogecoin, or any other Cryptocurrency. One of the reasons for the same is that regulators like the UKGC want a certain bit of transparency, and it is a really hard task with Cryptocurrency.
4. Market Saturation
The iGaming industry is growing at a rapid speed, and therefore many individuals and companies are entering the industry to get the benefit of the situation. This is also due to the fact that developing an iGaming game app is very easy. This gives birth to rigorous competition. As there are multiple casino games and other iGaming game apps and websites, the status of the games suffers.
5. eSports and Video Games
The Millenials are not so into casino games, however, as an alternative, a new budding industry of betting is rising. Betting on eSports like PUBG, and many other games are opening doors to new possibilities. A new challenge that arises here is how to integrate sports betting with eSports and how to acquire users for the same. Moreover, the companies will also have to integrate the casino feature in hardcore games to strive in this world of AAA quality games.
What’s the present situation and the future prediction for the iGaming Industry?
As mentioned earlier, in the coming 4 years (end of 2027), the online gambling market is expected to reach $125.6 billion at a CAGR of 9.1%. This is further expected to expand up to $583.69 billion by the end of 2030, according to Grand View Research.
As mentioned earlier, the iGaming industry is a billion-dollar industry, and in the next 3-4 years, it is all set to cross the $100 billion mark. In recent years, online gambling has experienced steady growth, with the global market bringing in over USD 66 billion in 2020.
Every good thing comes with a fair set of challenges, and it is the same with the iGaming industry. Moreover, the challenges of the industry do not outweigh the pros, the possibilities that the industry holds, and the growth of the industry.
The iGaming industry is predicted to expand at an incredible rate for the decade. Even today, technological advancement and new inventions are reshaping the iGaming industry.
The likes of Virtual Reality, Augmented Reality, Artificial Intelligence, and the Internet of Things is contributing to the quality growth of the iGaming industry.
Top Tips for Getting into the iGaming Business
If the pros and the growth of the iGaming industry outweigh the challenges of the industry, and if you are planning to enter the industry to make a fortune for your company, here is a list of some tips that will help you in getting into the iGaming industry and in making an impact.
1. Know the Market
1. Know the MarketThe first priority should be understanding your target audience. As when you understand your audience, then only you can make something that they like and want. Developing an iGaming mobile app and website is a huge investment, and therefore market research comes first. Target the market that offers a competitive advantage, and look for top iGaming sites and apps to get in-depth knowledge.
2. Decide the product
The iGaming industry is a vast industry, and it offers multiple products. First, you have to choose which product you want to focus on. You can choose casino games, you can choose sports betting, eSports betting, or so on. Identifying the product will help you decide on other aspects of the site and the app. For example, if you want to offer a live betting platform, the product should have the capabilities, and if you want a casino game, it should have a multiplayer function and other basic features.
3. Get the Gaming License
Legitimacy is the supreme concept for iGaming. Your app and website should have a legal license to attract more customers. Online gambling has different rules and regulations in each country, and therefore before going forward with the development, you should learn about the same. If your country does not allow online gambling, search for the countries that allow the same and launch your app and website for that country. Moreover, familiarize yourself with the laws, taxes, costs, and the process duration of the licensing process.
4. Find a suitable App Development Company
Your iGaming game app and website will be the deciding point for your business. It is the product that will be used by the users, and therefore it should be as great as possible. Your app and website should be user-friendly, reliable, effective, and attractive. For this, make sure that you hire the so that you can get the best app and website developed.
5. Work on the marketing
The users that you are targeting need to know that you are up, live, and work. Moreover, with so many options, you have to show the users why they should choose your app and website. As you plan your marketing strategy, make sure that you research your competitors. You should also use the refer and earn feature to get more and more users. Bonuses, Loyalty programs, and seasonal promotions work like a gem.
How much does it cost to develop an iGaming app & website?
Developing an iGaming app and the website would cost around $80,000 – $100,000 for a single platform (Android or iOS) with basic functionalities. If you wish to develop an iGaming app with all the advanced features and functionalities, with support for multiple platforms, it may cost up to $500,000.
Factors that affect the cost of iGaming app Development
Factors that affect the cost of iGaming app DevelopmentThere are various factors that affect the cost of the mobile app and website. Here are some major factors that affect the cost of your app.
1. Targeted Platform
The number of platforms that you want to develop the app for will have a direct impact on the cost of your iGaming game app. The platform that you choose for your app should be decided based on your targeted audience. If you have a US audience, then iOS will be the perfect platform, but if you have another country audience, then Android will be the right one.
Moreover, if you want to have an app for both or more platforms than these two, you can go for cross-platform app development, however, do note that the number of platforms that you select will have a direct effect on your app development cost.
2. Design and functions
The design of your app can break or make your business. The more advanced and trendy design you prefer, the more the cost will increase. The rates of the design will be based on the hours that were spent creating the same.
Moreover, the functions and features of the app define the user experience that the app provides, and therefore no compromises can be made here. The more features you add, the more your cost will increase. However, it would be best if you considered this cost as an investment that you can cover in a few years or even months.
3. Developer rate
The hourly rate of iGaming app development companies varies based on the size of the company and their experience. Moreover, you will see an hourly price difference in the rates of companies that belong to different geographical locations.
Here is the estimated per hour charge of companies based on their size:
Small Company Cost: $10 – $40 / Hour
Intermediate Company Cost: $40 – $100 / Hour
Enterprise-level Company Cost: $100 – $250 / Hour
How much time does it take to develop an iGaming App and Website?
Developing an iGaming app and website will take time around 24 weeks.
The time can also increase up to 40 weeks, according to requirements, features, and platform compatibility for iGaming app and website development.
Wrapping Up
Online Gambling and iGaming have an extremely bright future ahead. iGaming is progressing at a rapid speed and is showing no signs of stopping down. The pandemic situation has proven to be a time where iGaming grows swiftly.
It is a billion-dollar industry with the best returns. Therefore this is the right time to launch your own iGaming game app and website and capitalize on the situation. Hire the best Mobile app and website development company to ensure that you have the most satisfying product in your hands.
Capermint Technologies is a renowned mobile game development company that uses the most advanced tools and techniques to develop ranking mobile apps and websites. Get the most effective app developed by a team of experts.
