It’s no secret that the web has changed the way we do things, driving companies to adapt or get left behind.
As smartphones and apps continue to improve and evolve, there is ever greater trust in transacting online. As a consequence, the online betting market is seeing unprecedented growth in a number of countries. Online betting, online gaming or iGaming, comprises casino games, poker and sports betting via the web.
Since sports betting was legalised in the United States by the Supreme Court in 2018, online betting companies have accelerated the market’s growth. Market leaders have included Paddy Power Betfair, Ladbrokes Coral Group, William Hill and 888 Holdings. On a worldwide basis, the betting and casino industry has developed into a multi-billion-dollar industry. In Europe alone, the iGaming industry was worth $41.78bn by the end of 2016 and is set to hit the $80bn mark by the end of 2020.
A recent article on European Gaming suggests that a bill will soon be passed by the Senate legalising iGaming in the Netherlands by mid-2020. This modernising of outdated gambling laws leads to several benefits: extra tax revenue; user protection against addiction and regulation of content ensuring that only fair games are available to the Dutch public. Last month, the same publication reported updates on the provincial government of Buenos Aires permitting the legalisation of online gaming and betting services. In June 2018, Swiss voters accepted the country’s new Gambling Act, which legalises online gaming in their country.
Xoomworks Technology will be attending the Zurich iGaming & Affiliate Conference 2019, a conference and exhibition dedicated to current developments in the online gaming industry. We look forward to attending Dr Simon Planzer’s talk (a specialist in gaming law and EU/EEA law) where he will discuss critical aspects of Swiss online gaming regulation as well as some of the challenges ahead.
Xoomworks Technology has worked with Paddy Power Betfair for over 15 years, helping them to develop many of their core technologies, including their sports betting platform – one of the most disruptive gaming innovations to ever hit the sports betting sector.
Paddy Power Betfair has also engaged Xoomworks to support major consolidation projects, thereby accelerating their growth. We combine knowledge of their business with emerging technologies and use our proven ability to scale dedicated teams rapidly.
We believe that rapid market growth and innovation in what’s offered will ultimately convert iGaming into mainstream entertainment. Companies that don’t embrace iGaming, or sit on the sidelines too long, risk being left for dead.