As a fast-growing sector of the entertainment industry, with almost 2.5 billion gamers around the world and the revenue of over $150 billion in 2019, the gaming industry significantly surpasses the results of the traditionally popular film and music industries combined. New technologies, massive use of smartphones and global hyperconnectivity (internet expansion) contribute to the expansion of the industry's potential, providing room for new and/or hybrid business models. Many countries recognized the multifaceted significance of the development of this industry (ranging from financial and educational benefits and the impact on other industries and various social spheres to the promotion of innovation and creativity at all levels) and provided various financial and nonfinancial incentives, expecting to see multiple returns. Relying on the comparative analysis of the relevant countries and the survey conducted in Serbia, this paper confirms the multifarious potential of the Serbian gaming industry and encourages economic policymakers (also based on the survey) to support the development of this fast-growing industry by introducing primarily nonfinancial, but also minimum financial incentives.