The iGaming industry has experienced an almost unparalleled level of success in recent years. Revenue has more than doubled in the past five years, from $40 billion in 2019 to $97 billion in 2024. And that figure is expected to jump to more than $132 billion by 2029, too.
A wide range of factors have contributed to this success, including changing attitudes about the activities we do online. But the most significantly influential element has been technological progress, which has helped the iGaming industry to reach its full potential. It’s worth remembering that while the industry was born way back in 1994, it’s only in the recent past that it has found success. And that’s thanks to technology (and a lot of hard work). Let’s take a look at how.
Global Smartphone Adoption
The iGaming industry couldn’t be successful if it didn’t have a large audience to tap into. In recent years, the number of people who own a smartphone has risen considerably. In 2021, the percentage of people who owned a smartphone hovered around 70%; by 2025, the percentage will have risen to 89% in certain parts of the world.
It’s not just that people own a smartphone; it’s that they feel comfortable enough using it to play games online. And when they do, they’ll find that the iGaming industry has a wide selection of options for them to choose from.
Enhanced Security
It seems strange to think about now, but it wasn’t all that long ago that consumers were hesitant about shopping online. They simply didn’t trust that their financial information would be safe. Eventually, as security improved, consumers began to trust online websites, to the point today where virtually everyone has made an online purchase at some point or another. The iGaming industry has undertaken a similar journey. The industry has invested heavily in website security software, ensuring that players can feel confident that their sensitive data is safe when they’re playing at a website.
Trustworthy Playing Experiences
The industry has also gone to great lengths to ensure a fair, transparent playing experience for players. They’ve done this with the help of Random Number Generators, otherwise known as RNGs, which provide the backbone of many of the world’s most popular online games. When a player plays blackjack in a real-world casino, they can see the cards being dealt right in front of them.
When they play the game at a reputable website, it’s the use of RNGs that ensure that the cards that they’re dealt are chosen randomly. This allows players to play in confidence, secure in the knowledge that their digital experience is essentially the same as what they’d have in a brick-and-mortar casino.
New Games
The rise of technology has helped propel the iGaming industry forward in other ways, too. For example, it’s allowed for the development of new games. There are countless new slot games released each year and even entirely new gaming concepts such as ‘social multiplayer games.’ Whereas traditional casinos have essentially stopped innovating, instead relying solely on legacy games, online casinos have invested time, energy, and capital into creating new products — which, in turn, helps to make the industry more appealing to a wider range of people.
Future Technologies
If the iGaming industry is marked by anything, it’s innovation and development. All of the examples included in the list above were not inherent parts of the iGaming industry; they were slowly incorporated over the years once their usefulness became recognized.
That mindset bodes well for the future of the industry. While its current offerings are exceptional, it’s expected that they’ll continue to evolve in the coming years. For instance, we’ve already seen the earliest use of virtual reality and augmented reality in iGaming products. As the technology that powers these products becomes more advanced and widely adopted, they’ll likely play a more pronounced role in the industry. After all, the iGaming industry has shown that it’s always ready to capitalize on new and emerging technologies.
