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The success of the iGaming industry in 2024 has led to an old question resurfacing once again; do gambling and sports betting belong under the same banner? Some believe that the iGaming industry encompasses all forms of gambling done online, which of course, would include sports betting as well. Others, however, are convinced that sports betting is its own thing, completely separate from casinos and gambling.
While there is no denying that there are certain similarities between gambling and betting, it is also true that the two industries are quite different. In this article, we’d like to explain the similarities and the differences between the two.
What iGaming Encompasses
The first thing we have to do is define what exactly iGaming encompasses. Most people think of iGaming as everything to do with online casinos. That includes slots, blackjack, poker, and even bingo, so long as it is done online. The gambling industry on the internet has soared in popularity recently, in part because of the growing excitement surrounding bonuses.
Bonuses are special offers that gambling websites share with their patrons. The goal is to get new fans excited and keep existing fans interested. It is not surprising then, that fans in 2024 can enjoy free bonuses without depositing anything at many well-known online casinos. Similar bonuses do exist at online sportsbooks, which is one of the reason that the two industries are often correlated.
The question now is whether sports betting falls under iGaming? Most have come to accept that yes, sports betting and iGaming are related. However, online bookies represent only a narrow segment of the greater iGaming industry. Despite that, there is no denying that there are some similarities between gambling online and placing wagers on internet sportsbooks.
The Similarities
We already touched on one of the similarities in the previous paragraph, that being the existence of betting bonuses. Often, when visiting an online casino, you will notice that similar bonuses are available. If you were to compare the offers at gambling websites to those at internet bookies, you will find that many are quite similar in tone and content.
Free Bets/Spins: one of the most popular offers is the “free spins” or “free bets” offer. As the name suggests, players and punters can place a wager for free, without actually risking their cash.
No Deposit: we already touched on the no deposit bonus, but put simply, it is an offer that a new gambler or betting fan gets, just by signing up to a certain website. There is no need to even place a deposit, which is where the name comes from.
Match Deposit: finally, the match deposit bonus means that a player or punter will get their first deposit doubled. However, match deposit bonuses are usually limited to a certain amount.
Apart from bonuses, there is also the fact that online casinos and online sportsbooks often share a website. What we mean by this is that many online casinos feature a bookie, or even have a sister site that specializes in sports betting. The reason is that some believe that bookies and gamblers often tend to have overlapping interests, and that most of them are likely to at least check out both a bookie and a casino.
Finally, it is important to mention that online gamblers and sports bettors are both driven by the same desire to take risks and push their own boundaries. As human beings, risk-taking seems to be engrained in us. While some express that desire to take risks by taking up extreme sports, others express it by frequenting casinos and wagering on sports. In other words, both bookies and casinos play to the same audience.
The Differences
One of the big differences between gambling and sports betting is the impact that prior knowledge has on the outcome. No matter how familiar you are with the history, gameplay, or background surrounding slot games, the outcome will not change. Slots are purely based on chance, and if a player wins a jackpot, it is only because they were lucky. While luck does play a role in sports betting, information is much more valuable.
For example, a boxing match is never certain, but there are some things that we can gather based on the past experiences of boxers. Celebrity and influencer boxing has become a pretty big thing, and with all the fuss around Jake Paul’s possible match against IShowSpeed, many are already predicting a winner. But, these predictions are not based on nothing. They take into account the athleticism, experience, and skill of the individual fighters, which is why many are putting the odds in Paul’s favor.
It is also worth noting that the two industries differ in scope. Online casinos, for example, are entirely focused on gambling games. Roulette, slots, blackjack, and craps are staples. Some websites may also feature poker or bingo. However, with sportsbooks, the coverage varies greatly. While the name may mislead some, the truth is that many bookies cover reality television shows, political races, musical competitions, and even real life events. Of course, online casinos are beginning to change their focus, and are starting to include unique games, that you will only find available online.
Some Things to Think About
Regardless of whether you believe iGaming should or shouldn’t encompass sports betting, the industry is growing. Whether we are talking about sports betting or online casinos, both have found a place in the global market, and are already generating billions every year. The success of these websites means that we should focus on ensuring that they are as safe as possible.
For that reason, plenty of governments around the world are placing strict regulations on iGaming, which has led to a safer industry. It is important to ensure online safety, particularly in the 21st century when cybercrime has reached an all-time high. The regulatory measures imposed by governments have led to licensed, and trustworthy casinos, safer and controlled games, and increased anonymity and security.
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