The rise of technology has been the cornerstone of iGaming growth as it has been for many internet based businesses.
Even before the pandemic, the online gambling industry had been rapidly expanding for almost a decade. In 2017, the global market was worth around $45.8bn. By 2024, it is expected that global online gambling bets will exceed $94bn.
2020 in particular was a key year in the growth of the iGaming industry with many companies such as 888 Holdings and Gaming Realms forecasting a close to 50% or more increase in revenue.
The restrictions and shortcomings suffered in many industries due to COVID-19 do not apply to the digital arena which was well situated to take advantage of the flood of online business.
If anything the restrictions only enhanced the growth of the iGaming industry as traditionally land based operators scrambled to digitise their revenue streams. Google Trends data reflects this showing that search interest in online casinos reached an all time high in January 2020, nearly doubling since 2016.
This was certainly the case for sports betting as with all venues closed it had no choice but to rapidly move online. In the UK the digitisation of sports betting increased gross gambling yield by 29% month-on-month in November. Some experts now believe sports betting could be worth as much as $8bn by 2025 in the US alone, a believable figure as global investment in iGaming peaked in 2020 with the market growing $6.6bn.
This huge level investment is not just a fleeting opportunity though according to FansUnite CEO and co-founder Darius Eghdami. "There is a huge shift coming to online betting and we are perfectly situated to take advantage of that.”
So what was it about the iGaming industry, that will allow it to hold on to this major new influx of revenue?
Technology lowers engagement threshold
The convenience factor cannot be overstated. Players can relax in the comfort of their own homes, play at any time of day and access a whole spectrum of games well beyond the scope of a land based alternative.
The advent of mobile phone technology in particular was a great opportunity for iGaming. Nearly half of all people on Earth, some 3.5 billion, own a smartphone; a truly vast market. It is no great surprise that with some investment the iGaming industry blossomed, developing new games, apps and websites to feed a new and growing consumer base.
The direct competition between operators for customer attention has led to a higher quality and number of games, as well as new promotions and offers. Distance is no longer a barrier to entry, and games are available in several languages, enhancing the potential for a larger customer base.
The increase in the use of online payment technologies has also added to the success of iGaming. Adoption of new payment options such as digital wallets and PayPal gave consumers plenty of convenient options for optimising enjoyment.
The growth of new technology increased cost effectiveness, comfort and above all the convenience of online gambling. All this opportunity has created more jobs in game design and development, a demand issue that currently well exceeds supply.
“COVID-19 has intensified cross-industry digitisation, piling additional pressure on an already-limited payments and fintech talent pool” says Robert Gray, Head of Tech recruitment at Pentasia. “DevOps specialists and Java developers are the most-requested candidates, as are tech leaders.”
Whilst tech jobs are common across many industries few can promise the continued influx of demand that the Gaming sector is set to continue experiencing. This surge in demand for fresh new talent is the perfect time to make your next career move in iGaming, with demand so heightened in certain sectors that bidding wars are becoming commonplace. This of course leads to very attractive job offers that will include competitive salaries, benefits and the opportunity to progress in a rapidly developing market.
Pentasia’s specialist tech recruitment team can certainly attest to this, having placed 120 candidates in permanent roles across iGaming last year. Our team works exclusively on jobs in the tech sector covering Java, DevOps, QA, Data and Mobile guaranteeing you professional, experienced advice that will lead to a tailored job offer to fit the needs of your career profile.
We will help you every step of the way, whether you are already an experienced industry professional or a first time applicant. Connect with Pentasia today by sending your CV or applying for one of our Live Jobs.