The iGaming sector is one of the fastest growing areas within both tech and entertainment, with estimated revenues of close to $50 billion (£38 billion) in the past year alone, up significantly from the previous year. This breakneck pace of growth is in part driven by the surging popularity of online casino gaming, while also being driven by greater accessibility to iGaming platforms thanks to advances in mass technology.
All of this means that there have been some major developments within the sector, ranging from multi-billion dollar mergers to wholesale legal reforms. Here’s what you’ve missed within the world of iGaming.
Mergers and Partnerships
Many of the biggest developments recently concern the tens of billions worth of business deals and partnerships signed by companies who are racing to grab a slice of the iGaming pie. With the profits of the largest and most popular online casino platforms surging in recent years, plenty of deals have been signed to both boost the capabilities of these existing platforms and give other companies a shot at the market.
There was the recent announcement that the iGaming giant SportTech is planning to acquire the UK-based lottery solutions provider Lot.to in order to vastly expand their own betting offerings for customers. Such a move could be worth billions, with Lot.to currently providing lottery tech solutions for major players such as LottoLand and CelebPoker.
Likewise, it was recently announced that one of the largest casino operators in the UK, Genting Casinos, would be taking their biggest steps into the iGaming market to date, via a partnership with the Czech developer Yggdrasil Gaming. The move will vastly expand Genting’s offerings of online slots and card games, making them a serious player in the online market.
Sensing the direction of wider trends, the Malta-based gambling platform BetHard has significantly expanded its partnership with SBtech, which provides betting technology to some of the biggest platforms in the world. It seems that everyone is racing to get the best technology available, no matter the price.
In news that will surely put the wind into the sail of casino companies, the worldwide trend of gambling liberalisation continues apace.
The US has hogged much of the headline space this year, with major developments such as the nationwide legalisation of sports betting being one of the most significant stories of 2018. Key states such as Pennsylvania and Delaware have also significantly rolled back gambling regulations, making it easier for online casino players to access the kind of games they want to play.
South Africa has also just passed one of their most comprehensive reform packages to date, significantly removing the number of regulatory barriers for online casino providers.
All eyes are on Ireland at the moment as well, with the Irish parliament set to debate a bill which, if passed, would completely overhaul iGaming laws in the country, allowing platforms to operate with greater ease. It’s certainly a good time to be running an online casino.
A New Type of Gaming
In many ways, these developments seem somewhat overdue. The iGaming market has been growing at such a rapid pace that it only makes sense for such businesses to be allowed to grow in these ways. As more and more people get access to this new type of gaming, the future certainly looks bright across the sector.