Next-Gen Technology impacting the global gambling landscape
By Vinolin Naidoo
The evolution of global gambling has witnessed remarkable strides in the industry, thanks to Next Gen Technology. Global gambling dates back many decades and consisted of physical betting at betting shops, playing at brick-and-mortar casinos, and placing wagers at online casinos and minimum bet sportsbooks.
Nowadays, thanks to smartphones, 5G internet technology, and the adoption of blockchain technology, these are driving the growth of online gambling and increasing the demand for online gambling.
Product innovation and trends that have transcended the gambling landscape and technology have brought the implementation of mobile gambling, the introduction of blockchain technology, and cryptocurrency as an added payment method.
Our article explores the market analysis report compiled by Grand View Research for the period between 2018 and 2030. It evaluates the trends and impact of Next Gen Technology on the global gambling landscape. We also delve into some industry growth statistics and envision the future of this flourishing gambling industry.
Advances in mobile phones have elevated gambling to a new level
When online gambling was first introduced, playing through a desktop was the preferred option for many players. Most players would access their favourite top-rated online casinos through their PC or laptop and enjoy their betting.
The market analysis report compiled by Grand View Research indicated that desktop gameplay accounted for around 48% of online gambling revenue in 2022. While this may seem impressive, if you dig deeper, you will see diminishing statistics of desktop gameplay. Desktop gameplay provides players several benefits, including playing on a large screen, enhanced graphics and audio quality due to screen resolution, and customizable storage capacity of desktops.
However, one major disadvantage of desktop gameplay is convenience. Players are stuck playing at a fixed location and cannot multitask their gambling activities with daily routines. Desktop gameplay is becoming a thing of the past, and today, thanks to Next Gen Technology and 5G internet technology, the growing adoption of mobile gaming has transcended the industry.
With mobile gaming, players can access the best online casinos through various supported operating systems and devices, including IOS and Android. Players can multitask, play casino games, and place sports bets while walking to the shop for groceries or relaxing at the beach.
Modern smartphones support machine learning, artificial intelligence, and augmented reality, which help developers create immersive and interactive gambling applications. Advanced mobile device technologies have resulted in realistic gaming visuals in most smartphones, leading to increased access to online casinos and sportsbooks through mobile phones. Suppose you look at the best online casinos and sportsbooks, such as Sky Bet, Bet365 and Betway. In that case, all these betting platforms are accessible through mobile, and some even have stand-alone betting apps compatible with Android and IOS smartphones.
Mobile gaming provides players with many benefits, such as remote playing anytime and anywhere, exclusive loyalty points, more banking methods and multiplayer gaming options, where players can play against others instead of just the online casino.
The rise of multiplayer gaming options is primarily thanks to virtual reality (VR). VR in gambling creates the simulation of surroundings, and players can interact realistically with specific hardware, such as headsets. VR allows online casino players to interact with other players and live dealers and offers a more enhanced online gambling experience, complimented with better sound quality and a realistic game design and gameplay.
The growth of mobile gameplay will continue for years to come, and the latest figures show that, in time, mobile gameplay will bridge the gap to desktop gameplay. The availability of mobile phones at affordable prices and the latest technological features, such as improved graphics, audio, gameplay and expandable storage capacity, are just a few factors that will contribute to the growth of mobile gameplay.
How the gambling industry has adopted blockchain technology and cryptocurrency
Traditional online gambling consisted solely of FIAT Currency, and all deposits and withdrawals only supported these options. Technological advancement in the late 2000s gave rise to cryptocurrency. Ask anyone about the term ‘cryptocurrency’; generally, the first response is Bitcoin. Bitcoin is one form of cryptocurrency and is considered the most popular type. Other forms of cryptocurrency used at online casinos include Litecoin, Dogecoin, Ethereum, Ripple, Tether, XRP and Tron. Many industries have supported cryptocurrency, and the global online gambling industry is one of them.
The rise of crypto casinos has impacted the growth of online gambling. For instance, renowned top online casino BitStarz is a Bitcoin-based online gambling platform with over 4 million active players. Gambling through cryptocurrency offers more diversity and options for players across the globe, and all this is available thanks to blockchain technology.
The adoption of blockchain technology has allowed traditional online and crypto casinos to accept cryptocurrency deposits and withdrawals. Blockchain technology ensures secure payments with transparency through blockchain ledgers, ensuring a decentralized system that prevents fraud and malicious actions from hackers and cybercriminals. All banking transactions at online and crypto casinos are encrypted, and there can’t be any fraud. Blockchain technology also ensures fast payouts and processing times, and instant real-time deposits and withdrawals are provided to players. Another benefit of blockchain technology is that crypto casinos charge low transaction fees. Unlike traditional casinos, where there is a fee for card deposits and Bank Transfers, digital currencies are decentralized, so there are no intermediaries to process exchanges.
Besides impacting the banking platforms for the gambling industry, another impressive feature of cryptocurrency, namely Bitcoin, is the gaming library. There are hundreds of exclusive Bitcoin games that are available through cryptocurrency. Today, most online casinos, whether traditional or crypto, will have an exclusive Bitcoin casino games section filled with the best casino slot games, all with high-quality graphics and features.
Technology has set the foundation for the future of the industry
The global online gambling market was estimated at $/€63.53 billion in 2022 and $/€70.64 billion in 2023. Forecasts show that the market size value was expected to grow at a compound annual growth rate of 11.7% from 2023 to 2030. Revenue forecasts by 2023 are a record $/€153.57 billion.
Key factors driving the growth of the online gambling market include modification of restrictions, internet penetration, rise in the use of mobile phones, growing number of new online casinos, and increased investment in the industry. In 2022, internet penetration in the US was 92% of the total population. The increased popularity of online gambling in the US was mainly due to cultural and legalization approval, easier access to online gambling platforms, celebrity endorsements with leading online casinos and sportsbooks and corporate sponsorships.
Europe dominated the online gambling market, and by the end of 2022, it had a market share of 41%. The popularity and increased market share are attributed to the legalization of gambling in several European countries, including Spain, Italy, Germany and France. European gambling regulators, such as the Malta Gaming Authority and the UK Gambling Commission, have authorized several online casino licenses to many newcomers in the industry. Other market growth drivers in Europe include the availability of high-speed broadband internet and the rise in mobile gaming and sports betting.
One region where the market for the projected forecasted period is expected to grow exponentially is Asia Pacific. A combination of increased use of internet services, the medication of restrictions related to online gambling and betting, the adoption of cryptocurrency and the high economic growth of the Asia Pacific region is anticipated to fuel market growth throughout countries like China, India, Australia and New Zealand.
Our article discussed the market analysis report compiled by Grand View Research. It evaluated the trends and impact of Next Gen Technology on the global gambling landscape and what the future has in store for the industry. After analyzing the report and trends and looking at the projected forecasts, we have concluded that Next Gen Technology, along with factors such as mobile gaming, blockchain technology and the modification of restrictions, will ensure that the gambling industry will continue to thrive for years to come. The projected statistics from the report show that the online gambling industry is on an upward trajectory and will continue to be profitable and grow in size. Online gambling is an entertaining activity for all legal players, and to enjoy the ultimate online betting experience, remember to play responsibly and with funds you can afford to lose.