Statista estimates that the global market for online gaming will be worth $66.7 billion in 2020. This amount is anticipated to increase to $92.9 billion in 2023. Gambling businesses must ensure that their goods reflect current online gambling trends to benefit from this expansion and increase market share.
It might be challenging to determine whether patterns are real, though. A fast internet search can convince you that cutting-edge technologies like blockchain and virtual reality are about to revolutionize the business world. Although there is no denying their potential, the actual situation is far more complicated. Furthermore, many descriptions ignore the less spectacular, new, or high-tech trends that matter because they think they must be there. Although safer gaming may not sound as fascinating as cryptocurrency, it is far more essential and urgent.
What revolutionary technology developments have so fundamentally changed the online gaming sector? Continue reading on WeGamble to learn more.
Emerging Trends in Online Gambling
Cryptocurrencies like Bitcoin, Ether, and Dogecoin may eventually replace or augment traditional currencies in some situations. However, online business owners should consider a few factors before accepting client payments.
Cryptocurrency transactions are tough to track, which makes them suitable for users who wish to remain anonymous online. Anonymity is one of the main promises of cryptocurrencies. It is the wrong move for online gaming, even while it is a step in the right way for data protection. Online casinos and sportsbooks are obligated to gather specific client information as part of their “know your customer” (KYC) duties to safeguard them and stop fraud. This necessity conflicts with the anonymity that cryptocurrencies offer.
Furthermore, although growing in popularity, cryptocurrencies have a long way to go before being widely accepted. Adding crypto payment options to online casinos and business applications is not financially viable. Therefore, gaming operators should not concern themselves too much with how to handle the anonymity problem specific to cryptocurrency just yet.
Augmented and Virtuality Reality (AR/VR)
Most consumers were pleased that mobile gaming even existed ten years ago. But since then, the standard of available casino and sportsbook applications and the expectations for digital experiences have substantially increased.
The announcement by Facebook/Meta of the development of Metaverse increased awareness of VR/AR and encouraged greater gaming immersion. The virtual poker experience now more closely mimics the actual one thanks to several VR elements, including motion mimicry, 3D avatars, and live interactions.
However, there is a significant entry barrier for VR/AR because users must have access to pricey headsets to use these capabilities. Because of this, VR/AR is still a slowly growing online gaming trend.
Smartwatches are becoming increasingly common, whether used for chatting, gaming, or tracking one’s fitness. Additionally, they are growing more strong. It is thus not unexpected that the gambling industry is embracing this new kind of gadget more and more, with companies like Playtech already providing slot machine software for Apple Watches.
The benefits for operators are clear. A smartwatch is held closer to the body than a smartphone and is more visible to the user, increasing the likelihood that they will play games randomly (like while standing in a queue). Because players see the information necessary for a game without being distracted by too many buttons on current wearables, the gaming experience is more enticing than on mobile.
While clients are still more likely to access online casinos and betting sites via desktop or mobile, the market for wearable gambling applications is still small. Wearable gambling applications are still a limited market. In addition, it is challenging for gambling operators to plan for all options since there are so many proprietary operating systems in addition to watchOS and WearOS. Even under the same manufacturer, different models might vary substantially. Some feature circular displays, while others have angular ones or a combination of mechanical and digital display components.
The most significant, sometimes ignored, development in online gambling is better applications. Users choose online gambling applications based on the quality of the apps. The following top suggestions should be kept in mind while developing apps for online gambling:
- Expect legal amendments and go above and beyond the bare minimum
- Use a modular technology stack to activate or deactivate functionalities as required.
- Make the registration process as simple as you can for new users
- Improve discoverability so users may identify pertinent wagers and games right away.
One app’s success in one market does not imply that it will be popular in other markets. Beyond simple translation, delivering a worldwide betting or casino portfolio necessitates customizing each application to local tastes.
The consistent implementation of new, safer gaming legislation influences the design of online gambling experiences. Gaming operators are becoming more proactive in incorporating safer gambling into all phases of the product development process rather than waiting for new legislation to be revealed and retrofitting goods accordingly.
Operators who understand their responsibilities ought to go beyond the law. While some online casinos encourage players to establish deposit restrictions, many already include pop-up windows to alert users when they have been playing for a long time.
Sports betting used to be primarily focused on actual results. Which squad will take home the trophy? What are the odds that the favorite will win? How many goals are you expecting to see in a game? This type of wagering is quickly going out of style as it is supplanted by micro bets, which focus on minute in-play occurrences like the player who will score the next goal, take the next corner, or receive the next red card.
It is difficult to manually report all results due to the magnitude of micro bets in any game. Because of this, many online betting companies use AI to determine outcomes and distribute results, which drives up the cost of small bets. Working out which events to accept bets on and which to exclude is critical if online sportsbooks are to benefit from this trend genuinely.
Technology has been a significant component of the gaming industry for many years. Players of casino games have advanced from playing in land-based casinos to enjoy their favorite games on internet casinos from anywhere in the world. Furthermore, games have gotten more intuitive, and online casinos can now provide individualized experiences to their users.
These technical advancements have helped shape the online gaming business into what it is today. Furthermore, industry analysts concur that the most recent technology advancements will influence the future of online casinos. As a result, if you thought you’d seen it all, you were mistaken. What you’ve seen is only the top of the iceberg.