Online casinos have burgeoned into an impressive multi-billion-dollar industry since their inception in the 1990s. A report from Research & Market in 2023 asserts the online gambling market’s substantial growth, with estimates reaching $88.65 billion by the end of the year. But such meteoric success is not without its challenges.
With great success comes greater responsibility, especially concerning the security of online casinos. The vast financial appeal of the sector has attracted not just legitimate enterprises but also malicious actors seeking opportunities for illicit gains. Ensuring the long-term success and reliability of online casino platforms requires a sophisticated approach, balancing regulatory compliance, cybersecurity, and the crucial element of player trust.
The Current iGaming Landscape
The pandemic’s onset catalyzed a transformative period for the gambling industry. As global lockdowns confined people indoors, digital entertainment experienced a surge in demand, propelling the iGaming sector into the spotlight. The sector has significantly evolved from its nascent days, now being hailed as a financial titan.
Technological innovation, from improved graphics to AI-driven game tools, has elevated online casinos to new heights. However, the allure of this financial prosperity has its downsides. Cyberattacks have seen a 1,000% annual increase, with each data breach’s average cost surmounting $4 million.
