The gambling industry has grown immensely in the last couple of years, with gross gaming revenue of $53 billion in 2021 in the United States alone. It is the many changes and trends in the industry that are keeping it relevant and alive.
The legalization of gambling
There is a key factor that will especially lead to an increase in gambling around the world in 2023, and that is the legalization of it. Many countries and states are starting to catch up on the trend, and are now seeing the potential that gambling has. This makes online casinos and betting platforms available for more people who are now able to wager on sports and test out the best slot games available where it is also possible to find free spins online. This allows the gamblers to let the wheel spin without spending a dime.
Not only is it a hobby that many enjoy in their spare time, but it is also an opportunity for governments to earn tax money from winnings. If we look at sports betting, which is a kind of gambling that is on a rise, it is legal in 28 states, with four states still pending.
Charitable gambling is legal in most American states, while online casinos still have some way to go. However, we are seeing that more states are processing the bill to legalize it, and there is no doubt that we will be seeing more types of legal gambling in the future.
The shift to mobile gaming
There is a huge change in consumer habits when it comes to gambling. We are shifting our focus online and on our phones. The portable devices have made it possible for us to be online, connected, and gambling at all times of the day, without the need for stationary charging or an internet box.
You can simply connect by using your mobile device and data on your phone. Gambling providers are also catching up, and there is an increased focus on improving user experience when participating in mobile gambling. This can be done via apps or simply by optimizing websites for a smaller display.
Cryptos are revolutionizing gambling
Cryptocurrencies have taken the world by storm since it was first introduced in 2009 by Satoshi Nakamoto, the inventor of Bitcoin. Since then, we have been able to invest in, purchase, and use cryptocurrencies for a number of things, and the possibilities are expanding. The gambling industry is a place where cryptocurrencies are being used quite frequently, as it is presenting some advantages to the user. The decentralized technology is also famously being used to make NFTs by luxury brands.
When gambling with cryptocurrencies, you can be a little more anonymous. Cryptos are decentralized currencies that are not using the regular banking system that we are used to. There is no third party to the payments, and all transactions are stored publicly in what we call Blockchain. It makes it so that no one can cheat their way out of payment, ensuring only safe transactions when gambling.
AI for better customer service
A heightened focus on user experience has made customer service a priority for many. Gamblers want to be able to access information quickly, and AI is a great way to ensure that. Chatbots are being used all over the internet to be able to provide good service for those who need it and easy access to necessary information. It is likely that we will see more of this in the time to come, as it probably will be a standard for all online gambling platforms.
The rise of live dealers
Online gambling is becoming the most popular way to gamble, as it allows users to gamble whenever and wherever they want. Some countries do not have land-based casinos either, making online platforms the only place where gambling is possible. However, there is still interest in the live aspect of gambling, and this is where live dealers come in. Many gambling platforms allow for live gambling as an alternative to just regular online gambling.
Here users can gamble with real and also professional gamblers and other people in real time. It makes it a little more exciting and special, which is why many prefer this way of gambling. As a gambler, you are also able to see the dealer on video and communicate with them through chat functions. Live gambling is available in many games, but most popularly card games such as poker and blackjack.
When VR technology was first introduced, the world was amazed. We were now able to fully immerse ourselves in a digital world which made games much more realistic and thrilling. Casinos are also starting to explore this technology, and chances are that we will soon be able to have a full gambling experience through VR. It allows for games to be much more realistic and fun, and add to the feeling that you are in a casino. If you can gamble with both VR glasses and live dealers, we are pretty close to being in a real casino whilst still sitting on our couch at home.
Net Entertainment is one of the world’s most popular software providers, and they have already started to experiment with VR in casinos. They have shown that it is possible through a demo version for different games. If someone did not believe in VR technology before, they certainly should now!
There is no doubt that the gambling industry is changing for the better. New trends are shaping the market, and higher expectations from consumers are driving the industry to be better, more innovative, and more available. Sports betting is on a rise, and together with online casinos, it is making up the majority of online gambling that can be done on both stationary and mobile devices. Technology such as decentralized payment methods, AI, and VR are creating hype for online gambling providers, participating in the great revenue they have been experiencing the last few years, and will in the future as well.