In 2023, the gambling market is expected to grow: leading European associations predict an increase in the market growth rate by an average of 7%, as well as an increase in the income of the global gambling industry by 34%. The trend is positive, but the question remains how to confirm it and what tools to use?
In addition to the IT sphere and the Trading industry, one of the most technologically advanced markets is the gambling market. In terms of the speed of innovation, it is not inferior to any high-tech business. Analysts of the European Gaming and Betting Association claim that by 2025, about 34% of the benefit from all games in the world will come from online gambling. This means that the market will grow and develop at a fairly dynamic pace, and, consequently, the technological component will actively develop along with it and within it.
The effect of the gambling industry on the digital environment is due to the flexibility of the market itself and the speed of innovation – innovative solutions in the gambling market take root quickly, while receiving their own specific development. Thus, the gambling market can be considered an experimental zone for adapting future technologies.
During the pandemic (COVID-19), the online gambling market gained great popularity and is now one of the trendsetters in the digital space.
What technological solutions are actively used in the industry and how does this affect the digital environment? Let’s look in more detail:
- Multifunctional solution on one resource. Here we’re talking about platforms that include many features: access to a user-friendly interface and an affiliate network, the ability to pay in various ways, accessibility from any gadget, and a wide range of additional features. For the digital environment, such solutions are becoming a quality standard.
- Mobile solutions. Everything you need for life is now in your smartphone. If today the product is not adapted for the mobile version, some of the customers will be lost. Therefore, more and more companies are striving to offer the market high-quality mobile solutions.
- WOW design. Trends from the world of design are spreading quite quickly in the gambling industry and become demonstrative examples. 3D elements and motion graphics attract not only experienced but also new players, which opens up an opportunity for businesses to interest the younger generation – that is, in the future, a solvent market audience. The visual component is getting better, including due to the development of the video format.
- Speed of technology adaptation. Today it is no longer trendable to create digital products that are subsequently difficult or impossible to adapt to modern technological solutions. The main advantage of any product is flexibility and transformability in a short time. For example, any modern platform should be able to add new elements. This is a convenient feature for the client, and for business – a competitive advantage. In the digital environment, proprietary products have given way to flexible and easily integrating partner solutions.
- Artificial intelligence (AI). The use of chatbots or voice assistants is becoming an increasingly common tool for communicating with the audience. These are convenient options available 24/7 that help you analyze user requests in real time and predict demand for products and services.
- Security guarantee. The gambling industry, along with the banking sector, seeks to increase the level of security of online processes. User data protection systems, fraud detection algorithms, options for maintaining anonymity and confidentiality of user data are being actively implemented. In the digital world, this option is extremely important, because you can borrow a certain approach and logic of actions for other areas of business.
- Digital trends. The use of blockchain technology to increase the level of security, adaptation to cryptocurrency solutions (for example, in the Bitcoin casino format) allow the industry to quickly explore the possibilities of such integrations and discover their benefits for the digital business space.
- Scaling payment methods. Using one preferred payment method is considered audience repulsive. The digital world requires different ways and forms of payment that are familiar and understandable to users. The sooner you can integrate them into digital products, the better.
- The complexity of digital solutions. To attract a user, a business must work out all possible options for access to products for users. It is not enough to develop one digital solution, it is important to offer additions to it for strengthening, as well as to consider the variability of use at different sites. For example, the basic online casino platform can be supplemented with various modules to make the product popular and easily transformable.
- Cloud services. Digital reality is an integral part of the life of modern society. Huge amounts of data are now stored in the cloud, which makes it possible not to depend on the owners of on-premise servers and provide users with access to products 24/7 without the risk of failure.
Thus, the gambling industry creates conditions for the development of new formats of digital products, demonstrating how adapted solutions work and what opportunities the industry provides. The gambling industry will continue to be among the first to apply technological innovations, creating successful case studies that are relevant not only for the industry, but also for the digital business market as a whole.