In recent years we have been hearing more and more often about the Igaming industry.
In summary, this branch includes any kind of bet that can be made online, such as betting on casino onlinesports bets in races, as well as virtual sports bets.
Thanks to the rapid evolution of technology, the Igaming industry has been transformed from marginal activity into an economically lucrative global industry regulated by a strict regulatory framework.
As expected, the spread of igaming has influenced many sectors of national economies worldwide. Let’s look at the main ways in which this has happened.
1. Revenue through taxation
The most direct way in which a state benefits from the Igaming industry is taxation. As all transactions are carried out electronically, it is quite easy for the government to tax these activities.
An excellent example of Igaming’s revenue collection is Malta, where many online casinos are based. Malta has introduced a very favorable taxation regime for businesses based there and thus manages to collect many millions of euros annually.
Due to the dissemination of cryptocurrencies as a means of transaction in online casinos, our country is in discussions about creating a legislative framework for their taxation.
2. Jobs in many areas
The global labor market could not remain unaffected by the flourishing of the Igaming industry, as thousands of new jobs have been created in many areas. The main sectors that increase jobs are marketing, IT (mainly the programming and cyber security sector), customer service, financial sector, as well as the experts in charge of play and data protection.
There has also been a need for further specialization of human resources in digital safety and players’ protection from addiction. This specialization is achieved through the implementation of special educational programs that properly develop workers.
3. Developing new technologies with a variety of applications
It is well known that the Igaming industry is a pioneer in the development and adoption of many new technologies such as artificial intelligence, virtual reality, mobile applications and of course blockchain.
Many of these technologies may initially grow in order to meet some need in the Igaming industry, but they later find application in other sectors by improving users’ experience in general.
It is worth noting that the development of all these technologies requires large funds over time. Thus, countries that favor the establishment of technological research businesses attract many new investors.
4. Strengthening the tourist product
At the beginning of each tourist season there are many discussions in our country about how we advertise Greece abroad, from which countries most visitors come from and whether we could do something different.
What many may not know is that the Igaming industry can indirectly affect a country’s promotion abroad, as there are often times when players decide to visit the headquarters of well -known online game providers. Still, online casino games, and especially slot machines with their special themes, help players get to know a destination, culture and landscapes and indirectly motivate them to visit the place of origin of the content.
5. Increasing digital economy
The strengthening and strengthening of Igaming worldwide enhances the broader digital economy. This is because users are encouraged to use new applications, digital media and platforms.
The best example is the use of electronic wallets to make transactions in online casinos, as they involve smaller (or no) charges for themselves, while transactions are completed momentarily.
In turn, it leads to the need for investment in appropriate infrastructure in order to have fast -speeding networks, data centers for storage and broadcasting of data, as well as innovative data protection solutions.
Another consequence of users’ familiarity with online platforms and applications is the fact that they are more receptive to the adoption of new technologies for digitizing processes, such as public sector associations.
6. Indirect financial support of other professions
It is also important to refer to the professions that are indirectly influenced by the development of the Igaming industry due to the principles of the circular economy.
First on our list are companies that offer technological infrastructure, such as the creation of platforms and applications for mobile devices, cyber security and data analysis.
Significant increase in their clientele has also been noted by companies that offer specialized online marketing and promotion services, and especially those focusing on Digital Performance Marketing.
Based on all of the above, countries that will sustain the Igaming industry sustainable are expected to take the most in the coming years.