Technological innovations have contributed to digital transformations across various sectors. The online gambling market has also undergone numerous changes, experiencing massive growth over the last decade thanks to several tech trends. Here are four technological innovations that are redefining the online gambling industry today.
Last year, the global mobile gaming industry reached a value of about $79.5 billion. As a result, the mobile sector accounted for over 50% of the overall online gambling revenue, valued at $165 billion. The industry is also expected to keep growing to hit a value of about $250 billion by 2027 with a compounded annual growth rate of 17.8%.
According to a poll done by Statistica in 2017, about 5% of all mobile users today would use mobile devices for online gambling. That equates to over 200 million mobile gamblers out there, considering there are over 5.2 billion unique mobile phone users in the world today. This growth in the mobile gambling market is thanks to multiple reasons, including:
Convenience – The ability to wager on the go has proven to be essential for people who like betting on sports and playing casino games without going to casinos or gaming arcades. All you need is your mobile device and an internet connection.
Privacy – Most gamblers today prefer to keep their gambling activities private and that’s why they’d rather use their phone to wager online, instead of visiting a physical casino.
Free-to-Play Option – Social casino gambling has become a major trend in the current gaming market, with more casinos allowing users to download gaming apps and have fun without wagering cash. However, players can still spend cash to buy credit, but spending is optional.
Safe mobile payment solutions – Mobile banking has gone mainstream and people can now pay for anything online using them, including depositing their wagers in the topaustraliangambling.com leading online casino site.
Blockchain technology has shown a lot of potential in redefining the online gambling industry. The most notable improvement is the transparency level it brings into the industry by using its permanent verification procedure. That allows all the parties to have a distributed ledger that has a verified record that can’t be manipulated by any party, helping to enhance trust in the betting system.
Besides helping to reduce distrust between the players and online casinos, blockchain technology protects all the parties against different malpractices in the industry. Questionable practices can be checked through the blockchain system, ensuring that the users’ personal information is always safe and can’t be stolen randomly. Additionally, the technology helps to maintain the anonymity of gamblers thanks to the rise of crypto casinos.
VR and AR Gaming
Virtual and augmented realities are two trends that are highly associated with gaming. In the last few years, both casino and video gaming industries have received versions w3ith virtual reality segments, widely seen as the trends of the future.
While it might take some time for virtual reality games to become a global phenomenon, some online casino platforms are already offering such games. However, the equipment required to enjoy such casino games is still too expensive for the games to go mainstream. Nonetheless, virtual reality offers something that no technology can replicate today.
Augmented reality online casinos are also shaping the future of the industry, as they are a closer reality. These casinos offer more information to the players, giving them an immersive gaming experience that even land-based casinos can’t match. For instance, players can virtually see the betting limits and touch a table without going through the guide.
With VR and AR, players can enjoy games in never-before-seen angles and enjoy a highly immersive experience that even land-based platforms can’t replicate. However, players will need virtual reality goggles and other similar equipment that might be expensive right now, although they’re expected to reduce in price as the trend grows.
In the last few years, mobile betting has increasingly grown popular, with most casinos leveraging the trend to develop various smartphone betting apps. Today, the rise of smartwatches has inspired a new trend, with operators making it possible for punters to wager using these wearable devices. As a result, smartwatches are expected to take over smartphones as the more accessible and convenient betting option.
Market experts predict the smartwatch market will reach $33 billion globally by 2022 and gambling is expected to be a major part of this huge growth. That said, you can expect software developers to continue crafting casino games that can be easily used on all devices, including smartwatches.
Technological trends are ushering different industries into a better future and that includes the online casino market. As such, players can expect the four tech trends listed above to change the way games are played online, leading to a better gaming market. Relying on new technologies also helps players to get a better gaming experience, which will help the online gambling industry more popular in the coming years.