Online gambling and betting, which are collectively known as the "iGaming industry," have dramatically transformed over the past decade. Rapid technological advancements along with expanding regulations have taken this sector to unimaginable heights. The global market size is projected to exceed $150 billion by 2030, and Europe may continue to represent the most prominent figures.
To stay ahead of the game, iGaming brands must pay attention to emerging tech trends that can dictate the future of this market. Blockchain is one such innovation that has garnered attention in this niche. As we head towards a year of continued evolution and challenges, below are some trends to watch out for.
The increasing dominance of online casinos
Brick-and-mortar casinos have had a tough time ever since the pandemic wreaked havoc across the world. This led to a spike in casinos going digital for better user experience and convenience. We are in the age of gamification, where players have access to live games at their fingertips. An expanding demographic makes it much more exciting to play from anywhere and compete with top players worldwide. The year 2023 will continue to witness the casino landscape migrating to online portals, and its integration into social media will bring a new dimension to the gambling experience.
The integration of blockchain technology
The iGaming industry is always at the cutting edge of innovation, and blockchain is one such technology that can be easily integrated into this landscape. Decentralized networks are designed to record gaming transactions in an immutable and transparent way, which helps eliminate fraud. Furthermore, it ensures the complete privacy and anonymity of players by eradicating KYC. Blockchain can also be used by crypto casinos to keep track of how the operator and the players interact with each other. This is done to encourage responsible gambling.
The growing acceptance of crypto payments
In 2023, a majority of online casinos are expected to adopt cryptocurrencies for deposits, withdrawals, and gameplay. Some reputed casinos like Coinslotty, Bitcasino, Winz.io, 1xBit.com and CloudBet have already implemented this. And Cointraffic has played a pivotal role in creating awareness about how crypto casinos can be the next big thing. Licensing may be a minor hindrance at this point, but enhanced security and personal data protection make crypto casinos a safer alternative to their traditional counterparts. Coingambling.info brings you the best casinos from around the world, ranked and rewarded!
The merger of AI and Blockchain
Artificial Intelligence is quickly making inroads into the iGaming industry. The integration of machine learning algorithms not only enhances customer service but also personalizes gameplay for each player based on their behavior. When combined with blockchain, the extracted data can be easily encrypted and secured from vulnerabilities. The amalgamation of AI and blockchain will significantly boost security and eliminate the chances of fraudulent transactions and data theft.
Gambling in the Metaverse
The concept of the virtual world has gained massive traction in the past two years. Many iGaming companies are looking to provide a live gambling experience to players through the metaverse and VR technologies. It is still a future concept in the gambling sector, but interactive entertainment will be the trend to watch out for. Players can bet and gamble in a fantasy-like setting without having to visit a casino. At this point, the experience comes with a high price tag, but things can change in 2023 with a faster adoption rate.
The future of online gaming will be all about convenience, security, and user experience. Crypto casinos bring all three to the table and are primed for growth in this decade. There might be regulatory hiccups along the way, but advancements in technology and increasing public acceptance will pave the way for mass adoption.