If you ever hear the term “iGaming,” you might infer that it’s about gaming taking place on the internet. While that’s true in a general sense, the iGaming term means something more specific than that. Usually, when a person uses it, what they’re talking about is interactive gaming where an individual bets or gambles online.  

If you’re running a platform that awards money for online gambling, you are more than likely going to want to figure out some iGaming payment solutions for individuals who are winners through the games you offer. If you’re on the other side of things, and you’re getting into online gambling, payment will likely come your way through one of these platforms or apps.

Let’s take some time to get more in depth with the iGaming concept. We’ll take you through an industry overview that lays out common types of online gambling, its potential benefits, and also possible drawbacks.

iGaming Used to Be Taboo

It’s crazy to see how iGaming has proliferated in recent years. Two decades ago, it was exceedingly difficult to figure out how to place a bet on a football game online if you lived in most of the American states. It was usually necessary to go through a convoluted process of finding a platform, setting up an account, and then funding it through offshore banks or a crypto wallet.

Since then, though, iGaming has exploded in popularity. Many states have realized that they can tax platforms that want to operate in that geographic region.

Money talks. Several states now have healthy revenue streams that can fund things like road construction and public schools via the millions of dollars in online gambling taking place through a myriad of apps and websites.

What Are Some Examples of iGaming?

iGaming is by no means restricted to American customers, though. It is also popular in the UK, parts of Asia, and elsewhere.

Online casinos have sprung up everywhere. They offer virtual versions of all the most popular games you might play in a brick-and-mortar casino, including blackjack, poker, slots, craps, etc. You can even play via an iGaming casino app with a live dealer if you would prefer that over the automated options. 

Sports betting is a huge part of iGaming as well. You can bet on football, baseball, soccer, horse racing, and many more. You can even place a bet on political elections on some platforms.

You can now buy lottery tickets online. You can play online bingo for money. You can enter poker tournaments that have prize amounts every bit as large as what you might expect to rake in if you enter an in-person tournament in Las Vegas or Reno.

You Can Do iGaming with No Money on the Line

However, it would be a mistake to say that the only way you can get in on iGaming is if you wager real money. Quite the contrary: you can also sign up for a platform where you can play poker or similar games just for fun. If you like playing, but hate the prospect of losing money, this is how you can scratch that itch.

You can sometimes make friends or meet a romantic interest this way. Don’t let it surprise you if you ask a couple at a dinner party how they met, and they say they first fell in love after some banter over an online poker table.

Fantasy sports is another area of iGaming that has taken off in recent years. You can enter a league and play for money, but you can also play with your friends for bragging rights.

You might also take part in a league where you’re subject to ridicule if you lose. In some of the more hardcore leagues, if your fantasy team finishes dead last, you may have to shave your head or even get a humiliating tattoo.      

Why is iGaming Popular?

There are several reasons people cite for why they like to take part in the iGaming hobby.   Convenience is one factor that gets brought up a lot.

If you like the idea of casino betting, but you don’t want to drive a couple of hours to the nearest casino, now, you don’t have to. Instead, you can sign up for an account and bet real money on the same games and in the same formats that you would in a brick-and-mortar casino environment. Since you can even request a live dealer if you’re playing blackjack or another card game, why wouldn’t you at least give it a try to see if you like it?

Also, it’s extremely easy to get into fantasy sports or to buy a lottery ticket online. If you didn’t want to do it before because of the hassle, now, iGaming has eliminated that excuse.  

What Are the Drawbacks of iGaming?

It’s true there are some possible drawbacks with iGaming, though. The first is the addiction possibility.

Any time you have someone with an addictive personality, and they see that they can bet on a televised sporting event with a couple of taps in an app on their phone, that’s going to become a problem. While most people can control themselves, some individuals seem to have a genetic proclivity that makes it difficult to stop playing, even if they’re losing large sums of money.

Then, there’s the issue of shady gaming sites. While many platforms, websites, and apps in the iGaming space are perfectly legitimate, there are some that aren’t.

You can usually spot them. They’re the sites that freeze right when you’re making a bet or the ones where your screen is inundated with popup ads the moment you arrive.

While these issues keep some people from getting into iGaming, the popularity and the amount of money this industry generates every year make it obvious that it’s here to stay. If you need any more evidence, all you have to do is turn on any televised sporting event and notice that it’s being sponsored by a gambling platform.