The Importance of iGaming for the Economy

For centuries, humans have found different and exciting ways to entertain themselves. From the simplest of activities like telling stories around a campfire, to entertainment as we know it today, we have always been able to entertain ourselves.

Still, there is a certain charm in online activities. The world has expanded tenfold upon the invention and popularization of the internet. Even many real-life activities and games have been successfully adapted into virtual games, with increasing benefits.

Take, for example, the casino. We only used to be able to visit brick-and-mortar establishments that provided us with hours of entertainment. Still, this method has a few disadvantages, and software developers understood this at the time. This has resulted in websites like www.canadacasino.ca listing thousands of great online casinos for players to enjoy from the comfort of their homes.

But, as always, one must consider the economic impact of the iGaming industry. Does it hinder global economic growth and development, or does it help in many cases? Let’s review.

The iGaming industry’s worth

Although the 2020 pandemic has had an impact on nearly all industries, the iGaming industry’s worth was projected to rise to $261.8 billion, a drastic increase from 2021’s number of $207.23 billion. Experts only expect this number to grow in 2023.

Just looking at the market size, we can tell the iGaming industry is expected to have a positive effect on the global economy. We can only assume these numbers will keep growing and eventually surpass their pre-pandemic counterparts.

Compare it to the video game industry, where revenue is projected to reach $221.40 billion in 2023. The numbers are quite similar and even comparable in their revenue. We already know the gaming industry has positively impacted global economic growth. We can only expect the iGaming industry will do the same.

Job opportunities

The iGaming industry has opened its doors to a slew of new talent, developers, and businessmen alike, to lead the industry forward. Needless to say, this is one of the biggest positive impacts of the iGaming industry on the global economy as well as the most important.

Among others, graphic designers, web designers, software developers, and game testers will find jobs in this industry. With at least 22,000 job openings for gambling industry workers each year, we can be sure there is ample opportunity to earn a living in this industry.

With lots of new talent pouring in, this will also help advance the industry both creatively and technologically. Many young, inspired developers with great ideas are already learning and developing new ideas in regard to online casino games. Slots are especially fruitful for devs looking to create a unique experience for players.

Technological development

Technology has come a long way since the early days of the iGaming industry. What started out as a desktop application players had to download to their computers has evolved into mobile gambling. 

Nowadays, we can see that technology has drastically improved. Desktop apps are a thing of the past as you can reach most online casinos on their websites. This has also helped improve user trust as there is no need to worry about a virus. Mobile apps have also revolutionized the iGaming industry and the global economy as players can now take the online casino anywhere and play anytime.

Furthermore, the mechanics of online casino games have improved. Groundbreaking concepts such as Optical Character Recognition software have improved most games with a live dealer such as roulette and poker. This is a big step forward from the static images that players used to see on their screens.

Conclusion

The iGaming industry, like nearly every other industry, has had positive effects on the global economy. Creating jobs, advancing technology, and bringing in decent global revenue are just a few reasons why.

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