Although you might have thought of it as a relatively niche hobby, online gambling and betting is big business these days.
In fact, online gambling has become so popular in recent years that some industry analysts are predicting the online sector alone will be worth $114bn by 2028. This is set against a $61.5bn valuation for the global sector as of 2021.
In terms of why the iGaming sector has exploded in recent years, there are a number of factors we might look to.
Perhaps most notably, the regulatory environment has eased in recent years. Countries around the world – in particular the US – have started dismantling older restrictions that prevented access to online gambling services. This wave of liberalization taking place in many countries has helped to raise the profile of the sector and has created an influx of investment.
In addition to changing attitudes, arguably the most important factor has been technological innovation. Out of the many industries that had to adapt to the changes brought about by the rise of the internet, there are few that were as quick to pivot as the iGaming sector was.
This willingness to embrace technological innovation has carried right through to the present day, with the online gambling sector finding new and exciting ways to implement cryptocurrencies while other industries have lagged.
To facilitate these new and exciting technological innovations, iGaming businesses have had to develop agile, robust and highly advanced iGaming platforms. But if you have an iGaming business hoping to take advantage of the many opportunities the digital revolution offers, what should you look for in an iGaming platform?
The iGaming revolution
But what exactly is iGaming and why has it become so popular in recent years?
In short, iGaming refers to any kind of gambling or betting activity that is performed online. This is in contrast to the more traditional gambling sector, which consists largely of in-person casinos and other in-person betting events such as horse racing.
There are a number of iGaming hubs scattered around the world, where much of the development happens, with the most popular being Malta, Gibraltar and Cyprus. Nevertheless, iGaming is very much a global industry these days, with iGaming businesses from across the world servicing an increasingly diverse and international client base.
What is an iGaming platform?
As the name suggests, an iGaming platform is any digital platform that is used to support the iGaming digital operations of a business. Within the industry, it might also be referred to as an online gaming platform or player account management platform.
iGaming platforms serve a number of different functions, although the overarching purpose is to make possible and support any activity that a player might want to do. This includes aspects such as managing player accounts, accessing their funds and providing access to gaming and betting services.
It can also include other services and solutions, such as payments processing, customer relationship management systems, security systems and affiliate marketing functions, as well as compliance procedures such as KYC and AML.
What to look for in an iGaming platform?
iGaming platforms come in many different forms and can be scaled up or down depending on your specific business needs. Nevertheless, there are a few key functionalities that iGaming businesses will look out for. This includes some of the following:
- Regulatory solutions: iGaming businesses operate within a tightly regulated space. As such, meeting regulatory and compliance requirements is a key function that iGaming platforms must meet. This includes everything from AML and KYC compliance, as well as making it easy to manage any licensing requirements they must meet in different jurisdictions.
- Customer relationship management (CRM): From a business development perspective, CRM functions are essential for iGaming platforms. Player acquisition and retention are key challenges for iGaming operators. CRM tools make managing existing relationships and creating new ones significantly more efficient. This could also include support for marketing functions such as affiliate and loyalty programs.
- Payment processing: Having decent payment processing systems in place is essential to the functioning of any iGaming businesses. This makes it possible for operators to receive money as well as to pay out any winnings. Payment solutions should be seamlessly integrated into the iGaming platform.
With some of these core functions in mind, you might realize why you need to make use of an iGaming platform provider – GIG is one of the leading players in this space. And since setting up in 2019, GiG have established themselves as a global leader in delivering world-class solutions for the iGaming sector.
GiG’s iGaming platform solutions have proved popular as they are built to deliver in tightly regulated markets, are fully configurable with the leading game providers, are designed from the ground up with security in mind, and support robust and secure payment methods.
