Online gaming, also known as iGaming, is a multibillion-dollar industry. G&M News shows that the industry topped $61.5 billion in revenue in 2017, and is expected to reach $114.4 billion by 2028. It might even go higher now that online sportsbooks have been legalized in the US. This is a lucrative turn for iGaming, as it makes the industry more appealing to a larger demographic of players: that of sports fans and those who enjoy competitive gaming.
iGaming and sports combined through sportsbooks
This development is a win-win for both sports and iGaming. The National Football League can earn an additional $2.3 billion thanks to the legalization of sportsbooks in the US, on top of the revenue it already takes from the video games industry. That’s because football fans are much likelier to follow the games when there is something financial involved. Conversely, 31% of football fans are expected to play in online sportsbooks now that they are legal. That equates to a 60% increase in sportsbooks players, and it certainly bodes well for the iGaming industry, which stands to rake in considerable revenue as well. This is due to a combination of population size and a passion for sports, which could, in turn, result in an additional $8.1 billion in iGaming revenue in the US alone by 2024.
Online slots: Taking a cue from the sports format
iGaming genres not often closely associated with the sport are also embracing the sports format, and this is evident in online slots tournaments. These tournaments are regular events with a pre-set jackpot spread across multiple games. Every time someone plays, it is towards a single jackpot, a bit like a prize fund in a sports game.
The games that feature often draw in different players, but working towards a single goal, a bit like a team sport but where one player takes the whole prize. The games involved are not specifically to do with sports, but the Gala Casino Jackpot slots feature titles such as Frankie Dettori’s Magic Jackpot 7 and Top Trumps Football Stars, furthering the links with sport. Ultimately, one player takes the prize, much like one horse wins a race or one team lifts the Super Bowl.
Online poker: Leveraging the “win and play on” sports format
Tournament-style formats are also common in online poker, which has long embraced the sports format. Bigwan notes how online poker players play in these poker tournaments to win a share of a total prize—one that can be quite lucrative. Perhaps just as important, there are many of these tournaments online, with some offering recreational players the opportunity to play with low investment but potentially high rewards.
Bigger tournaments require bigger fees, which then translate to bigger winnings. Many of these tournaments feature the same win-and-move-on format popular in sports, in which winners keep advancing to different tables until they reach the final one, where the remaining players compete for the grand prize. Like the sports tournament format, there is a clear champion at the end.
There is little doubt that sports and iGaming go well together, with sports fans having more riding on games like the Super Bowl than just winning and losing. Outside of being connected with live sports, iGaming platforms using a sports format are able to entice more fans to embrace their competitive spirit online. Given this setup, it isn’t surprising that the industry is predicted to take off even more.
Alexia is the author at Research Snipers covering all technology news including Google, Apple, Android, Xiaomi, Huawei, Samsung News, and More.