What, Exactly, Is iGaming?

Although it seems like Illinois legalized sports betting just recently, it has actually been over two years.

Legislation for sports betting was approved in 2019 in the Land of Lincoln, with the inaugural bet being placed at Rivers Casino in March 2020.

Since that time, the industry has consistently thrived not only in Illinois but also in numerous states throughout the US.

However, another online gaming sector that has seen similar growth to sports betting is iGaming. Yet, even the most experienced sports bettors often struggle to differentiate between the two.

Let’s sift through all the information to understand what exactly iGaming is.

What is iGaming?

Online casinos in Illinois are currently not legal. However, in regions where online casinos and sportsbook operators are legal – such as Michigan, New Jersey, Pennsylvania, Ontario, and more – the term iGaming is used. This term refers to more than just the casino portion of a sportsbook operator’s website; it includes all gaming options available on a mobile betting app. For instance, in Ontario, the government body responsible for regulating all online gambling activities is known as iGaming Ontario.

iGaming refers to any online betting on the outcomes of future games or events. In Illinois, this encompasses placing bets on a Chicago Bears match, participating in daily fantasy sports, or potentially, gambling at an online casino.

The global market for iGaming and online casinos is thriving, extending beyond the Prairie State and the US. In the past year, several sportsbooks familiar to Illinois residents have expanded their operations to Ontario. These include well-known names like DraftKings, Caesars, PointsBet, and BetMGM, underscoring our northern neighbors’ growing involvement in this industry.

iGaming licenses are issued in numerous countries around the globe. A few of these countries include Mexico, Germany, Italy, and Ireland among others.

How to know if you’re betting safely

When creating an account on a sports betting or online casino site, it is crucial to do so with a licensed gaming operator rather than an offshore sportsbook or online gambling site. Bovada, MyBookie, and BetOnline are among the most widely used offshore sites, but they are all considered illegal in Illinois.

Online casinos and offshore sportsbooks function outside the US and are not subject to the same rules as licensed sportsbooks based in the US.

Therefore, an offshore sportsbook user may risk losing their account balance permanently. On the other hand, funds deposited into a licensed sportsbook are safeguarded by regulatory authorities from each state where sports betting is legal.

How to spot an offshore sportsbook

An offshore sportsbook and online casino website may appear identical to a licensed sportsbook site. However, there are simple methods to determine if the operator is legitimate or not.

The first step involves checking the top or bottom of the website for the seal of the state’s gaming regulation. In Illinois, this seal is characterized by an eagle clutching a red ribbon in its beak. Another indicator to look for is an RG logo, which stands for Responsible Gaming. Spotting these symbols confirms that you are on a licensed sportsbook.

The next step involves inspecting the website’s URL. If it concludes with extensions such as .ag, .lv, or .eu, it indicates that you’re on an offshore site. These extensions represent the country where the website is operating. URLs ending in .com are characteristic of licensed US sportsbooks.

Lastly, be vigilant for the possibility to deposit cryptocurrency for use as betting funds. It’s common for offshore sportsbooks to accept cryptocurrencies like Bitcoin as a deposit. This is a clear indicator that you’re on an offshore site, as licensed sportsbooks only accept deposits in real money.