The iGaming sector has witnessed explosive growth within the last couple of years. A testament to this is the fact that the market value bloomed from 鈧�42.04 billion to 鈧�88.75 billion within the last 5 years.
This surging growth does not come as a surprise. The reason is because the iGaming industry has and is still demonstrating its adaptable nature. In fact, since its inception in 1994, it has quickly evolved with the times, improving its features, and achieving a higher level of quality.
While several things may have contributed to these improvements, the most dominant factor is 21st century technology. Not just the technology itself, but the capability of the iGaming market to not only integrate, but also use it to its full potential.
Today, the iGaming industry has utilized a slew of technologies, from microgaming to random number generators, and a host of other electrifying inventions. But while these already utilized inventions are great, there are far more exciting ones lying in wait.
This article will delve into present and future technologies that are likely to further enhance the iGaming scene.
One of the earliest problems associated with iGaming is payment. iGaming enthusiasts have had to endure slow payouts, unfair fees, and deposit failures or delays. This has been a source of frustration in the iGaming scene, a place where players鈥� experience heavily rely on convenience.
Thankfully, the integration of cryptocurrencies serves as the perfect counter to this attack. With a payment system that involves Bitcoin, Ethereum, and other cryptocurrencies, players will be able to enjoy anonymity, low transaction fees, and fast processing times. As the iGaming market embraces cryptocurrency, stakeholders can expect a positive shift in the way payments are made.
One small thing to note is that iGaming has also made it possible for players to not have to worry about deposit problems at all. With perks like , iGamers can indulge in their favorite games without having to deposit any money. The lack of a need to deposit money consequently eliminates any potential deposit problems.
In the fast-paced world of online gambling, transparency is a vital commodity, and it鈥檚 not hard to see why. When gamblers indulge in online gambling activities, certain fears often haunt them.
For starters, players usually worry about security and trust. That is, they often fear for the safety of their personal and financial information. This unease usually stems from the possibility of data breaches, unauthorized access, and sale of data to third-parties.
Gamblers are also afraid of being bamboozled. Players fear that iGaming platforms might rig games, making it difficult or in the worst case, impossible for them to win. As one might expect, the foundation of this dread is the fact that online gambling platforms lack physical presences.
All of the above problems can be resolved with gestures of transparency - and with the introduction of blockchain technology, achieving this is easier than ever. Blockchain technology has emerged as a game-changer for the iGaming industry.
Blockchain鈥檚 decentralized nature eliminates the possibility of game rigging, and with its immutable trait, all gambling activities and transactions are recorded and unalterable. Thanks to these perks, players will be able to punt with peace of mind, knowing that the iGaming platform offers a transparent gambling experience.
Gambling is not just about making bets and taking home the returns. It鈥檚 also about delving into a world of thrilling, blood-pumping experience.
Existing iGaming platforms are already providing these experiences as best they can - but Virtual Reality (VR) and (AR) can take things even further by creating a more immersive and interactive environment.
Virtual reality plunges players into a completely digital environment designed to mimic the real world. With the integration of VR in iGaming, gamblers will be placed into virtual (yet realistic) gambling games where they鈥檙e able to experience lifelike casino settings and interactive gaming scenarios.
Augmented reality uses sophisticated software and hardware to blend digital elements with reality. It overlays virtual features onto players鈥� physical surroundings, allowing them to enjoy a more dynamic and engaging gambling experience.
All that being said, the iGaming industry isn鈥檛 yet fully on board with these two technologies. The main reason being that the technologies themselves have not been sharpened to perfection. However, as software and hardware become more sophisticated, it won鈥檛 be surprising for VR and AR to become vital parts of the iGaming market.
Artificial Intelligence (AI) and Machine Learning (ML) are quickly becoming an integral part of every major sector. According to Forbes, more than 80% of companies have admitted that AI is a vital part of their business. To further add weight to this, research shows that the every year.
Artificial Intelligence and Machine Learning are also capable of reshaping the iGaming sector for the better.
One of the ways in which AI can transform the iGaming sector is by personalizing player experiences. By analyzing player data, AI can understand their preferences, gaming habits, and behavior patterns. With this understanding, it can then provide tailored gaming offers, recommendations, and experiences to each player. This method helps Netflix earn 鈧�934 million annually.
Artificial Intelligence can also help create a fair and secure gaming environment. By employing advanced algorithms, AI can detect and combat anomalies, fraud, and suspicious activity in iGaming systems. Besides protecting the players, this integration will also help maintain the integrity of iGaming platforms.
In addition to the above discussed innovations, the following technologies are also capable of revolutionizing the iGaming market:
As the iGaming sector welcomes these listed technologies as well as blockchain, crypto, VR, and AR, it will be able to offer players a more secure, immersive, and personalized experience.