February 25, 2021 | 841 Views
Of all the improvements in technology, the gambling industry has seen a notable rise. Market research and statistics firm, The Business Research Company, has estimated that the global gambling market will reach up a value of around $565.4 billion. This value is estimated to grow annually at a 5.9% rate through 2022.
This industry comprises enterprises that run by providing gambling facilities or gaming activities like casino resorts, lotteries, bingo halls, casinos, and off-tracking betting. Some of the significant gambling amenities include table wagering games, sports betting, and slot machines.
The Driving Force For Gambling
The need for gambling depends on the state’s spending and customer income growth. For specific companies, profit is directly dependent on efficient marketing and effective operations. Big companies make more investments when it comes to facilities and computer operations. They also thrive in cross-marketing operations. Smaller companies cater to residents.
The gambling industry in the US is focused. The top 50 gaming companies hold a predicted 60% of the market. When it comes to the casino hotel business, 90% is with the top 50 US firms.
New Technologies In The Gambling Industry
With the upcoming new technologies like Virtual Reality (VR), hybrid games, and Augmented Reality (AR), the gambling industry has exponentially grown. With the aid of these technologies, casino operators can differentiate themselves from the rest of the opponents. This is one of the causes why they gain progress in this industry.
VR technology can more often engage gamblers by enhancing their viewing practices. This technology takes the help of multi-projected circumstances for creating life-like images and sounds. It also connects sensations with physical resources for replicating a user’s physical presence in a make-believe atmosphere. This way, players get to feel a virtual casino while playing with other gamers worldwide.
These table games also help a lot by drawing customers into casinos. They connect online and physical casino games by allowing an experience of slot machines with a live dealer.
Companies may use the latest gambling techniques like skill-based casino presents to enhance service quality and attract even more players. These types of games are entirely based on the players’ talent rather than chances. With the development of more techno-savvy gamers, it will be profitable to install skill-based and hybrid games.
AR technology takes the help of a projection technology or transparent screen for incorporating virtual images in reality. This helps transform the physical environment into a digital interface with the placement of virtual things. While most gamblers enjoy placing bets and gaming online, they miss out on experiencing live casinos. And casinos help gamblers with just that by allowing a live gaming action with the help of AR.
Technologies such as IoT, Blockchain, and VR are changing everything in every field, including how one can bet in an online casino. VR(Virtual Reality) and VR Headsets have earned a lot of popularity in recent years and are an innovative enhancement to the world of online gambling. One can enter into a virtual casino and play all the games without traveling. However, cheating and fraud were majorly bothering the users in online gambling. Many online casinos and online gambling sites have been blamed for not being transparent and hiding their secret workings and dealings methods. These matters can be addressed using blockchain technology. With blockchain technology, everyone will be able to see precisely what is going on behind the scenes. This will help in stopping fraud and significantly increasing the trust people having these online gambling sites. Therefore, these technologies have the most significant impact on the online gambling business.
Blockchain: An Excellent Trend In The Gambling Industry
One of the most popular and revolutionizing technologies in the world today is Blockchain. It has given hope to several industries all over, without the exception of the gambling business. Because of Blockchain, infinite transactions are occurring now and then between operators and users. These transactions involve money transfers, winnings, or cryptocurrency exchanges.
Since these transactions do not require third parties or banks, the trades are more straightforward and quick. It is also helpful for both parties as there is no fraudulent exercise from either side. Also, the warehouse of personal information is in various places instead of with one operator.
For example, Bitbook is one of the answers which Blockchain has come up with for online gambling. Companies can support the use of cryptocurrencies while also giving options to players for quick money deposits.
What is Bitbook, and how it works
Bitbook protects the privacy and security of players by allowing quick transactions and payments. And to top it all, there is no deposit limit in the Bitbook gaming program.
According to the statistics of the database company Statista, by 2024, the global spending on Blockchain solutions is predicted to reach almost $18 billion. Although this technology’s complications may be challenging to perceive, its growing demand is clear enough for everyone to see.