A Review of the iGaming Market in 2022: Is it Booming?

Industry predictions in the past couple of years have always focused on the ‘phenomenal growth’ coming our way in the years to come. After a global pandemic and a decade’s worth of economic turmoil in the space of a year, how accurate are those predictions in 2022?

So, is it a good time for online betting companies? Are profits and growth figures still trending in the right direction? Read on to find out as we take a look at the current health of the British iGaming market.

The Facts and Figures

iGaming was one of the relatively few business sectors to have benefitted in recent years. In the most recent figures available by the Gambling Commission in the United Kingdom, remote betting turnover has risen by 18.4% to £6.9 billion.

That’s in direct contrast to a 5% total contraction of the gambling market, most of which is attributed to land-based casinos and betting shops having to close their doors for good.

Conversely, it’s a good time to own an online casino in the United Kingdom. They are currently dominating the sector, providing £4 billion of the £6.9 billion in total gambling yield. The majority of which (£2.9 billion) came from the ever-popular slot games.

What is Driving iGaming Growth?

The figures listed above show an industry and sector that is right in the middle of an economic boom, but what are the factors behind this incredible growth? Here are three to consider…

Accessibility: Players aren’t just staying with their online casino provider because they’ve gotten used to them. They are staying with them because they are more accessible and convenient than their local casino.

They can play poker on the bus, spin the roulette wheel whilst waiting for a delayed train to show, or have a spin of the slot reels just before bed. This level of accessibility correlates to the trend of people betting less, but more often as well.

Affordability: The price of unleaded at a rural petrol station is likely going to be more expensive than it would be at a city centre petrol station. That’s because the rural station has little-to-no competition, so can fix its prices higher than those in the packed urban centers.

It’s the same with casinos too. The typical land-based venue in the United Kingdom usually rules the roost in the town or city that it is located in and, as such, has less incentive than say, an American casino to offer its customers enticing deals and offers.

The online market is the complete opposite. There are not hundreds, not thousands, but tens of thousands of online casinos that players can choose from.

As a result, online casinos tend to offer eye-watering promotions, offers and bonuses to entice players to sign up making online gambling much more affordable than land-based gambling.

Free Copper-colored Coin Lot Stock Photo

(Money is tight and gambling online represents better value for money than the alternatives.)

Online Slots: The Perfectly Modern Game

As mentioned earlier in the article, the main driving factor behind online casino growth is the popularity of slot games. This is nothing new, slots have been the most popular games in casinos for the better part of a century, but the rate at which their popularity is growing is something new.

Why are online slots booming? Well, according to many industry experts it is because they are the ideal game for a modern audience.

A recent study by Microsoft found that since the turn of the millennium, the average human attention span has decreased from 12 seconds to just 8 seconds.

To put that into context, the average goldfish can focus on a task or object for 9 seconds, so we are now officially less focused than a goldfish… This drop in attention spans has been attributed to the rise of technology and instant gratification social media platforms around the world like TikTok.

Online slots with their almost instant gratification and easy-to-follow instructions and rules are therefore the ideal gambling game for modern eyes.

In Summary

The iGaming market is booming. The evidence is conclusive. There are more people gambling online than ever before and in response, there are more land-based gambling venues closing than ever before.

Whilst it would be foolish to try and predict anything too accurately in business, it does seem pretty obvious where the iGaming market is headed. All that’s left to do is enjoy the meteoric ride that the industry is about to embark on.

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