What should we expect from the Interactive Gaming (iGaming) industry in the coming year? Newer technologies? The opening of more online casinos? Or more incentive models for the punters? In this article, we are going to reveal the answers to all of these questions.
The year 2023 has proven to be amazing for the online gambling market, especially with the growing interests and the boom in the market valuation. According to a press release published on MarketWatch, the trend for online gaming and gambling was influenced by the outbreak of the Coronavirus pandemic. It became an instant hit in the Asia Pacific region, where a 67% increase was recorded in online gambling activities sometime in April 2023.
In a related development, a research report on Global Banking & Finance pointed out some of the key players in the online gambling market to be:
- Betsson Ab;
- Galaxy Entertainment Group Ltd;
- Camelot UK Lotteries Ltd;
- MGM Resorts International;
- 888 Holdings PLC;
- Flutter Entertainment PLC;
- GVC Holdings PLC;
- bet365 Group.
The year is slowly dragging to an end and hopes are renewed on the future of the online gambling market in the coming year. Let’s take a look at some of the trends to expect as we match into a thriving online gambling market in 2023.
We can say that the whole excitement about Virtual Reality (VR) is the advanced version of gameplay it offers. Currently, many facilities are in place to make that work, including VR headsets.
However, it appears that 2023 will be the “year of massive VR integrations in online gambling platforms.” In the coming year, we could see more online casinos porting to the virtual gameplay environment, where VR headsets would be used for the gameplay.
One of the amazing things about the Virtual Reality (VR) gaming technology is that it empowers the players to create both an online and land-based gambling experience, whereby they can play and wager on games as though they were playing at an offline casino.
It wouldn’t be out of place to say that some online gambling platforms wouldn’t be needing the services of the existing staff in the coming year. This is because of the integration of Artificial Intelligence (AI) to help in coordinating the activities on the platform.
Different kinds of AI would be deployed.
Internet of Behaviors (IoB)
In a world where technology is the major driving force, online casino operators wouldn’t want to lose customers to their competitors. The integration of the Internet of Behaviors (IoB) as one of the major AI integrations could go a long way to bolster the players’ experience.
Among the many benefits of IoB integration are:
- The sourcing of data via the Internet of Things (IoT). The data would then be converted into interest-based information, such as the game preferences of the players.
- The integration of IoB will help the online casino operator to understand the behaviours of the users for the provision of content that suits their preferences.
Internet of Things (IoT)
This has to do with an interconnected network that sources and computes information across multiple platforms. The inputs of IoT in the online gambling industry include:
- Collecting important information about the players via multiple platforms.
- Transmission of data to the online casino operators to help them in offering more player-centric game content.
Gambling Awareness and Responsible Gaming
This wouldn’t be the first time that Responsible Gaming is talked about. You must have seen a couple of those illustrations when surfing an online gambling platform, coupled with the gambling awareness campaign from GambleAware.
That is just the tip of the iceberg because more of these would be rolled out in the coming year. This is part of the concentrated efforts to educate active and prospective players on the merits and demerits of gambling.
The Emergence of New Markets
The Interactive Gaming (iGaming) market is one large market that cannot be underestimated. So far, online casinos appear to be having more of an upper hand in the market, but that is set to change in the coming year.
Newer markets would emerge, and this could lead to more expansions to other parts of the world. By the emergence of these markets, we are projecting:
- Availability of more gaming content to interact with.
- Expansion of online gambling activities to more regions, especially in Asia, Africa, and Latin America.
More Gambling Platforms Would Be Built on Blockchain
Blockchain is one of the many types of Distributed Ledger Technology (DLT) – a type of technology that enables the redistribution of data across multiple networks. The blockchain market has been yielding great results, in terms of adoptions and potential use cases.
Currently, blockchain is highly concentrated on the digital currency market, but it is looking to take the online gambling market into its fold in 2023.
There are many reasons why the development of more gambling platforms on a blockchain would be awesome. Below is a table comparing the existing structures with what the blockchain-based gambling platform has to offer.
|The Aspect of Comparison||Traditional Gambling Architecture||Blockchain-based Gambling Platforms|
|Management||It is under the control of an individual or group of individuals.||The community manages the platform because it is not centralized.|
|Currency||Powered by fiat currencies or paper money, such as the United States Dollar (USD).||Would use cryptographic currencies for payments. Examples are Bitcoin and Ethereum.|
|Reliability||Information is accessible by anyone.||Blockchain is anonymous, making it harder for third parties to have access to exclusive information, such as the players’ information and bankroll.|
|Security||Can be hacked.||It would be a bit harder to hack into a blockchain platform or cryptocurrency wallet. Besides, the players can decide to use offline storage to keep their assets safe from hackers.|
|Transactions||Fraudulent transactions are dominant, especially when players use the platform to launder funds.||Blockchain participants or miners can be able to validate, track or confirm the source/origin of a transaction.|
|Transfer fees||Cross-border payments take time and could attract higher transfer fees.||You would only pay a minimal fee for transacting on a blockchain-based online gambling platform.|
Cryptocurrency Payments Would Become Very Popular
Cryptocurrencies, such as Bitcoin and Ethereum would be integrated into the payment systems of some online casinos. In the last decade, online casino operators have paid attention to the anonymity, affordability, and real-time settlements recorded with cryptocurrencies.
Thus, we are projecting that more of these online gambling platforms would want to offer one or more cryptocurrency payment options, starting from Bitcoin.
More Mobile Games Would Be Developed
The possibility of playing online casino games on mobile becomes more and more preferable. Gamblers appreciate mobility and that is the reason why more gambling houses develop this function. Many gambling online platforms strive for functionality like slotozilla.com, where every player can gamble with the help of any device no matter if it is mobile or desktop, it works with different screen sizes. Moreover, there it is possible to find no deposit bonus codes to spin the reels without risks.
Increased Regulatory Supervisions
The online gaming market has lots of opportunities, including passive income tendencies. In light of the addictiveness of these games, regulations have been put in place to checkmate the accessibility of these games and the online gambling platforms.
With the projections for the online gambling market in 2023, we can expect these regulations to be tightened. This affords the regulatory agencies the opportunity to keep an eye on the online gambling market, to ensure that both the players and operators are not stepping out of line.
Online Casino Game Upgrades
Another important trend to watch out for is the introduction of more classic and innovative games into the market. Also, upgrades would be made to some of the existing games, as a way of making them competitive with the newer games.
The upgrades to be made at this point include:
- Upgrades to the online games’ software.
- Integration of more games, such as slot games and live dealer games.
- Upgrades to the visual quality of the games.
The online gambling market continues to evolve every day, but the evolutions projected for 2023 seem to be something worth looking forward to. Keep on reading different news for being up-to-date with the progress we are waiting for in the gambling world.