Emerging gambling industry trends that are influenced by technology
The digital revolution has created a wave of changes across the world in recent years. From the nature of people’s jobs to the way we carry out our daily lives in our homes, technological developments have transformed every aspect of life. One industry that has particularly benefited from the digital revolution is the gaming industry, in which it is forecasted to reach $180.1 billion by the end of the year. Thanks to new product development, the rapid spread of 4G technology and the lowering cost of acquiring such technology, the industry is booming.
Yet, one sub-branch of the gaming industry is rising above the rest when it comes to digital domination. In recent years, the gambling industry has gone from a slow decline in physical casinos to one of the most competitive digital marketplaces that exist on the internet. Online casino providers like 888 Casino Canada are among the top providers when it comes to cutting-edge casino game technology that’s transformed today’s casino offerings.
Let’s take a look at just how competitive the industry has got and what technological developments online casinos are implementing to remain competitive in today’s market.
The increasing competition of the online gambling industry
By 2022, the online gambling market; which includes casinos, sports betting and lotteries, is expected to grow by 5.9% annually. This figure indicates the tremendous growth that the industry is already going through, in which it’s on a trajectory to outcompete many other industries in terms of capital growth.
Casino providers are now opting to either move to an exclusively online offering to cut costs and become more streamlined with their operations or offer both land-based and online casino offerings to bolster their portfolio. This digital offering is making it easier and more accessible for people across the world to participate in gambling games who otherwise wouldn’t be able to participate in such activities due to local laws and regulations.
What technologies are impacting the online gambling industry?
There are a continuous number of new and emerging technologies that are transforming the gambling industry. To remain competitive, it has become essential for online casino providers to implement the latest technological offerings. Let’s take a look at some of the most popular technologies being implemented for online gambling providers to stay ahead of the curve.
One of the typical features that have traditionally held the online sector back is payment methods. Traditional banking means that the process of online payments can be lengthy as multiple authentication processes need to take place with a consumer’s bank before they can withdraw and deposit money into their account.
In addition to the lengthy process, cybercrime is becoming increasingly common in which consumers have been targeted. This increased risk for payment fraud has only made the need for an alternate payment method more prominent in recent years.
Blockchain technology has transformed the online payment process by introducing a new type of payment currency – cryptocurrency. Cryptocurrency operates using blockchain technology which makes online payments much harder to track. It also eliminates the need for users to enter their payment details, reducing the likelihood of malicious users getting hold of these.
Not only does blockchain technology make online gambling safer, but it also negates the need for payment to go through a central banking authority. This streamlines the payment process, making the user’s experience more enjoyable while adding a layer of anonymity.
Mobile technology is one of the biggest game-changers for this industry, enabling gameplay to become more agile and accessible for people all over the world. According to statistics, 81% of the world’s population own a smartphone today. This means that people across all corners of the globe; even where gambling is currently prohibited, can access their favourite casino games through online providers.
As online gambling became more prominent, it was identified that there was a gap between the user experience in a real-life casino and the experience they were receiving when playing virtually from their home.
While there’s something about playing a lively casino game alone at home that doesn’t quite match up to the experience of the hustle and bustle of a brick and mortar casino, Virtual Reality headsets have enabled providers to bridge the gap between the virtual and physical worlds.
Macine learning is a particularly useful technique in helping online casino providers to stay ahead of the competition. One aspect it can be used for is to track the user behaviour of site visitors, to then be able to offer personalized promotions based on the types of games they’re playing and how frequently/ successfully they are interacting with the site.
Another way machine learning can be used is to facilitate highly targeted marketing campaigns. Long gone are the days of blanket e-shots as machine learning now enables online casino providers to show targeted paid ads and emails with dynamic content that are specifically targeted to the individual user.
Overall, these technologies have supported the tremendous amount of growth the industry has seen over the past few years. By helping to transform the user experience while making it easier for providers to offer their services globally, these new and evolving technologies are making the online gambling industry increasingly profitable. While it’s difficult to predict what technologies there will be in a decade, we’re incredibly excited for what’s to come.