The iGaming industry has grown by leaps and bounds over the last few years. In 2021, Americans wagered more than $52.7 billion in sports betting. It's understandable considering that sports betting is legal in 30 U.S. states and Washington, D.C.
Similarly, the global online gambling industry is projected to be worth $92.9 billion by 2023. The growing popularity of iGaming can be attributed to various factors, including the COVID-19 pandemic. As the novel coronavirus pushed everyone indoors, people looked for new ways to keep themselves busy.
It happened right at the time when new-age tech advancements were helping iGaming platforms deliver better user experiences. Technology has played a crucial role in evolving online casinos and sportsbooks from their sketchy betting site avatar.
With revenue projections still heading north, investments in the iGaming sector will continue to grow. Gia Janashvili, the co-founder of London-based Veli Services, believes that besides marketing and advertising, iGaming platforms will allocate significant budgets for tech adoption.
According to Janashvili, their focus is on B2B2C investments to create partnerships within the iGaming vertical and on the most significant tech innovations that will garner future iGaming industry investments;
Cloud Gaming
Cloud computing has revolutionized nearly every industry, from manufacturing and communications to healthcare. It provides businesses with various benefits, including scalability, cost-efficiency, and improved customer satisfaction. In addition, online casino operators and sportsbooks are leveraging the cloud to enhance the betting experience.
Cloud gaming is an application of cloud computing that helps run online casino games and slots on remote servers. It eliminates the need for operators to configure and maintain their hardware. That, in turn, reduces costs while minimizing lags during peak traffic hours.
It helps support advanced features, such as real-time betting and concurrent player activity. It's been beneficial during the pandemic when online betting sites and casinos experienced a sudden surge in sign-ups.
The transition to cloud gaming also makes these platforms more secure. It's because the onus of security shifts to established cloud service providers who've already implemented robust cybersecurity and data integrity protocols.
Data Analytics
iGaming platforms have access to a plethora of data about their users' preferences, challenges, and gambling activity. They can use that information to create a more personalized user experience. That's where data analytics solutions step into the picture.
Powered by advanced technologies like artificial intelligence and machine learning, data analytics tools help operators better understand their users. That, in turn, lets them deliver targeted marketing campaigns and promotional offers to individual punters.
It skyrockets revenue and helps attract new users. Also, it lets online casino operators identify and deal with problem gamblers.
Mobile Gaming
Worldwide, smartphone subscriptions are projected to cross 7.2 billion users by 2025. That's almost twice the number of smartphone users in 2016.
The increased use of smartphones and growing internet penetration means more players want to access online casinos and sportsbooks on their mobile devices. The implementation of 5G connectivity will reinforce that trend further.
It emphasizes the need for operators to invest in mobile-responsive websites and apps. The idea is to provide players with a frictionless betting experience on smartphones and tablets. Players must have access to all features, including instant play, welcome bonuses, etc., that they'd find in the website's desktop version.
The next leap for iGaming platforms will be to develop applications for wearable devices. It's crucial considering that the number of connected wearable devices in use worldwide is projected to cross 1 billion.
As these gadgets become more popular, players will want the flexibility to check slots or bet on specific teams from their smartwatch screens.
Metaverse
Online casinos and sports betting sites are already using augmented reality (AR) and virtual reality (VR) to improve user engagement. Metaverse combines the best of these technologies with 3D and other cutting-edge innovations to create an immersive gambling experience.
It'll help operators simulate the thrill of visiting a real-life casino with endless slots and tables. Players can gather with their friends in the metaverse and bet on their favorite sports team.
They can even hop from one casino to another without stepping out of their home. The possibilities are endless when you integrate metaverse into iGaming.
However, it's worth understanding that metaverse implementation will take a few years. Besides technological advancements, it requires a regulatory environment where more states in the U.S. and other countries legalize online gambling and sports betting.
In Conclusion
Investing in cutting-edge tech innovations is crucial for today's iGaming platforms. Modern technologies, such as cloud computing and data analytics, are helping operators enhance user experience and generate more revenue.
The coming years will usher in the use of metaverse, live streaming, and other tech innovations to make the experience more immersive.
About Gia Janashvili, co-founder of Veli Services, can be contacted here or by email at: contact@veli.services.
