Of all the advancements in technology, the gambling industry has seen a big rise. Market research and intelligence firm, The Business Research Company, has estimated that the global gambling market will reach up to a value of around $565.4 billion. This value is expected to grow annually at a 5.9% rate through 2022.
This industry comprises establishments that run by providing gambling facilities or gaming activities like casino resorts, lotteries, bingo halls, casinos, and off-tracking betting. Some of the major gambling facilities include table wagering games, sports betting, and slot machines.
The Driving Force For Gambling
The demand for gambling depends on the state’s spending and consumer income growth. For individual companies, profit is directly dependent on effective marketing and efficient operations. Large companies make more investments when it comes to facilities and computer operations. They also thrive in cross-marketing operations. Smaller companies, on the other hand, cater to local residents.
The gambling industry in the US is concentrated. The top 50 gaming companies hold an estimated 60% of the market. When it comes to the casino hotel market, 90% is with the top 50 US firms.
What Are The New Technologies In The Gambling Industry?
With the surfacing of new technologies like Virtual Reality (VR), Augmented Reality (AR), and hybrid games, the gambling industry has exponentially increased. With the help of these technologies, casino operators can distinguish themselves from the rest of the competitors. This is one of the reasons why they achieve success in this industry.
VR technology can increasingly engage gamblers by enhancing their viewing experiences. This technology takes the help of multi-projected environments for creating life-like sounds and images. It also combines sensations with physical properties for replicating a user’s physical presence in a make-believe environment. This way, players get to experience a virtual casino while playing with other gamers all over the world.
This technology takes the help of a projection technology or transparent screen for covering virtual images in reality. This helps turn the physical environment into a digital interface with the placement of virtual objects. While most gamblers enjoy gaming online and placing bets, they miss out on experiencing live casinos. And casinos help gamers with just that by allowing live gaming experience with the help of AR.
Companies may engage in adopting the latest gambling techniques like casino offerings to enhance service quality and attract even more gamblers. As the name suggests, these kinds of games are entirely based on the players’ skills rather than chances. With the emergence of more technology-savvy gamers, it will be beneficial if companies install skill-based and hybrid games. This way, they can be able to stand out among other companies.
Blockchain: An Ideal Trend in the Gambling Industry
One of the most revolutionizing and popular technologies in the world today is Blockchain. This technology has given hope to several industries all over, without the exception of the gambling industry. Because of Blockchain, countless transactions are happening every now and then between users and operators. These transactions include the transfer of money, receiving winnings, or exchange of cryptocurrencies.
Since these transactions do not involve third parties or banks, the transactions are more simple and quick. It is also beneficial for both parties as there is no fraudulent activity from either side. Also, the storage of personal information is in various places instead of with one operator.
For example, Bitbook is one of the solutions Blockchain has come up with for online gambling. With this, companies can allow the use of cryptocurrencies while also providing options to players for swift money deposits.
Bitbook also protects the security and privacy of players by allowing fast transactions and payments. And to top it all, there is no money deposit limit in the Bitbook gaming platform.
According to database company Statista, by 2024, the worldwide spending on Blockchain solutions is estimated to reach over almost $18 billion. Although this technology’s intricacies may be difficult to grasp, its growing popularity is clear enough for everyone to see.