Five Common Myths About iGaming That Are Not True
The iGaming business is expected to remain the most critical segment of the gaming industry in the future. The new generation of gamers wants a user-friendly experience that allows them to play whenever and wherever they want
Photo Credit : Utkarsh Agarwal,
The gaming industry is the one that constantly represents the highest interest and, consequently, growth rates in India. According to the KPMG report, the number of online gamers in India almost doubled and increased from about 250 million in 2018 to about 400 million in 2020. The global market size of the online gambling industry is forecasted to grow 40% from 66.7 billion USD in 2020 to 92.9 billion USD in 2023.
The pandemic outbreak enhanced gaming to a great extent. Based on the post-Covid reports, the users' average time spent on games increased to 4.1 hours, compared to the earlier 2.5 hours. The number of gamers who use mobile phones to access their favourite platforms increased from 100 Billion USD in 2020 to 116 million USD in 2021. The number is forecast to reach 138 Billion USD in 2025. The figures and statistics speak for themselves in a quite impressive way, don’t they?
What is iGaming? And is this the future of entertainment?
The term of iGaming includes all kinds of sports, internet casinos, poker, and esports betting. It was historically established that people loved betting as a form of entertainment. Thanks to iGaming, gaming aficionados can indulge in whatever game quenches their thirst at the comfort of their sofas. Definitely, iGaming is the future of entertainment. To put this into perspective, iGaming has evolved into one of the world's fastest-growing sectors just in a matter of two decades. According to Transparency Market Research (TMR). iGaming is expected to grow to over USD100 billion by 2024.
The iGaming business is expected to remain the most critical segment of the gaming industry in the future. The new generation of gamers wants a user-friendly experience that allows them to play whenever and wherever they want and have their needs satisfied to the maximum. Improvement is inevitable in this sector. While the games will get much better, the platforms will get even more space-age. Thus, the iGaming fans will feel very comfortable and happy.
What Are the Ongoing and Prospective iGaming Trends?
To keep up with the requirements of gamers, software companies and gaming operators increasingly strive to stay ahead of the market's increasing competition. At the moment, gamers can choose from several game modifications, and they are offered a wide range of gaming items.
Other emerging technologies, such as virtual currencies and their underlying systems, will be interwoven into the future. iGaming sites are gradually embracing cryptocurrencies like bitcoin, Dogecoin, and others as valid payment options.
The top 5 iGaming Myths
iGaming is surrounded by mystery and guesses. Humans, in general, are used to living in a myth. As a result of a lack of knowledge and learning more about the issue, certain fallacies are caused. Others are reported so frequently that they are accepted as reality, despite the fact that they are nothing but myths.
Let’s get through the most common iGaming misconceptions.
● iGaming is Illegal
This is the most common misconception. As is known, iGaming is usually regulated by tight regulations. iGaming is legal in most countries. Decent iGaming companies notify customers about any applicable restrictions before the registration.
Speaking of India, this is a gray area regarding iGaming. Many international iGaming platforms offer their services while abiding by the country's law. Users can log in to the site and indulge in the iGaming experience easily without breaking any laws.
● iGaming Websites Aren't Safe
Many consumers are usually concerned about the risk of their personal information getting disclosed if they enter an iGaming site. And, they can even picture in their imagination the worst scenario, when their money is swiped away from their online account. Any fears of that kind might be based on the misconception that iGaming websites are not safe places to stay.
Evidently, such fears are just groundless rumors. The top gaming sites are among the safest websites one can visit on the internet. They secure the users’ data and funds with the latest security technologies and encryption mechanisms. Users can send money securely to their bank. It is very quick and cheap.
Most iGaming companies take cybersecurity issues very seriously. Online platforms protect users’ personal data and have their software regularly updated. There are many cases of cross-checking users’ profiles (automatic and manual) prior to users’ registration. Multiple verifications is used to protect gamers’ personal data and profile. Cybersecurity departments protect clients’ data and money using advanced encryption mechanisms, checking and verification tools to grant safety and avoid data leaks.
● iGaming Websites Are a Scam, and Winning Is Challenging
Winning or losing is all about numbers. At the same time, it's entertaining to rely on blind luck, fate, or teh player’s chance being etched in the skies. Although some people believe that iGaming companies are out to steal users’ money, this is false.
To ensure fair play across the field, iGaming sites use a certified Random Number Generator (RNG). These tools are evaluated on a regular basis to ensure that the games are arbitrary. winnings are transparent. But iGaming shouldn’t be regarded as the main source of income. It
can be a kind of a supplementary income, a great way to relax, reduce stress, a way to get bright emotions to be in a good mood.
● iGaming is addictive
Despite the amount of relevant research conducted, no evident proof of that was found. Most people play within their budget. Therefore, addiction is unlikely to happen. Almost every single iGaming site takes the problem of gambling addiction really seriously.
Some leading iGaming platforms either offer or remind users about effective and practical limit-setting tools. For example, spend limit, session time limit, deposit limit, etc.
The platforms also feature a test to estimate the degree of users’ involvement in gambling activities. If a user is predisposed to gambling behavior, some platforms advise a “time-out” approach.
Moreover, if the occasional indulgence becomes a daily obsession, the platform offers a voluntary ‘self-exclusion’ option. Being self-excluded means not being able to create new accounts with the platform or operate through any pre-existing account and/ or deposit funds.
● Underage gamblers are encouraged to participate in iGaming
Underage players are prohibited from entering the iGaming casino. If they still manage to get in, they will surely be discovered and banned, and the account will be blocked.
To register, users must input correct data, a real colorful clear photo (not a scanned one) is required to confirm the personal data. Unclear pictures aren’t accepted. Thus, any blur images, cropped or edited, impede the user’s account verification and registration.
Usually, iGaming companies have rigorous age verification methods to ensure that anybody who plays is of legal age. Any player whose age cannot be verified will be unable to participate.
iGaming continues to increase and gain popularity globally, both as a hobby and a business; and its revenue is expected to skyrocket in the upcoming years. The growth of iGaming is caused by advanced technologies worldwide available, increasing digitalisation, and the growing number of online players who trust online payments.
Owing to the new regulations, the iGaming sites provide the best experience to meet even the boldest players’ expectations and needs. Naturally, it raises iGaming to a higher level. With a bit of money involved, players can experience the thrill and fun from the ease of their homes.
Further betting legalization will be absolutely favorable and contribute greatly to the growth of various sectors, and the general development of this sphere in terms of profit. Betting legalization means creating new working places for people and economic development of the country.
Hopefully, the article managed to clear some of the confusion and debunk the iGaming myths. Be aware of the risks and be a responsible gamer to enjoy your virtual entertainment to the full! Remember about making safety-related decisions during your game!
(The given article is attributed to Dmitry Belianin, Chief Marketing Officer, Parimatch International and has been exclusively created for BW Disrupt)
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