Introduction
Like any multibillion-dollar sector that is on track to become a multi-trillion one within the next 15 to 20 years, iGaming companies are constantly searching for technology that will increase their slice of the industry and attract even more customers. It’s no secret that iGaming companies have been able to adapt to cutting-edge technology. The truth is that they have managed to do it more impressively than many other industries, hence why they’ve shot past them in market value.
There’s a perennial balancing act going on in digital casino gaming – which, if you are unaware, is essentially what iGaming stands for. Undoubtedly, the optimum way to bring in more bettors is by offering new avenues that can provide lower costs and better convenience for people who gamble using a desktop site or mobile app. This can come in many forms, whether it be specific bonuses or exclusive online promotions that allow new casino customers to experience the best games that digital casino providers offer.
Following Trends
There’s a key distinction to make in iGaming. Unlike some sectors that strive to find innovative ways to cultivate a market for their product, digital casino companies often measure potential trends on the horizon through current innovations, and implement them into their design.
For example, when the internet started to emerge as a valuable tool for businesses and information in the 1990s, despite the naysayers, many in the iGaming industry reached out to technology experts, website designers and computer programmers to check what the potential was for them to take their services to a new, digital global base.
While this might seem an obvious idea now, back in the 1990s, it wasn’t the open goal it would later become. Back when computers were unbelievably expensive and the internet was limited, it didn’t stand out as the next big thing for companies to invest millions of dollars into.
At the risk of stating the obvious, iGaming companies were not responsible for the internet’s success. However, the willingness and openness of those in the sector to adapt to this technology meant that they could plan ahead – and this mentality hasn’t changed over a quarter of a century.
AI
It isn’t just the iGaming sector that is putting a lot of time, energy and focus into adopting AI into their business models. The explosive, exciting yet equally frightening rise of this technology has taken many analysts by storm, with Nvidia – the world’s most prominent name in AI development – posting a one-day profit of over a quarter of a trillion dollars.
Nobody can ignore the staggering sums of money circulating in the AI industry; it is akin to the rise of the internet and the mass adoption of smartphones and e-commerce. AI technology will continue to push iGaming forward, facilitating personalized user engagement and a faster, more efficient way of collecting customer data via examining gambling patterns.
Virtual Reality (VR)
While VR generated the same impressive global headlines that AI did, it failed to maintain momentum and took a step back into relative obscurity. Once the hype died down and customers saw just how much the headsets would cost and how little real-life implementation there was, it soon started to look like an unfortunate and expensive pivot from Mark Zuckerberg and Meta.
However, now that more companies have entered the world of VR and the supply has continued to increase, the overall costs of the headsets have come down. VR poses a particularly unique angle for iGaming. It allows those who prefer land-based gaming to experience a virtual reality casino floor – a completely unexplored world.
Land-based casino gamers who prefer the atmosphere of betting in a physical building could potentially be swayed by this technology. If VR can be the bridge that makes them try gaming from home, and turns it into a full-time change, the industry dynamic could switch significantly. The increased supply and lower costs mean that iGaming companies are looking more closely at VR.
Blockchain Technology
Cryptocurrency and blockchain technology are entering the world of finance and investment again. However, there are many underlying mechanisms that make blockchain technology a perfect fit for iGaming companies. The cryptography that secures the blockchain validates transactions and removes any need for centralized banking security. An upsurge in blockchain and Bitcoin casinos has emerged over the last few years.
As the cryptocurrency market cap has doubled over the last six months, the trading volume has also increased dramatically, which has driven many casino gamers to seek out these services, and many iGaming companies are looking to employ blockchain technology as part of their wider offer.
Final Thoughts
AI and VR are the two main technologies seeing the most interest, leading many technological discussions within iGaming and attracting the highest levels of investment. Ultimately, mobile gaming, social casinos and an emphasis on social interaction have all come to the fore in the conversation over the last 12 months. Expect to see them all commanding larger chunks of time from iGaming developers, designers and casino companies testing some of their innovations. Designers and developers will continue to scan for trends that they can implement into their service to appeal to more customers, too.
