iGaming Industry Overview
In 2020, the worldwide iGaming sector was worth $64.13 billion, and by 2025, it is estimated to grow by USD 125.65 billion. According to recent market research, the industry has had tremendous expansion in recent years, and this trend is expected to continue.
The iGaming sector has grown due to many factors, including more flexible rules that have allowed businesses to enter new markets. Furthermore, improved technological changes and easier access to gambling sites have resulted in more people signing up to gamble and play online than ever.
If you asked a public member 20 years ago what they thought about iGaming, they would give you a blank stare. Yes, individuals were working on and developing iGaming technology at the time, but it was not something that the typical person was aware of.
However, things have changed considerably in the last decade. You only have to stroll down any city-high street to witness someone using the latest iGaming technology on their phone.
iGaming and Technology
iGaming has grown into a multibillion-dollar industry by leveraging new and intriguing technology like virtual reality and machine learning. The development of online games has proven to be a profitable industry.
Considering that the present generation of young, eager developers is very interested in technologies, we can be confident that the iGaming sector will not be going away anytime soon. It’s great to have access to cutting-edge technology, but how iGaming companies use it is crucial. Various ways technology has completely revolutionized the iGaming world, and in this article, we will look at how technologies can change and impact the iGaming industry.
Artificial Intelligence and iGaming
Companies in the iGaming sector looked to artificial intelligence to provide the essential advancements to please this tech-savvy generation of players. This initiative was a positive step forward. Identifying legitimate players was a time-consuming effort for iGaming companies at first. Instead, they had to pitch to a large audience, hoping that their ads would capture the attention of genuine buyers.
Now, thanks to artificial intelligence, the story is entirely different. When a person visits a betting site, vital information, such as their betting preferences, is logged and used to tailor offers, bonuses, and other services. This helps to improve income while also lowering marketing costs.
Payment Methods
The payment process has become considerably more robust thanks to technological advancements. Due to third-party payment systems, customers no longer have to worry about the gaming platform’s interoperability with their chosen banks.
Also, users can now make payments with digital currencies like Bitcoin and Ethereum, which is unusual. Digital currencies are not only one of the hottest things in technology, but they are also a lot safer payment option. There is no longer any need to connect the casino to your bank or financial holder’s information. Thus your transfers are now entirely anonymous.
Mobile Gaming & Smartphone Technology
Perhaps more than any other technology, mobile has significantly impacted the iGaming business in the previous decade. You can see the change by looking at the number of online bookies and casinos that now provide specialized mobile apps.
Most people nowadays want to play wherever and whenever they want; thus, mobile gaming is a lifesaver. People are usually preoccupied with daily tasks or jobs, yet there are moments when they are waiting for a taxi or stuck in a metro line with nothing to do. This is when online gaming apps on your smartphone can keep people engaged.
Virtual and Augmented Reality
One of the most exciting innovations to online gaming has been the arrival of virtual reality (VR) and augmented reality (AR). Let’s make a distinction between the two for the sake of clarity. As the name says, virtual reality is entirely simulated. It creates a realistic experience using fully computer-generated 3D visuals. On the other hand, AR simply overlays pictures over the user’s real-world experience.
Virtual reality and augmented reality have made the iGaming industry even more intriguing. Thanks to the above technologies, players can experience the live atmosphere of the game and find themselves in a real casino using the online platform.
Now, there are “video casinos” that make it possible to sit at real gaming tables and interact with other online gamblers. The process of the game itself is broadcast to online players using unique 3D cameras, which allow you to immerse yourself in the actual game.
The virtual casino is another sort of online casino that uses VR technology. This online casino allows users to play games in a real-life atmosphere while sitting at home.
This is achieved by recreating the land-based casino atmosphere in the players’ homes, which gives people the opportunity to try out the game in only a few minutes. So, this technology creates an almost fully simulated virtual environment and immerses the player into the virtual world completely, taking the iGaming experience to a new level.
Cloud-Based Technology
Online casinos have taken use of the most recent technological advances, utilizing cloud computing technologies to manage and store player information while also increasing operating efficiency. The latest advances in cloud computing can assist the gaming business in simultaneously addressing millions of gamers worldwide and retaining them.
Cloud computing gives gamblers a haven in countries where they are prohibited from playing in land-based casinos, allowing them to play casino games without fear of legal repercussions. All organizations that provide services through the internet are concerned about their customers’ data security.
The casino business is working to reduce the number of security incidents. Also, the latest frameworks and technological breakthroughs in cloud technology make it easier to identify and resolve security threats and offer a safe and secure environment for online casino players. And here’s how cloud computing may help the gambling industry succeed and flourish.
Cryptocurrencies
As mentioned previously, People can now perform their financial transactions and investments using many techniques. Cashless payments – using third-party services to complete transactions – and cryptocurrency are two of the most popular.
iGaming has responded to this surge and identified a market gap, with some sites accepting cryptocurrencies like Bitcoin as payment methods. Players can now be enticed to use various payment methods by online casinos. Customers can also take advantage of lucrative online casino promos and bonuses.
Blockchain Casino
Blockchain technology has transformed the world, and it continues to stay one of the most remarkable innovations in the 21st century and for many decades to come. Blockchain-based players have started verifying the fairness of games. The use of blockchain technology prevents the potential iGaming operators from manipulating results or payouts.
Blockchain technology provides optimal security properties for protecting casinos and gamblers in the gambling industry. Players don’t have to register on the gambling website and validate their identity. They don’t have to supply credit card information or anything else that could put their personal information at risk.
They can gamble online without fear of their account information or finances being hacked. So, technology and, with it, online casinos are continuously evolving. With this evolution, we can only assume that blockchain will have a massive impact on how online gambling will change in the future.
Conclusion
If there’s one thing we can count on in the future, it’ll be more exciting innovations. So all we can do now is wait and see what the iGaming industry has in store. It’s a thrilling time to be alive in the digital age! We can’t picture life without the internet, smartphones, and other high-tech gadgets since modern technology has changed the world. There has never been a better time to be a player.
The game industry’s future evolution will trend toward increased real-world integration.
This article was originally a guest post published on deep agency.am