Online industries can’t survive without technology, and new technological advancements demand new laws. This article will cover the evolution of the online gambling industry and the direction of laws.
Globally, online gambling was worth $66.7 billion in 2020, and it’s expected to reach $92.9 billion by 2023. Gaming companies need to make sure their products are relevant to emerging online gambling trends if they hope to take advantage of this growth.
But, determining which trends are genuine can be challenging. It seems as if novel technologies like VR and blockchain are poised to transform the industry within months.
Future trends of online gambling
Use of crypto
There’s a potential for cryptocurrencies to supplement traditional currencies and even replace them in certain cases.
It’s known for anonymity as it does not leave any traces, making it ideal for users who wish to remain anonymous. Despite the increasing popularity of cryptocurrency, it’s still far from becoming mainstream. Having said that, tech giants like Tesla, Meta (Facebook), etc., have recognized its potential and are working on it. This year we will see a breakthrough in cryptocurrencies and online gambling.
Virtual reality
Users were generally pleased with the existence of mobile gambling. But now, digital experience has become significantly more sophisticated, as has the quality of apps available for casinos and sportsbooks.
The announcement of Facebook/Meta’s creation of Metaverse has further pushed VR/AR’s spotlight. The numerous features of VR like gesture imitation, 3D avatars, and live interactions make it more similar to the real-world experience.
Yes, the technology is in its early days and will take time for customers to benefit from it. Once this tech becomes widely available, the cost of headsets will decrease, allowing the masses to enjoy real-life gambling experiences virtually.
Wearables
The increased adoption of this class of devices in the gambling industry is not surprising. Already, many providers offer slot machine apps on Apple Watches.
Operators hugely benefit from this because a smartwatch is held closer to the body than a smartphone. It makes it more likely for the user to play games while on the move. Compared to mobile devices, wearables make gaming more enjoyable since players are only distracted by the information they need for the game without being overwhelmed with buttons.
Prop betting
Sports betting used to be all about big results. Who would win the tournament? How likely is the favorite to win? What will be the total number of goals scored in each match? This type of betting is rapidly making way for prop bets, which focus on smaller in-play events, such as who will score the next goal, take the next corner, or receive the next red card.
In any game, there are so many prop bets that it’s impossible to report each outcome. Therefore, a large number of online betting companies now use artificial intelligence to determine results and publish them. If online sportsbooks wish to truly profit from this trend, they need to figure out which events are the most rational to offer bets on and which to leave out.
Gambling safely
The design of the online gambling experience is being shaped by new regulations. Rather than retrofitting existing products to conform to the new laws that are yet to be announced, gambling operators have taken an active role. Their product development process incorporates safer gaming from the beginning.
A responsible operator should go beyond the legal minimum. Many online casinos allow users to set their own deposit limits, while others pop up a warning window when they have been playing for an extended period and exceeding the limit. When you play online roulette for real money and want to limit your spending, such features benefit greatly.
How much regulated is this industry?
Gamblers or even the average person should pay attention to the laws of gambling. When there were talks of legalizing gambling, people pointed out the history of gambling in America as an example of why other activities that are currently illegal, like drug use or prostitution, should be legalized. Like gambling, drugs and prostitution are viewed as victimless crimes meant to prevent individuals from harming one another.
While many believe it breeds other crimes and social problems, those in favor of legalizing gambling point out that it contributed to the decline of organized crime and the improvement of economies in areas where it’s now legal.
Despite this, gambling is highly regulated in almost every state; however, many private betting clubs remain illegal. The majority of jurisdictions consider activities such as betting pools, fantasy football leagues, and small poker clubs to be illegal.
When these small businesses venture online, they often run afoul of gambling laws, such as UIEGA, either because they fail to recognize the fact that they constitute a form of gambling or because the organizers misunderstand the legal restrictions of online gambling.
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