The iGaming industry has become a major contributor to the global economy. Although it's not as well understood as other industries, there are still many reasons why iGaming has become so popular around the world. The industry is growing rapidly and continues to innovate new technologies that improve both online casinos and mobile apps. As more people turn to games as a way to pass their time, we're likely to see this trend continue into the future.

What’s Driving This Growth?

The iGaming industry is driven by technology and innovation. It has always been driven by these factors but now they are more important than ever before due to several key factors:

1) Online gambling offers consumers convenience and flexibility when placing bets on their favourite sporting events or casino games.

2) The internet has made information widely available, which means gamblers have access to more information than ever before about games they want to play and how they can improve their chances at winning money through these games. This gives them an advantage over customers who don’t have access to this type of information and therefore cannot make informed decisions about their betting habits. This highly contributed to the growth of iGaming in Turkey, for example, where gambling is still restricted by the state, and players should turn to online alternatives.

Gambling Around The World: The Big Picture

If you haven't started playing video games yet, you might do so soon. The video game industry is booming and is expected to continue expanding. The Global Entertainment and Media Outlook 2023–26 from PwC projects that the expansion will increase the value of the global gaming sector to $321 billion by 2026.

There are so many contributors to the rapid growth of gambling globally, from the effects of the lockdown to the rise in the use of mobile devices and more. Let’s check more details. 

Online Casinos Are Getting More Popular Worldwide

Statistics on worldwide gambling show that around 26% of the world's population gambles. It follows that approximately 1.6 billion people bet globally, and 4.2 billion gamble at least once annually. A UK study on demographics and online gambling found that 17% of people bet online, generating around £5.3 billion in income for the online market alone.

In 2020, the total income from the Internet gambling was $66.67 billion.

The size of the online gambling market is predicted to reach $172 billion by 2030, rising at a CAGR of 11.6% per year, according to an official analysis by Acumen Research and Consulting. Due to the lower initial investment for online casinos compared to traditional casinos, these dynamics may be the result of an expansion in operators in various areas.

This rapid expansion might also be after millions of individuals picked up their keyboards to avoid the boredom and solitude of COVID-19 lockdowns, and started to invest more time and money in social and casual gaming.

Growth Expected in Turkey and Pakistan

In 2021, the market was led by China and the US, which together accounted for roughly half of gaming and eSports income. Future expansion might, however, come from less developed nations with increasing demographics. The PwC report predicts that the games market will expand fastest in Turkey, with average annual growth of 24.1% between 2021 and 2026. Pakistan comes next in the list. 

iGaming As a Valuable Part of Global Economy

The iGaming industry is a valuable part of the global economy, as discussed above through numbers. Despite the fact that the sector is still relatively new, it has been able to make its mark on the world stage. This is due to its ability to leverage technology and innovation in order to provide users with an immersive gaming experience.

The iGaming industry is growing very quickly, and its revenues are expected to increase significantly over the next few years. The gambling industry has seen a steady growth in recent years thanks to the rise of online gambling platforms and mobile devices that allow players to play from anywhere.

The iGaming industry has played an important role in helping countries such as Malta, Gibraltar and the United Kingdom become major tourist destinations because of their favourable tax regimes and entertainment offerings.

The iGaming industry has also helped many players to earn money through online platforms such as sports betting and casino games such as blackjack and roulette.

• Affects on the Economy

Gambling is an industry that provides a significant boost to the economy. The gambling industry has direct and indirect effects on employment, trade and productivity across a range of sectors, including tourism, hospitality and construction.

The gambling industry generates tax revenue and is an important economic driver in many countries.

iGaming in Turkey 

Turkey's iGaming industry is a fast growing sector that can help drive the country's economy. The iGaming market in Turkey is expected to grow.

The country has been experiencing rapid growth for some time now and it's no surprise that this growth has led to an increase in iGaming activity.

• Legalized iGaming could be a game changer for Turkey's economy

If legalized, iGaming could be a game changer for Turkey's economy. It could help boost tourism, create jobs and give people something productive to do during their free time instead of wasting it away on social media sites like Facebook or Instagram.

Concluding Thoughts 

iGaming is a fast-growing industry that has become increasingly popular worldwide. iGaming companies are driving economic growth on a global scale, creating jobs and providing taxes.