The Technological Innovations Speaheading Future Gambling Growth
Dec 16, 2019 15:03
In decades gone by the fortunes of Las Vegas were the best indicator as to the overall health of the gambling industry. If the growth and economic stability of Sin City were still to be a reliable indicator of global gambling, it would be safe to say that the future of the industry was in jeopardy.
Fortunately for the wider gambling industry, whilst Las Vegas falls to the expansion of Macau, the online sector is actually driving an unprecedented level of growth in the gambling industry.
In the United Kingdom last year, online gambling amassed revenues of £5 billion. Industry experts are predicting double-digit growth for online gambling worldwide in years to come as well.
Whilst no deposit bingo and free pin slots may be enough to consolidate short-term growth, it is technological innovations that will secure long-term growth for the online sector.
But what, in particular, is going to be spearheading the future prosperity of online gambling? Read on to find out.
Did You Know? Global online gambling revenues for 2018 were estimated to be $54 billion in total.
Firstly, before looking at future technological innovations that might benefit the gambling industry, it’s important to recognise the effect that technology has had on the sector thus far. In recent years, gambling has exploded in popularity, largely thanks to advances in online technology that have improved software and brought the activity to a wider demographic.
In particular, mobile app technology has succeeded in making online gambling available to almost everybody. Mobile players have been instrumental in making the industry into the financial behemoth that it is now.
Whilst that may have been good for previous growth, it is these advances that will push the future of online gambling…
Whilst many people may be more than happy to get their gambling fix online, there are still many who feel that the experience of visiting a land-based casino cannot be beaten.
The glamour and sense of occasion of visiting a super casino cannot currently be bettered by a two-dimensional roulette table on a mobile app. However, the online gambling industry is currently on the verge of coming up with a solution to this conundrum.
At the time of writing, live casinos are currently making their way into the mainstream. Live streaming cameras, friendly staff and realistic backdrops have helped to make live casinos a massive success with online gamblers.
The next logical step is to turn these live casinos into either augmented reality or virtual reality casinos. As you read this, online gambling companies are investing huge amounts of money into making this a reality.
Teams of experts are researching how to make virtual reality casinos not only realistic and usable but the next big thing. If and when virtual reality casinos make their way into the mainstream, it will be a complete gamechanger for the gambling industry.
In countries like the United Kingdom, where there is only one super casino for punters to visit, players will be able to experience something they have never previously been able to. Whereas in countries like the USA, with towns built on the economy of casino gambling, there will a huge shift from land-based playing to online, virtual gambling.
What does the layout of a traditional casino tell us about gamblers? Well, owing to the large ratio of slot machines to table games, we can safely say that the former is vastly more popular than the latter, which is in direct contravention to the traditional wisdom of gambling.
However, that only provides us with a general snapshot of the gambling industry, something which online providers have already picked up on. Just like in land-based casinos, the online versions offer a vastly larger selection of slots than other games.
The problem with this comes in the form of advertising and website layouts. Whilst it may be true that most people enjoy playing slots to poker, it is not a universal truth. Improving predictive analytics allows online companies to monitor the behaviour of their customers and offer them a tailored, gaming experience.
Improvements in this sector will enable enhanced, more detailed marketing strategies which in turn, will allow for increased levels of customer retention and loyalty.
The crypto-currency boom of 2017 may have seemed like something that only affected those who speculatively invested in Bitcoin back in 2010, but it is already beginning to have ramifications on the online gambling industry.
Despite the popularity of online gambling in certain countries, it is still not widespread in every country around the globe. Because of this, there is a small selection of providers offering their services to customers in a wide range of different countries.
This presents problems not only for online gambling companies but for their customers who struggle to balance their love of gaming with the intricacies of world currency values. The blockchain technology that enables payment through cryptocurrencies is helping to solve this issue for providers and customers alike.
At the time of writing, the implementation of blockchain technology is not currently widespread in the industry. However, in the coming months and years, it is expected to become commonplace amongst all but just a few online gambling businesses.
This will allow for greater expansion into foreign territories by online gambling companies, which will obviously result in larger revenues and greater worldwide participation levels.
Technology is of course what has laid the foundations for the recent success of the online gambling industry. Further advances, some of which are already being implemented, will only help to facilitate the growth of the online sector, which may completely replace land-based casinos going forward.
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