The iGaming Industry in the UK
The online casino has become an integral part of the UK, with idea of remote wagering/online casinos becoming a popular form of gambling. With the rise of mobile app and 3G, it’s never been easier to sign up to an online casino and claim the free spins no deposit bonus that they offer.
Remember you need to be 18+ to gamble within the UK and please feel free to visit BeGambleAware.org for information on how to gamble safely.
What is iGaming?
We can define iGaming as any form of wagering done online on a game or an event. iGaming covers sports betting events, online slots and casinos, poker, and eSports.
From 2020 to 2021, the online gambling industry yielded 6.85 billion in Great Britain, whereas in the previous year it yielded 5.79 billion pounds. The UK’s iGaming industry is part of a global network that is worth a staggering $565 billion, according to research firm Technavio.
iGaming hasn’t always been legal in some countries, with gambling in general still banned in countries like the UAE, Singapore, Japan and many more.
The History of iGaming
iGaming has a rich history spanning nearly 30 years. In 1994, Microgaming established the first computer programs for online casinos, and the first iGaming website was developed, which in turn allowed for its presence in the UK. In 1996, the Kahnawake Gaming Commission was established to regulate online gambling all over the world. By the end of the decade, online gaming was beginning to soar, with an estimated revenue of £830 million within in the industry. The UK also launched its first online betting service in 1998 with William Hill.
By 2005, the Gambling Act was created, which allowed casinos in the UK to be advertised and made gambling legal (as long as it was monitored).
Of course, fast forward to 2022, we have big iGaming companies such Intouch Games, William Hill and Mr Green who have paved the way for the rise in online gambling in the UK.
Land Based vs Online Casino
The brick-and-mortar casino brings its own value to the table. With a bustling community of fellow players housed under one roof, a real tangible experience, and the glamourous hospitality of a casino, it’s tough for online gaming to compete with. However, online casinos have made it a point to offer more than just the gaming experience.
As technology improves, so does mobile gaming. With more people having access to smartphones, the shift to mobile gaming seems inevitable. In 2008, Apple launched its App Store and by 2020, a huge £1.5 billion was spent on mobile games by UK consumers. Furthermore, technologies such as HTML5 has made mobile games faster, cleaner, and easier to create for a highly optimized game play.
Online slots have also progressed with its graphics and themes. It’s not just a replica of classic fruit machine slots that cover the pages of online casinos. You’ll find many games with Egyptian, Irish or horror themes for a fun game play, as well as different soundtracks, gameplay, and images.
Specifically with online casinos, bonuses and rewards are one of the key factors to consumers playing online slots. Most online casinos will offer a bonus for signing up or even just playing regularly.
The Future of iGaming
The online gambling market in the United Kingdom is predicted to expand by more than $80 million by 2024. Although there may be obstacles and hurdles to pass, it seems that the iGaming industry will be a booming one.
The growth of cryptocurrency being used for online transaction, or the increase of Augmented and Virtual Reality could shift the paradigm of the iGaming industry. The advancement of technology could mean spending virtual money in a virtual casino.
Now that’s a thought to be left with when thinking about the future of the iGaming industry.