iGaming and Video Games: A Prosperous Love Affair?
Will the relationship between igaming and video games prosper? As the online iGaming market is flourishing and expanding globally, it is not only changing in its legal and its conceptual terms, there are certain predictions that the whole face of phenomenon is about to inevitably change. Not long ago iGaming was fresh and pioneering concept for many companies which have been moving their land-based businesses online. With wide variety of possibilities the Internet possesses, betting and gaming industry, are placed among biggest businesses, generating high revenues. Nonetheless, the iGaming industry is steadily going further and discovering markets connected with video games.
It hasn’t happened yet, but future of iGaming will not only involve traditional games like Bingo, Poker, Blackjack and other games from gambling family, but it may suck into business chess, scrabble or even social media platform games like Farmville or Angry Birds. The basic concept is to make available for gamers to play their favourites, inlcuding betting and putting money on stakes. The idea itself has been developed and put into practice by Virgin company, creating “Pay-to-play” based system. It allows players to enter tournaments and win cash prizes.
In US the law is hostile towards operators who offer videogames bets. How then Virgin manages to avoid lawsuits? In order to avoid law regulations and constraints, the operator provides sweepstakes and contests. Winners simply get cash prizes. What’s more the secret lies in the distinction between the games of skill (videogames) and chance (gambling games). The latter category is under strict law regulations.
This means huge opportunity for iGaming business which can widen its scope of interests. Nowadays, companies consider to implement the idea to social media platforms where possibilities are vast, due to number of available games. However, under current law scheme in US, it is still tough to find good solution.
If the whole new concept of iGaming launches in the future and becomes reachable through computer and smart phones, it would sincerely revolutionize the industry.
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