There has been a rapid rise in the popularity of online gambling over the previous decade. In 2020, the industry's value was estimated to be around $67 billion. It's expected to reach $92 billion this year. A lot of trends are influenced by this enormous expansion. Some of these have the potential to have a significant impact on the industry's future – click to learn more.
In the future, crypto such as Bitcoin, Ethereum, and Shiba may replace traditional money. Gambling websites have already begun integrating digital currency into their systems. And it appears to be a perfect fit. Because of the enhanced level of privacy and security that cryptocurrencies provide, users can conduct their transactions anonymously.
Mobile devices, such as smartphones and tablets, are now used for most of our online activities, including gambling. The online casino industry's growth has been considerably impacted by mobile betting, and this trend is projected to continue well into the future.
New customers and markets have been opened up for online casinos thanks to mobile gaming on smartphones. Mobile betting is on the rise and currently accounts for a huge portion of online gambling revenue. The visual quality of smartphone platforms is expected to improve, drawing in a younger and more diverse audience.
VR/AR (virtual/augmented reality)
Ten years ago, there was no such thing as mobile gaming. The situation has dramatically changed. Mobile gaming is becoming increasingly popular as a means for consumers to enjoy their favourite forms of gambling.
Understandably, virtual reality and augmented reality (VR/AR) gaming are currently viewed as a slow trend in the online gambling industry. VR/AR technologies like gesture imitation, 3D avatars, and live interactions have made video poker more real. And this is only one of many examples to illustrate our point. VR/AR has a high entry cost due to buying pricey equipment like headsets.
Online sports betting is becoming increasingly popular, and it's helped boost the gambling industry as a whole. Customer experiences based on data-driven customer experiences and more reliable betting are possible thanks to the new in-game betting options.
New rules for online gambling are in place to keep pace with the industry's rapid expansion. On the other hand, online casinos and sportsbooks tend to include safer gambling in all aspects of the product development process, rather than waiting for new legislation and making changes to their products accordingly.
Box-ticking will not be enough to make internet gambling safer. Many gambling websites now use pop-up windows to warn consumers of fraud and encourage them to set their deposit limits.
Entertainment companies' gambling offers
Established entertainment companies have also taken over the market by offering gambling services. For example, Netflix has launched games based on local movies and television shows. In light of this, casino games have a bright future.
To offer sports betting, Disney is looking into partnering with third-party companies. Amazon has recently begun offering live football streaming, so it may also be added to this trend.