The global iGaming sector in 2020 was worth about $64.13 billion and is estimated to grow to $125.65 billion by 2025. This growth will primarily come about as this multi-billion-dollar industry leverages intriguing and new technology such as machine learning, virtual reality, etc.
Access to state-of-the-art gaming technology is tremendous, especially as any experienced gaming operator can choose the turnkey online casino option these days. Adopting innovation at breakneck speeds is the order of the day within the iGaming industry, and this trend is bound to continue.
A Brief Overview of the iGaming Industry
iGaming involves betting on the overall outcome of a particular event or game online. Online casinos and sports betting are the most predominant segment of the gambling industry.
However, other popular gaming activities within this industry include:
- Fantasy sports
- Lotteries
- Virtual sports games
- Peer-to-peer games
- Poker
Finance Monthly, a global publication that reports on the news and analyses that matter, estimates that the global gaming business will generate up to $94.4 billion by 2024. In addition, this industry has the global turnover potential to surpass the $1 trillion mark by 2026.
6 Ways Technology Benefits iGaming Businesses
Cutting-edge technology has had – and will continue to have – a tremendous impact on the iGaming sector. The effect will be profound, given that millennials and Gen. Zs are always highly interested in technologies of the 21st century.
This shows that the gaming sector is not going away soon as technology keeps revolutionising the gaming universe. Here are six ways technology will benefit your iGaming business:
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Artificial Intelligence (AI)
Organisations within the gaming sector are considering artificial intelligence more seriously than ever. This is due to the need to please and impress this tech-savvy generation of gamers.
Thanks to artificial intelligence, identifying legitimate gamers is no longer a time-consuming effort. As soon as a potential player visits a betting website, all vital information, such as their betting preferences, is immediately logged in.
This information personalized offers, bonuses/promotions, and other essential services. This will help boost income while lowering marketing costs extensively.
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Smartphone Technology and Mobile Gaming
The global impact of mobile on the iGaming sector over the last decade cannot be overstated. This is evident as the number of online casinos and bookies using specialised mobile applications have skyrocketed.
Most gamers these days prefer playing their favorite games whenever and wherever they want. Mobile gaming apps on smartphones engage gamers as they wait for taxis at the street corner or get stuck in a metro line. This makes mobile gaming nothing short of a lifesaver.
This makes for a thrilling or fun time to or from work and reduces the need to visit a land-based gaming platform.
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Payment Methods
Tech advancements have made payment processes in the iGaming sector more robust. Third-party payment systems have enabled gamers to stop worrying about a gaming platform’s interoperability with their preferred or chosen banks.
Moreover, gamers can make deposits and withdrawals using digital currencies like Bitcoin, Ethereum, Dogecoin, etc., which was once unusual. Of course, digital currencies and trends are always in the news. But they serve as safer options for players who desire anonymity when playing their favorite online casino games.
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Digital Security
Protecting gamers’ sensitive financial and personal information is one of the most essential aspects of online gambling technologies. Therefore, operators in the iGaming sector deploy the latest cutting-edge technologies to safeguard vital data.
API security has been proven highly effective in modern online casinos. It also cuts across several location like turnkey online casino.
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Cloud-Based Technology
The iGaming sector is now using the latest cloud-computing technologies to manage and store the information of gamers while boosting operating efficiency.
The latest developments in cloud computing assist gaming businesses in simultaneously addressing hundreds of millions of players globally. This helps in customer retention and promotes the rolling out of updates to every gamer worldwide.
Moreover, cloud computing makes online gaming possible for gamers residing in countries where gambling activities are frowned on or prohibited from playing in brick-and-mortar casinos. Such gamers need not fear any legal repercussions of playing casino games.
The latest technological frameworks and breakthroughs in cloud-based technology make it easier to pinpoint and resolve security threats readily. This helps in creating a more secure and safe operating environment for online casino games.
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Blockchain Technology
Blockchain technology is one of the most notable innovations of the 21st century and will remain so for decades. As a result, gamers don’t need to provide and validate their identities or credit card information.
This means such gamers can apply for loans at banks and get them since banks usually frown at bank statements or credit scores that imply the loan seeker is a gambler.
Since your gaming business supports Blockchain technology – which guarantees anonymity – the number of gamers will considerably increase within a short period. You can apply blockchain tech to any location, even turnkey online casino.
Conclusion
Technological advancements’ benefits to the table within the iGaming sector are profound. You can always count on one simple fact: more exciting technological innovations will emerge in the future.
These technological advancements will surely boost the iGaming sector and help it flourish while changing the world. You can also be sure that the future evolution of the gambling industry will trend toward enhanced real-world integration.
Adapting – and responding – to these technological trends will make a significant difference in your iGaming business. Several companies are available to help you on your journey. They can also cover any demographic such as turnkey online casino.
