Since its creation in 1994, iGaming has evolved incredibly, especially because of technological advancement. Technological developments, like high-speed 5G internet connectivity, made it possible for many industries to move their business online, and this has also happened with the iGaming sector. This is why the iGaming industry is growing faster worldwide, including in Europe.
The popularity of iGaming in Europe has made headlines for some time already, and several gamers have enjoyed the fast growth. The iGaming industry has massive proportions all around the world, and in Europe, this specific sector accounts for nearly 49% of the worldwide market.
As interest increases day by day, the iGaming industry is huge at the moment, and it is expected to grow continuously in the next few years.
The State of iGaming in Europe
Europe has recorded a considerable increase in the iGaming industry, as online gambling is not prohibited in the European Union, and most countries have permissive regulations, both for countries in the EU and others. For example, the UK is known for having reasonable rules that boost the industry’s growth. Additionally, European countries are known for accepting crypto payments which encourages gamers to join platforms because they can use their favourite payment solution to acquire the services they are interested in. This category of gamers know how to purchase bitcoin and other cryptocurrencies to have several coins they can choose from when playing games online.
Because this market is huge at the moment, many entrepreneurs are starting a business in this industry. The iGaming in Europe is expected to reach 52.2 billion euros by 2027, so you can see why entrepreneurs want to join this market.
Which are the Biggest iGaming Markets on the Continent?
In Europe, some countries have an important role in the overall growth of the gambling sector. Here are the countries recognized for the best results in the iGaming industry.
Ireland
Ireland is a country where the iGaming industry is thriving at the moment. This happens mainly because of the citizens, as the Irish absolutely love to play games of all sorts. This fact can be seen in numbers, as the country spent a total amount of 536 million euros on online gaming in 2022.
The digital gaming market in Ireland is dominated by men, and Irish citizens particularly love web-based gambling. The iGaming industry has developed so much in the last years, also thanks to the government’s effort to keep this sector regulated so that both local and international providers can operate legally if they apply for a licence.
This is why several start-ups have begun to appear in this industry. But because Ireland gives businesses many advantages in this sector the competition has increased lately.
Malta
Malta is a country widely known as the iGaming capital of the world. The reasons behind this accomplishment lie in the large number of gambling establishments everywhere across the country and the valuable employment opportunities this industry has brought. The Malta Gaming Authority (MGA) is one of the most important licensing bodies regarding European operators, and their work is acknowledged globally. The iGaming industry has thrived in Malta since 2018, accounting for 12% of the country’s total economy.
Most iGaming companies are headquartered in Malta, which is why the country has become an international gaming hub. The iGaming businesses are recognized everywhere in Malta, but also internationally.
What are the Factors that have Influenced the Industry’s Growth?
One of the reasons that led to the industry growth was the widespread interest among Europeans, but some other factors influenced this. Here are a few of them.
Faster Internet Connections
Accessibility is an important reason behind the international expansion of online gambling. Also, now anyone has access to a fast internet connection, and because of this fact, players are able to access their favourite games whenever and anytime they want.
Moreover, the connections are faster, and the experience is enhanced as users have access to high-quality gaming.
The Rise of Virtual Reality
Virtual reality has had a massive impact on the iGaming industry, but the advantages are expected to increase even more as virtual reality can offer players incredible immersive experiences. With the help of this technology, users will have access to a computer-generated imitation of reality, where players can have an enhanced experience as they will enter into a realistic gaming world. In virtual reality, gamers can play and interact with elements and components in real-time, so they will feel they are in a land-based venue.
In 2022, there have been around 171 million VR users worldwide. However, the number is expected to increase and reach 404.1 million by 2027. And this number is only for Europe, so you can imagine the number in the entire globe. With that in mind, many operators try to get ahead of their competitors and adopt this incredible technology.
Will the Rise of the iGaming Industry Ever Stop in Europe?
Probably not, as the iGaming market has been thriving in this area for some time now. With the high demand from various countries around Europe and supportive lows, the growth of this industry is unlikely to cease. Also, the sector’s expansion has been made with the help of digital development, which transformed the landscape in the best way. Therefore, the iGaming industry will surely implement many technologies to improve user experience.
