How Technological Advancements are Driving the iGaming Industry Forward

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Ace of Spade Playing Card on Grey Surface

Source: Pexels

Online gaming has been a well-established industry for over 20 years. As time has marched on, significant technological advances have occurred and the demands of new generations of online gamblers have advanced as well. The platform’s ability to adapt and serve the audience’s changing needs has become an integral factor in the growth of the industry.

Market growth

The worldwide online gambling market is estimated to be worth more than $59 billion and is predicted to grow to more than $92 billion by the end of 2023. This impressive rate of growth is due to a number of different factors including increased mobile usage, eSports and live dealer games, and the inclusion of new forms of emerging technology.

Mobile usage

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Sources: Pexels

The latest figures suggest that there are more than three billion smartphone users in the world. This will increase at a rate of several hundred million over the next couple of years. Almost half of online gamblers use their mobile phones to bet, and again, this will increase as well. Convenience, speed, screen quality, faster internet connections, and integration with eWallets are all reasons for users to favour mobiles when they wager. Nowadays, any online gambling company that wants to remain current needs to have a fully mobile-optimised website and ideally, an app as well.

New game types and betting options

It’s no good offering the same roster of casino games, table games, and slots as users will eventually tire of playing the same games. The top casino sites that are experiencing rapid growth and onboarding new customers are those that are offering different types of gambling experiences. These popular and highly ranked sites will see continued customer loyalty and higher rates of new customers on a month-by-month basis, due to their evolving offerings.

eSports betting is a great example of this. What was once a niche betting market has enjoyed new interest following increasing popularity and viewer-generated income in recent years. Those that like to bet on sporting events tried sites that offered eSports betting, and many remained after having gained an interest and enjoyment from it. Those offering live gaming have also experienced increased growth and player retention.

Emerging technology

As we move into a new decade, the new generations of game players are going to continue demanding innovation and originality when they gamble. Therefore, online gambling platforms will have to respond accordingly and meet their expectations.

Innovative and emerging technologies such as virtual reality will become a fully integrated part of online gaming with players able to immerse themselves in “real-life” casino settings. The use of AI will also facilitate round-the-clock live gaming where rooms, dealers, and other aspects of the experience can be tailored to the user’s exact requirements.

In terms of payment, cryptocurrency is already extensively used in the gaming industry and is set to become even more widespread. Its facilitation of micropayments and instant, low cost, secure transactions are becoming increasingly popular and necessary.

The future looks bright for the online gambling industry, especially considering it has managed to weather the current economic storm. But growth can only be assured long term if operators continue to respond to the needs of their clients; the need for exciting, innovative, and adaptable technology.