If the iGaming industry is looking better than ever compared to last decade, potential business might be looking good for those who want to get in on the action. What used to be a niche market has grown considerably into something more mainstream. To the point where new iGaming platform operators are popping up around the world, amid some obstacles that may stand in the way of starting and maintaining one (like regulations and expenses).
We will discuss the business potential the iGaming industry might have for those who want a slice of the market share. Let’s get right into it and go over more details.
iGaming And Its Continuous Growth: What’s Been Going On?
One of the things we’re seeing with iGaming is that it has been one of the fastest-growing submarkets within the entire entertainment market itself. There have been plenty of factors that have played a role in driving this growth in particular. Let’s take a look at what they are right now and why they have been so instrumental:
- Increased Internet penetration: The Internet penetration rate in India is 52.4 percent (as of 2024). That number is intent on getting larger over the next several years. As such, iGaming platforms listed on the Indian version of AskGamblers are seeing their potential for more exposure increase because more people are getting access to the Internet.
- More people using mobile devices: Smartphone technology has been easily accessible around the world. Not to be outdone, the number of smartphone users in India has surpassed 1 billion with an increase of half a billion users projected by 2040. One reason is that these mobile devices are becoming more affordable and 5G technology is becoming more available in areas of India that previously didn’t have it. Plus, there have been technologies that have changed the definition of mobile gaming with the intent of a better user experience.
- Innovative technology: We live in a time where technology has evolved constantly. Such technology like VR and AR are being tested rigorously. It won’t be available on the iGaming platforms for years, but the ideas of incorporating it in such games will generate so much excitement. Especially when the life-like experiences will be more than possible- such as being in a casino room in a virtual environment featuring live dealers and interacting with other players.
These factors are still continuing iGaming’s growth. It will be exciting to see how the industry itself will evolve over the next several years.
The Benefits and Challenges of Business in the iGaming Industry
Plenty of prospective entrepreneurs may be looking to claim their place in the iGaming market and operate their respective platforms. While there is still room for the industry to grow, there are plenty of obstacles that they will need to navigate. Let’s take a look at some of the following benefits and challenges to expect if you’re looking to get into the iGaming business:
Benefits:
- The consumer base is expanding: Because of the increased accessibility of smartphones and the affordability of devices and data, the consumer base could expand at a fast rate. For those discovering iGaming for the first time, it may lead to a rise in demand for these platforms – especially if they are created based on their specific interests.
- Technology is continuously evolving: The technology that exists is quite fascinating by itself. Some of it is already incorporated into the iGaming platforms already while others won’t be included for at least the next few years. At some point, the technology and the devices that support it will become more accessible and affordable by the time things like VR or AR make their way to mainstream iGaming platforms – further increasing the potential for growth.
Challenges:
- Regulation and licensing: One of the major obstacles prospective iGaming businesses face is how they should be licensed to operate while complying with the necessary regulations. An iGaming business that is complying with regulations and licensed are deemed more trustworthy compared to those that lack such credentials. iGaming businesses must understand the gambling laws of both local and international jurisdictions in order to operate accordingly. This also includes measures pertaining to anti-money laundering and data protection (such as GDPR for European users).
Final Thoughts
The iGaming business will continue to have room to grow amid its popularity rising around the world. While the competition might also be increasing, it shouldn’t deter you from considering the idea of starting an iGaming platform that will provide players in India and across the globe plenty of entertainment opportunities. What better time to jump in on the action than right now?