The notion that technology has changed the casino and gambling industry has been discussed and dissected several times in the past few years. Each time it is proven true, another technology emerges and demonstrates the case even more.
Much of the attention is on virtual reality and augmented reality, which is understandable. However, there are other technologies like NFTs that deserve as much optimism.
1. Live Streaming
Streaming has changed many industries, including online gambling. Now, users can play live games, such as poker or blackjack, with live dealers present via a computer screen. The dealers talk to the players, who respond in a typed chatbox. There are even some games that let players control the streaming in a way.
For instance, those who play lightening roulette, a live roulette game available on Betfair Casino, can choose the individual they want to be their dealer. That option is in addition to adjusting the game speed or opting to play on a single-player table.
Live dealer games like lightening roulette give players the ultimate at-home gambling experience, which has helped increase the market’s value, and none of that would be possible without streaming technologies.
An NFT, better known as a non-fungible token, is a digital asset that uses blockchain technology to record ownership. Everyone can view the asset, but only one party is the official owner. Many industries like fashion and music have recently started selling NFTs as it is the latest technology trend. In fact, in the first quarter of 2021, sales of NFTs went past $2 billion. The online gambling industry is also involved in the NFT landscape, with a Sweden-based casino supplier recently purchasing four NFTs to be used as prizes in their slot machine games.
NFTs are believed to have a lot of potential in online gambling. They can be used as prizes, which is already being done, and platforms can even create their own tokens with unique designs to sell. Online sportsbooks are also planning on tokenising stars, and individuals will be able to monetise and trade these NFTs based on player performances.
3. Internet of Behaviours (IoB)
Not to be confused with the Internet of Things (IoT), a field of study, but the Internet of Behaviours (IoB) is an important tool that helps casino operators better understand their users. The term describes the gathering of data that offers information on player interests, behaviours, and preferences. It is used from a behavioural psychology standpoint. Understanding the psychology behind consumer traits is something explored in every industry, and it helps casino operators better tailor their promotions and offerings to users.
The online casino industry has steadily been growing over the years, seeing a roughly $13 million increase in 2019 from the previous year. Much of this growth comes from platforms incorporating technologies like virtual reality, augmented reality, and cryptocurrencies. However, there are other influences in the industry, including live streaming, NFTs, and IoB. When you combine the star-power of each technology, it seems likely things will only go up for iGaming in the coming years.