Technology: The Biggest Player in the Gambling SectorAugust 11, 2019 John Isaac
The billion-dollar gambling industry is not lagging in this respect. The sector is dedicatedly embracing digital transformation to cater to digitally inclined players, bringing in new gaming options and taking players’ experiences to a higher level. A few numbers speak for themselves:
- The American Gaming Association found that 48 percent of players prefer online gambling for the sheer convenience factor, which allows them to play anytime. It also found that 24 percent choose online gambling because they can play at home or through their mobile devices.
- A study by Zion Market Research found that online gambling and betting market will hit approximately $95 billion worldwide by 2024, marking a CAGR of about 11 percent.
It’s clear from these numbers that online gambling is only on the rise, and gaming operators have to leverage digital technologies to make the experience more rewarding, entertaining, and convenient for players.
The biggest problem facing the industry today
The biggest problem facing the industry today is the management of a complex technology ecosystem right at the point of sale. These challenges arise because:
- Consumers today expect a broad range of payment options from online gaming sites and casinos. They want to experience frictionless transactions across all devices.
- Industry stakeholders look for solutions that reduce their cost of acceptance and make the most effective use of interchange pricing.
- Gambling operators wish to leverage data analytics to track player behavior and create personalized and relevant offers delivered to players in real-time.
- Data security and risk mitigation are pressing concerns for both players and gambling operators.
The technologies that are changing the gambling landscape
The above challenges facing the global gambling market are real. But technology is certainly transforming the industry, enabling operators and players to get a whole new experience. Here are a few technologies that are innovating the gambling industry:
- Mobile Gambling – Given the fact that mobile devices are becoming highly ubiquitous, smartphone-based online gambling is bringing greater convenience to gamblers. Mobile gambling allows players the freedom of geographic choice.
- Augmented Reality – AR is a highly personal technology which lets players immerse themselves fully in the casino experience. It’s now possible for them to interact with real people and live dealers in the virtual environment. All of these can be done without exiting the comfort zone of their homes!
- Virtual Reality – Just like Augmented Reality, VR technology takes players to a completely virtual environment. Online casinos are leveraging this technology by creating digital emulations of their land-based casinos. They use real-time graphics to craft an immersive 360-degree experience, which allows players to gamble virtually from any place.
- Artificial Intelligence (AI) – The gambling industry globally is recognizing the potential of AI and machine learning. The technology allows businesses to use a wide gamut of data to craft better in-game user experiences and promote real-time personalization for players.
- Blockchain technology and Cryptocurrencies – Blockchain technologies and cryptocurrencies have entered the gambling industry to allow players to make faster and more secure transactions. These technologies don’t reveal any confidential personal information or bank details. Casino operators are likely to benefit greatly because of the highly secure nature of these transactions.
It’s true that digital transformation can and has been changing the global gambling sector. In conclusion, it would be apt to say that the industry has a bright future, and it’s only by embracing transformative technologies that it can unlock its unimaginably huge potential.