How has technology transformed the Online Gambling Industry?
The rapid rise in technological developments has impacted both our personal and professional lives. With the advancement in technology, most sectors have been transformed.
The iGaming industry has grown and benefit better than any other industry. Keep reading to know the impact of technology on the online gambling industry.
Online gambling- a history
The online gambling industry first arrived in the mid-1990s. While many games were available online, it was poker who made in earliest impact on the online gambling market. A poker site called Planet Poker was launched back in 1998 and remained the only virtual game available in the town for nearly a year.
In recent years, gambling sites have gained good popularity. Now online gaming industry has evolved with products like live casino games offering live casino bonus, virtual reality games, 3D products and many more.
Mobile gambling has already had an innovative impact on the online gambling industry, but it will continue setting the directions for the future. If you look at the financial figures, mobile gaming generated $100 billion worth of revenue in 2018.
Data collected by the gambling commission depicts that 43% of people use their smartphones or tablets to place bets. It means that game providers will have to place an increasing focus on mobile betting options. Most popular casinos in the US already have their own dedicated casino apps that can be downloaded on mobile phones. Players can place their bets within a click using these apps.
Gamblers can wager from anywhere and anytime in the new live casinos. Casino studios are already struggling to stay open and it not difficult to imagine a world in which they become a thing of the past.
It was about 20 years ago when software companies attempted to make virtual reality games a worldwide anomaly. It may have failed when it was launched, but the technology has moved a great deal since then. Headsets still are heavy and clunky, but the developers are working hard to make them acceptable to the masses.
According to CSS insight (industry analyst firm), over 24 million VR devices were sold in 2018. VR is already breaking through in gaming and there is a slight difference between gaming and gambling now.
Virtual Reality casinos offer a 3-D environment that holds all the emotion and excitement of what it’s like to play in a brick and mortar casino while avoiding any of the drawbacks of being out in public and interacting with others.
The online gambling industry is working on how it can AI to its advantage. Online casinos are difficult to monitor but artificial intelligence can make it easy. Early addiction detection and prevention is possible using AI. It can also spot suspicious players and notify online casino operators. The identified account can be suspended and help can be offered to players before hitting rock bottom. For instance, Playtech’s Betbuddy uses AI to capture digital footprints, enhance UX and identify high-risk gamblers. It uses neural networks and other methods to identify irresponsible gambling behavior in real-time and then deliver messages to both the player and the operator.
Casinos collect player data and use it to offer personalized gaming services, ads and promotional offers. The top providers are investing in special AI to analyze personal information and give online gambling a head start.
Most people are now familiar with the blockchain technology and some have also invested in cryptocurrencies to make a fortune. But online casinos have been unusually slow to adopt this new technology, preferring to use credit/debit cards to make transactions. It seems that if blockchain continues to grow at this pace, it will change the payment methods in gambling.
Casinos can now move their documents to the blockchain ledger which can be accessed from anywhere in the world. A custom blockchain-based wallet is also developed for players which allows them to cash in and cash out their winnings to crypto. They can then be exchanged at a certain rate to the currency of the player’s choice.
At this moment people are waiting for the bitcoin bubble to burst but there is no guarantee that it will happen. If industries take the blockchain technology more seriously, cryptocurrencies will become fully mainstream.
SummaryName: How has technology transformed the Online Gambling Industry?
Author: Charles Richter
Published Date: 01/10/2019