The online casino market is one of the fastest-growing industries in the world. GlobeNewswire points to a report that states that as of 2021, the global online gambling market was worth $65 billion, and that value is estimated to increase to $172 billion by 2030. With technological innovations continuously being developed and integrated with the internet, it makes sense that millions of people are finding gambling platforms to entertain themselves with everyday.
The use of mobile devices has also helped grow the industry by making casino gaming much more accessible. A few years ago, if a person wanted to place a bet, they had to walk into a physical casino. Today, a person with a smartphone, like an iPhone, and a good internet connection can bet whenever and from wherever they reside in the world. An article at UK Tech News predicts that more mobile apps for casinos will be developed, as well as the introduction of more innovative payment methods, which will again revolutionize an already exploding industry.
This growth in online casino gaming has been propelled in large by changing technology, all of which help feed the online casino market further. Looking towards the future, technology will keep evolving, thus the online gaming market will also keep developing. Here are three more examples of tech innovations that are shaping online casinos.
1. Augmented Reality & Virtual Reality
Internet gaming, or iGaming, has been a common activity for quite some time. More recently, iGaming with augmented reality (AR) and virtual reality (VR) is being embraced as an immersive way to experience a game. For example, the 2016 game Pokemon Go was the first game that successfully employed augmented reality by merging the real world with the gaming world.
Online casinos can leverage the same technology in similar ways, especially around recognizable brands. For instance, Gala Bingo’s Slingo games feature brands such as The Chase and Deal or No Deal, which require music and graphics that align strongly with the original shows. Most recognizable brands often have backdrops and themes which players relate to and, when seen or heard, associate themselves as being in the actual game. By using VR and getting an immersive gaming experience, could you be cast in the Deal or No Deal? Or could the chaser on The Chase be sitting in your living room using AR? These are all possibilities that may happen through innovations in the next AR and VR developments.
With online gaming being so popular, the need to connect billions of players from across the globe is crucial. 5G is the answer as it offers faster and more stable connections compared to 4G. With 5G technology, playing multiplayer games on mobile devices will be possible with reduced lag, thus making live poker games or hosted game show-style events possible with clear and continuous streaming.
Online gamers always want to have a strong and fast internet connection, thus 5G is one of the best innovations gamers can take advantage of to maximize their gaming experience. An article at Forbes pointed out the difference between 4G and 5G in terms of speed: 4G provides speeds of up to 200 Mbps (0.2 Gbps), whereas 5G provides speeds close to 20 Gbps. That’s up to 100 times faster!
Cryptocurrency has tapped into the online casino market and has become a popular way to fund mobile wallets. The technology enables players to deposit crypto, like Bitcoin, into their account without having to share personal financial details. The transfer of funds can be for both deposits and withdrawals and the best part is, it’s done using Blockchain technology, which means it is decentralized.
Many gamblers prefer to keep their identity private, and using crypto as digital money allows them to keep anonymous in the process. Another advantage of using crypto is the fees paid for each transaction are substantially less than compared conventional methods.
These technological innovations have truly made the online casino industry more conveniently accessible to millions of people. As long as the world of technology keeps on turning, we can expect more innovations in the future that will improve our online casino experience even more.