Technological advancement has improved many different industries including Gambling and casinos. The rapid growth of the Internet and wide accessibility of portable devices such as smartphones and Laptops has made casino games more accessible to the players across the globe which is way more convenient and provides a seamless gaming experience.
This industry has quickly established its digital presence and is very adaptive to the integration of technology and ready to fulfill the demands of new and existing gamblers. We can say that it will completely change the entire gambling scenario in the upcoming few years.
Online gambling nowadays features a wide variety of games and offers a realistic experience very similar to the traditional brick and mortar casino. It already has a long history. It was launched back in 1994 which is way before Google and Facebook were launched. Since then the Online Gambling Industry has grown significantly along with technological evolution.
The Online Gambling Industry has grown so much that in 2015 the market was estimated to be worth more than $38 Billion which is huge and around $42 Billion as in 2017-2018, as stated from research. It is growing exponentially every year and has great potential in the upcoming years.
The Impact of Technology on Gambling and Casino
Technology has played an important role in the development of this industry. Players now have a secure platform to play immersive games and apart from this, they have several benefits such as no need to download any software, free slots, no registration, discounts, offers, bonus on money deposit, etc.
Now lets us check out some of the effects of the new technology on the online gambling and casino industry and what we can expect from it in the coming future.
Online Casino Gaming
One of the major enhancement is the Gambling industry we have seen is its shift toward online platforms. The Online Casino has improved a lot over the course of years with technological innovations. Now we have better graphics and audio which provides a 3D engaging gaming atmosphere. Now it is not just limited to websites, today almost everybody owns a smartphone or a personal computer and has a decent internet connection. This has helped the Gambling and Casino industries reach more users across the globe. They can play online casino games right from their smartphone whenever and wherever they want.
AR/VR Casino Gaming
AR (Augmented Reality) and VR (Virtual Reality) are two technologies that have seen rapid growth in the past couple of years. They are now available to our smartphones and with their help, we can now play AR/VR Games using a Virtual Reality Headset and enjoy a next-level immersive gaming experience. This has also entered the Online Casino industry and now we can enjoy games such as Blackjack, Poker and Slot Games and feel like we are playing in a real-world casino. The graphics are amazing and the audio quality is at par. The AR/VR technology truly helps the players achieve the ultimate gaming experience.
Artificial Intelligence in Casino Gaming
AI (Artificial Intelligence) is another new technology which is growing at a fast pace in the past few years. It also has great potential in the Online Gaming and Casino Industry. You might have heard about chatbots that are nowadays available in most of the consumer service portal and helps assist the user with some of the common queries which can be easily solved without the need of an actual customer care representative. These chatbots can also help the user to guide through processes like payments, Navigation, etc. Apart from this AI can also help to create matches like “Player Vs Machine” for practice.
Cashless and other forms of Payments
Gone are the days when we had only a few options for the payment. The enhancement in technology has enabled the payment gateway to add a wide range of payment options. Most of the options you will find in Online Casinos will be cashless and you can use your credit card/debit card or any third-party service for payment. Apart from these, most of the payment gateways have also enabled cryptocurrencies as a payment option. Bitcoin is one of the popular cryptocurrency used on these platforms. Moreover, you might also get a surprise discount or cashback while using some of these payment options.
How Technology has Safeguarded Online Gambling
The Online Gambling Market is huge and because of that, there are certain rules and regulations imposed on them to benefit the consumer. All of these are possible because of ever-improving technology. So far more than 60 Countries have agreed about the benefits of these regulations.
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These regulations include Consumer Protection, Generating Tax Revenue, Keeping it tax-free, and retaining sports integrity.
Minors cannot enter the website or place their bet, they must be at least 18 Years or older in order to participate. These regulations also restrict the user or warn them when they are spending more than on the game than usual by imposing a time limit. Once the user crosses the limited time frame the site stops the user from playing more and shows a cooldown period. Tax revenue which is another economic benefit for the country also keeping it Crime-free by protecting the consumer from ongoing frauds. You also have your account history available to check your transactions.
All of these were possible by establishing an effective regulatory regime. They include:
Operator Licensing Model – This encourages customer choice and offers a full product range. There is also a limit to the total money one can keep in their wallet on such gambling sites.
Anti Money Laundering – Protecting the consumer from any kind of fraud such as fake phishing websites that steals money or credit card details and fake offers.
Responsible Gambling Tools – Security tools such as gamble aware, budgeting, cash limit – Protecting them from overspending, account history, Valid Photo ID and more.
How does Online Gambling Works?
Online Gambling lets people place their bets on sports events as well as allow them to Play Casino Games, Poker and Bingo right from their smartphones and laptops. So how exactly does Online Gambling works?
In order to be in the chance of winning or putting their money at risk, the consumer must place a bet. The money involved in the bet is called Stake. Now whenever a consumer places a bet they can see certain odds for their bets provided by the betting company.
The odds simply mean the likelihood of an event to occur. If the chance of happening the event decreases the odds simply increases and consumers will have a greater opportunity to win a certain amount of money. These odds are also affected by the volume of bets placed by the consumer on different outcomes.
Let’s say a gambler wants to place a bet of $100 and the odds are 2:1 and they lose the company keeps all the money and the consumer gets nothing. On the other hand, if the user wins and the winning amount is $300 the consumer receives his stake back which is $100 and a $200 winning Prize.
Where to Place your bet?
Now let’s take a look at the variety of different gambling opportunities where the consumers can place their bet.
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Sports betting is one of the most popular categories when it comes to online gaming. The gambling companies allow you to bet on all types of sports whether its football, tennis, cricket, motorsports or horse racing. The entire sports gambling market is estimated to be worth more than $23 billion globally. You can bet on the results or the number of goals or points scored by the players.
Moving on, there are a large number of Casino Games available which you can play on your smartphone or laptop such as Roulette, Slots, and Blackjack. The payout ratio for these games is highly predictable as compared to sports betting. The Casino Games market is estimated to be worth more than $10 Billion Globally.
You can also play poker online and it is available in two different sessions. These are divided into two different games. You can also join tournaments where each of the participants pays a joining fee and is giving a certain number of poker chips. The player can use this chip to decide how much he wants to bet on each individual set of poker. The winner of each set receives the total amount of money placed as the bet.
So these were some of the technological advancements in the Online Gambling and Casino Industry. This will continue to evolve for the next few years as software developers will try to find new ideas to keep the players engaged in this addictive gaming platform.
The investors will also continue to invest more and more money in this and try to keep it active for the upcoming years. The future of Online gambling is very bright and we will see a ton of new innovations and a lot of new players joining in to try out their luck on this.