Internationally speaking, gambling legislation takes many different forms. Some of the most forward-thinking countries regarding internet gambling are situated in Europe. Therefore, it’s not just the casino companies operating from the European continent but the game designers who help to fuel this demand. By keeping up with consumer demand and continually innovating in the sector, the gambling industry has emerged as one of the fastest-growing sectors of the last decade. This innovation continues to fuel the multibillion-pound profit margins, and economists are convinced that this industry is here to stay and will continue to expand in size and scope.

European innovations

Other than Las Vegas, American legislation within the gambling sector has been restrictive for the last 75 years. However, there were small pockets where you could gamble in America, such as in Atlantic City, New Jersey and South Dakota. For the most part, you couldn’t bet across large sections of the United States, and casino players would flock to the Nevada desert in the millions to play poker, roulette, blackjack, craps and slot machine games. Although there’s been a sharp U-turn in this mentality and approach, some European countries have had a liberal and clear set of gambling laws for decades, and it has helped associated industries flourish both directly and indirectly.

The United Kingdom has long been an advocate and example of solid, fair and transparent regulation. It’s the exception to the rule when compared to its counterparts. Even Ireland, which neighbours England, is becoming more open to the idea of casino gambling. Although land-based casino gaming in Ireland is still outlawed, the Irish enjoy online casino games as much as any other European country. It is the innovation in this area and the continuing profit margins that are inspiring leaders to innovate. A solid concentration of ingenious iGaming companies striving for brighter ideas and more significant sections of the market is fuelling more creativity and ultimately providing casino players with a better product.

The mobile casino era

Identifying growing trends within a sector is one of the most important and valuable tools any successful business possesses. If a large corporation isn’t flexible enough to adapt and move with the times, they risk being left behind in a more interconnected world than ever. Our global economy is more connected than ever because of mobile phones and the internet. However, instead of shying away from this fact, the casino industry spotted this trend coming into focus over a decade ago. Many groundbreaking iGaming companies operating out of Europe positioned themselves within the market accordingly.

Given that a lot of these companies were able to set a foundation for themselves to work from, they established a market presence a lot earlier than their competition. Changes to the clarity of digital casino gaming in huge markets such as the United States and Canada have allowed millions more gamblers from these countries to play casino games legally. This has resulted in an impressive level of profit, particularly in vast areas such as Ontario.

As millions more customers enter the market from prominent economies, adding billions to the market, iGaming leaders use these substantial profits to continue fuelling innovation. These impressive numbers have brought in game designers who specialise in various games. Ten years ago, the idea of console game designers moving into the casino industry wouldn’t have been viable. However, this has become commonplace due to the number of new customers in the United States and Canada and existing markets fuelled by greater brand visibility in European markets.

Innovations in all areas

It’s not just one particular sector that has benefitted from this growth. Although the casino industry has seen massive gains, sports betting has witnessed similar growth thanks to the ingenuity of Europe’s iGaming leaders. Following the emergence of mobile casino gaming as a frontrunner for a new, modern gambling style, profits have continued expanding. It has indirectly opened the door to several new markets that otherwise wouldn’t exist.

The most profitable example is the in-play market, which has allowed sports gamblers to place bets in-play and cash out of their bets. Not only has this created a much higher level of engagement with sports betting apps, but it has also resulted in the iGaming companies developing this incredibly sophisticated software to generate unbelievable profits. Ultimately, the payoff in this sector has created a snowball effect, resulting in more profits going into design, which results in better games and helps customer numbers to continue rising.

Continuing to find angles

With the incredible expansion the iGaming industry has experienced over the last two decades, it wouldn’t be a surprise to see the industry plateau or for iGaming providers to take their foot off the gas. However, the innovations haven’t stopped. Whether it’s the initial rise of internet gambling, mobile casinos or gambling with cryptocurrencies and new payment methods, the industry continues to find new angles.

Finding a business model that works is indispensable for any successful enterprise. Any business that can genuinely innovate in a sector with an international market will reap the rewards of its creativity. World-renowned European iGaming companies that have found incredible success over the last 20 years continue to come up with fresh ideas to stay ahead of the ferocious competition.

Whether it’s variants on existing popular digital casino games or brand-new angles in minigames, slot machine themes or payment methods you can use to deposit your cash, this endless appetite to innovate is fuelling the golden era we’re currently witnessing in casino gaming.

Future developments

This is a combination of a few points we have already raised today, but there are multiple examples of the casino industry continuing to pioneer. Cryptocurrency is one element we have touched on, but with the rise of artificial intelligence (AI) and virtual reality (VR) making huge headlines recently, the more prominent names in the casino industry will not slow down and allow challenger casinos to make up ground.

As the competition is so strong, slowing down in this industry is essentially the same as moving backward. With the biggest names in the industry able to generate multibillion-pound profits, they have used this financial muscle to employ the best game designers and brightest minds to continue coming up with fresh ideas and experiences for online casino customers.

Expect cryptocurrency, AI and VR to play a more prominent role over the next decade as innovations in various industries converge on the gambling sector. As ever in society, innovation and money go hand in hand, and few industries are currently generating the sort of consistent profit that we see in the gambling industry.

The excitement building in the sector is expected to continue accelerating, stimulating and encouraging innovation. For companies that are only just entering the sector, any innovation within the casino gaming industry could quickly net them millions of pounds of profit. Many economists expect the profit in the gambling industry to continue spiralling until at least 2030. This gives iGaming companies plenty of time to generate more profitable ideas, particularly those in Europe that have already designed a blueprint that allows them to keep innovating and making profits in an incredibly competitive, global industry.