Online casinos are massively popular across the world. This can be seen by the fact that the global online gambling market was estimated to be worth around USD 53.7 billion in 2019 and is expected to grow to around USD 59.6 billion by the end of 2020.
The expansion of the industry is set to continue in the years ahead. This is especially likely given the revolution in the online casino world that mostly revolves around technological advancements. Let’s examine five of the most interesting developments that are changing the industry.
Players in countries like Finland have welcomed the introduction of instant casinos or pikakasinot as they are called in Finnish. There is no need for new players to complete registration forms.
Authentication is complicated directly from a player’s banking credentials. This makes it a lot easier for online casino enthusiasts to start playing at a new casino.
Buying a smartwatch is a good investment for fans of technology and online casinos. There are several gaming apps that have been specifically designed to play using a smartwatch. This has led to an improvement in accessibility to online gaming for many people.
Using a mobile casino is not a new activity but the experience has greatly improved recently and continues to do so. As a result, analysts believe that prospects for the mobile casino market will continue to improve, throughout 2020 and beyond.
This improvement will be largely due to the improvement of casino apps. This includes social media gaming apps that mimic the experience of playing traditional casino games such as slots.
Cryptocurrency and blockchain technology
Cryptocurrency continues to be the subject of much discussion globally. Many people like the idea of using cryptocurrencies like bitcoin online; others are less sure.
However, there is no doubt that making use of the blockchain technology that is behind cryptocurrencies is important to change the online casino industry.
Benefits include additional security when it comes to completing financial transactions. This security comes from the fact that the blockchain does not have a central authority but is authenticated by each member of the blockchain. This makes it a lot more difficult for financial transactions to be subject to hacking and interference.
Blockchain technology is not expensive to invest in. This means that it’s an affordable security solution for casinos as well as being beneficial to players.
Virtual Reality (VR) casino
Live casino play is already a popular feature of many online casinos. Players like the idea that they have a croupier with them at a table in real-time. This is currently the closest to actually visiting a casino that people can get without leaving their homes.
However, that is slowly changing with the introduction of VR casinos. This revolution in the industry helps to bring lifelike casino play into a person’s own home. Of course, players need to have VR equipment to make the best of this experience. However, many casino enthusiasts may think that the investment is worthwhile.
VR is not yet an integral part of the online casino industry. It’s early days yet. However, as this opportunity to develop the online casino experience continues, it will be interesting to see what the future holds.
Data to track behavior
Data is at the center of business in most industries in today’s market. In the online casino industry, it can be used to tailor the experience for individual players. This makes it easier for casinos to provide access to play that an individual is likely to enjoy.
It can also be used to provide bonuses and promotions that players are likely to make use of. This makes it more likely that players will remain loyal to a specific casino.
The online casino industry is already valuable to casino brands. However, there is room to improve profits by revolutionizing the experience for players.
Casino developers and providers can do this by utilizing technology such as VR and blockchain and by introducing new ideas, such as instant casinos. There are definitely exciting times ahead for industry professionals and players alike. It will be interesting to see where the revolution takes the online casino industry in the coming years.