Gambling, particularly iGaming, refers to the array of online gaming activities conducted over the internet, encompassing online casino games, sports betting, poker, and various interactive experiences.
The industry has grown substantially, with Research & Markets projecting that the global value of the online gambling sector will surpass $213 billion by 2028, more than doubling its 2022 valuation.
The industry originated from an innovative concept, transitioning entirely to the online space well ahead of the broader business landscape. Early on, online platforms like the Betway casino and sportsbooks recognized the possibilities presented by mobile devices.
Let’s take a look at the emerging technologies that are poised to influence the upcoming developments in iGaming.
Mobile Gaming
Mobile technology has profoundly impacted our lives, and the online gambling industry is no exception. With advancing smartphone capabilities and faster mobile internet, mobile gaming’s popularity is set to surge.
Technologies like 5G are blurring the lines between mobile and desktop gaming. 5G’s rapid internet ensures ultra-fast data transfer, minimal delays, and a swift connection, propelling the evolution of mobile gaming.
Accessible online casinos on smartphones have made betting on the go the norm. Consequently, Betway and other leading online casinos are investing significantly in improving mobile platforms and developing user-friendly apps.
Cryptocurrencies and Blockchain
Despite Bitcoin’s volatility, cryptocurrencies and blockchain are firmly established, particularly in online casinos. Blockchain ensures security, transparency, and fraud reduction, while cryptocurrencies provide privacy.
Enabling swift cross-border transactions, cryptocurrencies bypass traditional banking, and smart contracts ensure automatic, precise payouts, bolstering player security.
Cryptocurrencies offer transactional privacy, faster withdrawals, and lower deposit commissions, often incentivized by casinos with bonuses.
Looking to 2024, blockchain is poised to transform gaming, granting players ownership of in-game assets for sale on blockchain markets. Weekly engagement in cryptocurrency-based gameplay at blockchain casinos is rising, signaling widespread adoption in gaming by then.
Artificial Intelligence
The global AI market is thriving, with around 77% of internet users embracing AI technologies. Companies worldwide invest heavily, and IDC Worldwide projects AI-centric system spending to exceed $300 billion by 2026.
Anticipated to contribute $15.7 trillion to global GDP by 2030, a 14% increase, AI is integral to online casino operations. It automates tasks, streamlining the intricate processes of online casinos and sportsbooks that involve extensive data collection and analysis.
AI helps identify fraudulent activities, segment players, and take necessary actions, setting duplication limits and automatically barring fraudsters from casino participation.
Virtual and Augmented Reality
Online casinos like Betway are revolutionizing experiences with cutting-edge innovations like Virtual Reality (VR) technology, rapidly embraced by the dynamic iGaming industry. Some casinos employ Augmented Reality (AR) for 3D versions of popular games.
VR’s rise promises to transform casino gaming, offering an immersive experience with personalized avatars based on user attributes. Imagine effortlessly moving from your living room to a bustling casino floor with a VR headset in 2024.
Technological advances and high-speed internet will deliver a unique casino gaming encounter, bringing the thrill of real-life casinos directly to your living space.
Metaverse
Advancements in various technologies like blockchain, artificial intelligence, VR, AR, and cutting-edge Web3 have facilitated the creation of metaverses. A metaverse is a 3D digital space coexisting alongside the physical world, enabling users to closely interact with digital elements.
In the coming years, the gambling industry is preparing for the seamless integration of metaverse technology to enhance customer experience and engagement. By 2024, metaverse casinos are poised to become a prevalent format in the online casino landscape.