The online gaming business is progressively moving into markets worldwide, changing the gambling industry dynamics as many consumers turn to the Internet to bet on sports, gamble on slots, or play cards. It has been a divisive topic in the United States over the years. After New Jersey’s Supreme Court acceptance in 2018, more states tend to encourage internet-based gaming. The major attraction in the legalization of online gaming is its high rate of adaption from the millennials.
Gambling is primarily a part of state law. Recently after the US justice approval of online gambling as a legal business at the state level, Online casinos and sports betting has seen their rise at $33 billion. And this market value is expected to grow at a CAGR of 14.78% in the next five years.
Key Market Trends
Mergers & Acquisitions:
The prolonged closure of the brick-and-mortar businesses, as a part of the health risk mitigation measures which are widely adopted to combat the spreading virus, emphasized the need for diversification of gaming portfolios.
The most efficient way to conquer this situation is by merging with or acquiring an already established online company to enhance its brand portfolio. This can enhance the catering to the various preferences of the players. Even though merging into bigger operators can be a step-down, one can expect new customers in an easy way.
Innovation is driving the industry:
The advancements in technology have led the way to many innovations which are transforming numerous business, where the gambling industry sitting atop the list of key beneficiaries. From the way the game is set up to the way the game is played, down to the way personal data and information is stored and secured on gambling sites, the impact of technology is felt in every area of the gambling industry. And according to cybersecurity news, one of the most recent advancements observed is to curb fraud.
Live Online Games:
One of the best innovations in the gaming industry is the ability to play live. This technology advancement upgrades the casino authenticity to online gaming by allowing live dealers to run online games in real-time. The dealer’s physical actions are translated into data through Optical Character Recognition (OCR) technology. The results of the game are also determined by the dealer rather than a machine.
Blockchain technology and Cryptocurrency:
Blockchain technology provides a safe environment for automated records and information transfer without any manipulations. Furthermore, with cryptocurrency currently proving as the best way to secure the value for money, most gambling companies are now allowing players to bet using cryptocurrency. However, the use of blockchain technology for financial transactions will prevent fraudsters from overriding the system.
Immersive Experience:
Some casinos using Virtual Reality (VR) to impose players in a virtual environment, where-in players can choose the location of their game from famous casinos all over the world and set up a game with a live dealer. They can play blackjack, poker, roulette, or slot machines. All the while, they can even communicate with each other
The level for immersion technology is now heading towards integrating Augmented Reality (AR). This technology will be used to superimpose real-world objects into the virtual world. This way, players can see a dealer and have a real-time experience.
A new trend emerges each day creating another record of success story in the gambling business. We at BizAcuity always been advanced with our trends and our Gaming Accelerator platform is a part of it. Many of our clients have seen gearing up their businesses. For more information, feel free to contact us at sales@bizacuity.com
