According to recent statistics, the global gambling industry is set to exceed a valuation of $540 billion by the end of 2024. This might seem like a mammoth figure, but the industry itself has been on an upward trajectory for a few decades now, with the rise of iGaming playing an important role in boosting revenue.
As technology has developed, so too has the market of iGaming, with online casino operators taking advantage of multiple technologies to boost their output and draw in new players. We’re going to look at a few of those technologies below, explaining how they’ve bolstered the iGaming business and how new technologies might help to upscale it into the future.
Data Analytics
The most crucial factor behind iGaming development is data – or ‘big data’. For sportsbooks, specifically, betting odds play a big part in determining the competitiveness and attractiveness of their platform. Some of the best betting odds online at 1Bet – one of the top sportsbooks for betting and casino gaming – are only achievable through modern data analytics methods, including DBMS, warehousing solutions, and various data mining tools.
Artificial Intelligence
Another piece of tech used for data analytics is AI, which has become a bit of a buzzword in the industry over the last two years. For many iGaming companies, AI is being used to optimise their operations, including the collection of data, creating personalised user experiences, detecting fraud, and providing predictive analytics.
When it comes to game development, AI technologies can also be used to create and optimise casino games – with machine learning algorithms analysing player feedback and gameplay data to fine-tune the game mechanics, graphics, and features. Generative technology like this might not be quite there yet, but it’s certainly on the horizon, and many casinos will be getting involved.
Mobile Gaming
Perhaps we should have put this one first, as it’s probably the most significant factor behind iGaming’s rise! Ever since the first iPhone was released in 2007, the iGaming market has taken off exponentially, with people suddenly able to play their favourite casino games from the comfort of their own home, or during the end-of-work bus commute.
For the first time ever, smartphone users had various casinos at-hand in their pocket, and the offerings have only grown more substantial since then. As smartphone tech has improved, so too has convenience, accessibility, and the overall gaming experience.
5G
The introduction of 5G has also been important here. While 4G was usable for most players, 5G has opened up even more opportunities for casino operators, offering significantly faster speeds, lower latency, improved connectivity, and high bandwidth. People are now able to play their favourite games with high-definition graphics, immersive audio, and rich multimedia content, which has subsequently boosted the audience and the number of players who stick around.
Virtual Reality
While we haven’t seen the full effects of this technology just yet, virtual reality is in its early stages and already making a big impact. For the online casino industry, it gives operators and game developers a whole new way to approach their output, further diversifying their range of products and drawing in new customers as a result. While online casinos have been a huge success, it still struggles to accurately replicate that real casino experience.
With virtual reality, however, players will have the chance to put on a headset and sit at a table in a real, immersive casino setting. Just imagine playing a game of VR blackjack. Look to your left and you’ll see a roulette table. Look to your right, you’ll see a fellow player. Look straight ahead and you’ll be staring into the eyes of the dealer. This could be a huge development that, once again, changes the casino industry as we know it.
