Online gambling is the least risk-averse industry within the gambling market. It is an early adopter and implementer of new tech and is also increasingly flexible in its online offerings. Nowhere is this more apparent than the market boom during the pandemic.
Not only is the industry ironclad after world economies stumbled, but the industry is flourishing. According to Statista, the 2020 market value was close to USD 59 billion. Grand View Research, Inc. forecast that the global online gambling market size will reach USD 127.3 billion by 2027, registering a CAGR of 11.5% from 2020 to 2027.
Two key points drive the industry's success. More gamblers are opting to play online, and software developers are entering into several mergers and acquisitions to deliver optimized services and take advantage of a burgeoning market.
LegitimateCasino.com has found that online casino software developers are incorporating more tech into their products and services. The use of sophisticated tech enables developers to be the first to market, which ultimately drives competition and meets players' expectations in an ever-changing market.
Players are already reaping the benefit of tech in online casinos' software with fintech streamlining casino transactions and a reduction in high transaction fees. Furthermore, online casinos are already using cryptocurrency and blockchain with their sights firmly set on artificial intelligence and virtual reality.
Blockchain and Cryptocurrencies
The introduction of cryptocurrencies and blockchains has had a dramatic impact on online casinos. The vast majority of online casinos accept a form of crypto as payment and withdrawal options. In contrast, other casinos base their entire business models around crypto.
It has become increasingly common for online casinos to accept Bitcoin and Ethereum, while others only transact only in crypto instead of fiat currency. Crypto as payment negates the need to transact with fiat currency through traditional financial systems and allows American players to game at international gambling sites.
Blockchain casinos have harnessed the use of blockchain platforms to offer more transparency, speed, and safety. The casino industry also uses the open-ledger and decentralized blockchain system to develop innovative gaming systems and procedures. Online sportsbooks already use the Ethereum blockchain to improve system computations and even sports predictions.
Online casinos have already incorporated Artificial Intelligence (AI) into their frameworks through chatbots and bots that monitor casino systems and flag fraudulent activity. As AI develops, it will, in all likelihood, become more sophisticated, with bots able to solve complex problems soon.
Online casinos have also earmarked AI to detect and prevent problem gambling and gambling disorder. AI can now notify casino operators if a player exhibits said behavior based on their gambling data.
Looking to the future, online casinos anticipate that AI development will enable casinos to customize their welcome pages with gaming suggestions based on a specific player's gaming analysis.
5G and Virtual Reality.
The development of 5G and the remarkable speeds it attains allow players to access live dealer games via their phones. Casinos also envision that 5G will enable video calling into live table games.
Several online casinos consider VR to be the next step in immersive online casino gaming. With considerable investment and high-speed mobile internet, this certainly seems to be the next viable option when offering immersive gaming.
As cloud tech improves, major tech giants such as Google, Microsoft, Sony, and EA are pushing for the release of cloud-based gaming to allow players to access gaming streams in 4K quality across various devices instead of a single game console.
Naturally, online casinos would incorporate this tech into their platform so that players can start a video slot or table game on their desktop and continue the game on their mobile devices. As mobile gaming is increasingly popular, this would be a significant development in the online casino industry.
The future of online casinos
Online casinos and software developers continue to incorporate the latest tech into their platforms and extensive offerings to deliver unrivaled entertainment.
Acquisitions and mergers allow companies to combine tech so that the casino industry can continue to spearhead early adoption and remain relevant in an ever-changing world.
"We partnered with Bragg Gaming because of their world-class gaming content and their state-of-the-art player engagement platform. We are already seeing promising interest from our quality-loving player base,' said Michael Deuringer, Marketing Manager at Premier Gaming."