There are significant differences in the online shares of different national iGaming markets. According to an EGBA key figures report, in 2020, the European country with the highest share of iGaming was Sweden (66.2%), followed by Denmark (59.4%) the UK (59.3%) and Finland (58.5%). This article will explore current iGaming trends and how the GumBallPay payment gateway enables users to securely access, play, and withdraw money with ease while participating in iGaming.
For several years now, the iGaming industry has been growing in popularity. According to the Gambling Commission’s Industry Statistics report covering April to September 2020, total gross industry yield for the period was £5.9 billion. iGaming dominated throughout the half year from April to September 2020, representing 52.3% of the overall period for that reporting period, with online casino games alone generating £1.9 billion in gross industry yield.
In 2021, the global iGaming industry amounted to some $61.5 billion, according to data from Statista. Experts predict that, by 2028, this figure could rise as high as $114.4 billion, representing an 86% increase. Furthermore, according to the Fintech Times, 40% of iGaming revenue is expected to come from the US and China by 2023, followed by Japan, the United Kingdom and South Korea.
Adding to this continual industry growth is the important matter of regulation. By the end of 2022, the EGBA predicts that Europe’s iGaming market will achieve 85.5% onshore market channeling. This would mean that over four fifths of Europe’s iGaming activity, by revenue, would take place on websites or apps that are regulated and licensed in the country where the iGaming activity took place. Meanwhile, 17.3% of iGaming activity will take place in the offshore market.
Compatible with several other payment solutions, GumBallPay is a payment gateway that uses third parties to settle payments. Players do not need an account to use the GumBallPay payment gateway. Instead, the online operator creates an account, including the payment services they wish to accept. Once the operator has integrated the GumBallPay payment gateway with its website, players can use the service to access different payment solutions, simply selecting GumBallPay in the deposit section and choosing from a range of payment solutions like Visa, Mastercard, and Discover, to name but a few.
GumBallPay places payment engineers at the disposal of the iGaming companies they serve, ensuring that they are up and running and able to start taking payments as quickly as possible.