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A primer on iGaming for the newbie: a quick look on the industry

July 3, 2023 World iGaming & Gambling

So you finally mustered the courage to start on your iGaming journey. You must have heard about how people have raked in win after win and you want to be part of the action, but you don’t know where to begin.

It’s wise to first understand the industry you’re entering—its problems, issues, and its many movers. It’s equally wise to arm yourself with the know-how so you could succeed in the the long-run while mitigating losses. But that’s a discussion for another time, today, you just want to have a broad look on iGaming.

iGaming at a glance

While iGaming is a fairly recent term, online sports betting and online casinos have been going on since the 90s. iGaming has recently made a comeback with the proliferation of newer technologies and apps, and an overall demand for online gambling in general.

‘iGaming’ is any kind of online betting that wagers on the outcome of a game or event. Sports betting platforms, online casinos and eSports are considered under iGaming.

The legality of iGaming varies from country-to-country. Some countries like Australia and the Philippines are actively cracking down on iGaming, be it by legitimate or illicit operators, and even focusing on iGaming advertisements. A short history of iGaming by sportsbettingdime.com tells how the industry evolved from as early as 1994.

1994: The first online iGaming website is launched with ticketing for the Liechtenstein International Lottery in October of 1994.

2000: The iGaming industry surpasses $2 billion in revenue. The overall market is forecasted to be worth over $70 billion per year by 2023.

2003: The 888.com online casino website is launched, and ten years later it would become the first exclusively online casino to be licensed in the US.

2018: The Professional and Amateur Sports Protection Act (PASPA) is repealed by the United States Supreme Court, paving the way for online US sports betting.

There are hundreds to thousands of online gambling and online casino platforms in the world, be it web-based or app-based. Some traditional gambling halls or casinos like Solaire, have already embraced a mixed-system of having a land-based casino with ‘live, online tables’ (with virtual hosts) and virtual fully-digital slot machines and other games.

With more gambling games democratized and readily-made available to anyone with the click of a button, it’s already an old view that casinos can be played exclusively at one place.

Sports betting has also innovated towards becoming online, with various web-based and app-based platforms now available. Online sports betting sites called bookmakers can have access to one or more live event sports happening worldwide.

Alternatively, some gambling sites also have online virtual sports betting sites where users can bet on a simulated, virtual version of a real game like soccer, with some determined by real life stats of the virtual player. Imaging betting on a virtual Lionel Messi and think of his real-world stats, which will factor in the likelihood of winning in the virtual game.

One can now have three options for all their sports betting needs: visiting a classic sports betting site, delegating to a ‘booky’ which is generally a risky move, and sports betting online.

And of course there are ‘social casinos.’ These web-based or app-based platforms thrive on digital currency and are generally free, which is ideal for newcomers to start on, with minimal risk to losses. Social casinos offer many of classical casino games, like poker, baccarat and roulette. They can also offer emerging ‘casino-like’ games like fishing games, virtual slots and racing games. Social casinos offer the incentive of having a casino like experience with a reduced risk because of the use of virtual money.

And speaking of virtual money, with cryptocurrency in high-gear comes virtual gambling sites using a combination of the the types we’ve discussed above. Players can bet their cryptocurrency or NFTs as wagers in a broad spectrum of iGaming.

These are what await the newbie iGamer. Always assess first if you have the assets and the disposition to enter in either one or several of the abovementioned iGaming types because each caters to a different kind of lifestyle. Sports betting is for those who want to put gamble based on their understanding of the sport, and therefore, the likelihood of winnings,so it takes a lot of data gathering on the players participating in the sport.

On the other hand, classic online casino games are all about chance and risk, perfect for those who have enough money for a high risk and high-reward lifestyle. While NFT and crypto-based iGaming is for those who want to experiment and rake in wins on virtual assets.

Other Interesting:
Crypto is sweeping South and SE Asia. Here’s why it matters to the rest of the world

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