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iGaming is a term that made waves initially but failed to follow through. You may be shocked by this and would be eager to find out why this happened in what is a wildly popular market in certain countries.
The concept of Gaming is wildly successful in some countries, while in other countries, the term iGaming is rarely spoken! Although convenient and interesting for skilled players, there are a few hurdles that iGaming needs to overcome before it can be deemed a worthy investment of time and money.
iGaming is a whole different gaming industry that revolves around gambling, betting, or wagering upon the outcome of a certain event.
Because of this, the use of real money in Gaming is very common, given the nature of the industry. Although Gaming media usually points to it just being associated with fantasy sports, it also applies to other games that involve wagering using real money.
So what is in iGaming’s full jurisdiction? It includes horse racing betting, real money slot games, Poker betting, online casino betting, and even online video game events. As you can see, this is quite a large area covered by the iGaming industry.
Read More: How Much Does it Cost to Develop an iGaming Platform?
The word gambling refers to a forbidden act in most countries! Especially in the Indian market, gambling in exclusively luck-based games is strictly prohibited. Thus, games that include gambling must strictly be skill-based.
These legality issues can severely dampen the growth of the iGaming industry, especially in countries where gambling is prohibited in every aspect, be it luck-based or skill-based games.
Some countries allow gambling but regulate them to avoid misuse. Others outright ban the activity altogether, and the chances of Gaming taking off in such regions are slim to none!
When it comes to awareness of iGaming, there are several hurdles to get over. Firstly, a lack of awareness is a problem that will hinder this gaming category’s success now and in the future. Even the word ‘iGaming’ may create the illusion of a completely different meaning when people hear it.
Then once people understand what Gaming is and that it involves real money, the problem of explaining how to ‘iGame’ safely without going into excessive debt or always failing to win when betting comes! Yet another problem as after hearing the full story, people may be discouraged and hesitant to invest in iGaming!
Therefore, by making people aware of this gaming industry, you risk spreading a negative impression about the whole industry, as iGaming media may usually do. This could be highly detrimental to the whole industry, which will work against your goals!
Although iGaming has flourished in some regions, it has miles to go when it comes to popularizing the market in other areas where mobile gaming is yet to take off. Lack of awareness may not be due to lack of information but to lack of connectivity, mobile devices, and other challenges.
Read More: Top 3 Sports games to be added to an iGaming platform
When mobile gaming first arrived, nobody expected it to get this big. Furthermore, it was not expected that the market would grow to include real money games or iGaming as well!
But, since this has all become a reality, the government has taken further steps to scrutinize all gaming industry avenues, especially those involving real currency.
The most likely outcome is for the government to moderate and regulate the gaming industry. As a result, you may see certain restrictions in iGaming activities and possibly even taxation upon money earned through this industry.
Also Read: 5 Common Myths About iGaming
At the moment, the gaming industry is saturated with a multitude of gaming options. Multiple games available for playing on mobile devices can suit any person’s personal preferences.
Whether it is a puzzle game, action game, board game, or card game, it has already been developed. But, by the iGaming definition, you can tell that this form of gaming is different; thus, it will take a certain type of user to take to the iGaming industry.
Plus, iGaming faces stiff competition from traditional brick-and-mortar casinos in countries where it is legal.
Another hot topic of much discussion is cryptocurrency which has been making headlines ever since it was announced. The link here is that iGaming services have opened their doors to cryptocurrency, which has seen mixed feelings from users.
Some people may feel positive toward cryptocurrency, while others have negative feelings toward the currency. The use of real money alone caused quite a whirlwind that the topic of cryptocurrency acceptance is barely acceptable.
Meanwhile, there is also the issue of cryptocurrency not being legally accepted worldwide. Some countries openly accept or embrace these digital currencies, while others firmly oppose them.
Read More: Top 5 Board Games For Any iGaming Platform
It’s no secret that millennials make up the largest population of gamers, so any game or gaming niche hoping to thrive should get millennials on its side.
However, millennials are not that into iGaming! Trying to get this massive force to throw their weight behind this industry will prove difficult with all the other alternatives currently on the market.
Other games that fall under the action segment do a better job entertaining the younger generation than betting and score prediction games that make up the igaming industry.
As you can see, Gaming is an alluring gaming niche but one that still has a few challenges to overcome. With some fine-tuning and regulation, iGaming could present an attractive market that could thrive with a steady user base.
If you feel you have an iGaming casino idea that could change people’s minds about the whole industry, you can pass on your requirements to us to turn it into a real product. To start today, Contact us.
Read More: Top 5 Virtual money card games for iGaming platforms
iGaming involves wagering upon a certain desired outcome of an event. These events can be sporting events, gaming events, or otherwise.
So long as the wagering of money is done on a game predominantly involving skill, it is legal in India.
Fantasy Sports games and Card games have become the country’s top selections for real-money games. Getting players to part ways with their favorite gaming solutions has proved extremely difficult!
Typically gaming does not involve any form of betting or gambling, except in special cases where real-money games are included. Otherwise, Gaming includes gambling in all aspects.
An iGaming platform could take anywhere from 20 – 40 weeks to develop. The exact time could depend on whether an app or website is needed, features, design, and other processes.
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