The arrival of the online casino changed the gambling world forever, but time and technology have continued to grow the industry to the mammoth worth of over $63 billion.
Even now, new developments in the tech world are changing how people gamble online and how online casinos and the technicians behind them must adapt their platforms to keep up.
Here is an overview of the impact of modern tech in gambling in 2023 and some of the most important trends driving the online gaming industry.
How is Modern Technology Changing the Gambling World?
Since the introduction of online casinos in 1994, technology has shaped, reshaped, and reshaped again the gambling industry. As the scope of what technology can achieve continues to grow, the future of gambling is bigger than ever.
The main ways that modern technology is changing this already huge industry include:
- Adding new ways to pay
- Making platforms more secure and private
- Decentralizing systems
- Enhancing user engagement
- Tailoring services to meet targeted needs
- Closing the gap between online and in-person casinos
Five Emerging Tech Trends Changing the Online Gambling World
These five tech trends are leading the changes in digital gambling in 2023 and into the future.
1: XR Technology
Extended Reality technology is only just beginning to find its footing in online gambling, but the potential for where it could go is incredibly exciting.
Virtual Reality and Augmented Reality create immersive experiences that bring people closer to the real casino experience. It means a more realistic and engaging experience for users, and as the capabilities increase, we are likely to see big changes in the gambling industry as a whole.
Regulations, for now, have thrown a spanned in the works and limited how much XR technology can do on online casino apps. Progress is slow but real, and several notable milestones have been reached in the industry so far.
This is definitely the one to watch looking ahead at the next decade of the gambling landscape.
The use of cryptocurrency in online gambling has been game-changing for many platforms and players. Blockchain technology and digital currency have revolutionized many industries, and its use has grown infinitely more popular in the last few years.
One of the main benefits of blockchain and cryptocurrency in the gaming industry is the additional security it provides. Online casinos have always been a hot target for hackers and scammers looking to steal fiat currency deposits.
The blockchain is known for being super tough to crack, hack, or tamper with, so it is beneficial to online gambling platforms that want better security for their players. Bitcoin has come out on top so far as the crypto of choice for casinos and online betting platforms, but other leading currencies could appear in the future.
Currently, the number of platforms using cryptocurrencies is far outweighed by those that are not, but given the ever-present threat of cybercrime and theft, it seems likely that more will move towards blockchain tech sooner rather than later.
3: Big Data
Big data may not be totally new at the technology table, but it is one of the most important developments and tech breakthroughs of this millennium. It changed things for every business that uses consumer data to tailor their services, and the gambling industry is no exception.
The benefits of having access to an immense amount of information and the tools to analyze and filter it are vast. It is essentially an all-you-can-eat buffet of information about how to optimize your business and satisfy your clients.
In online gaming, AI lets platform technicians identify what people like, what games struggle and succeed, and when are the best times for promotions and tournaments. They can also use it to tailor personal experiences for users, among other things.
4: Artificial Intelligence
Another significant development in modern technology is AI. Artificial intelligence appears in every leading digital industry, and its breakthroughs are likely to shape the future in ways we can’t quite yet imagine.
As it stands, it has the power to take a global platform and make every single player feel like it is designed specifically for them. That is an incredibly important tool in the online casino industry, as every gambler has their own approach, requirements, habits, and preferences. Being able to capitalize on those by adapting what people see and how the program interacts with them is how gambling sites make their money.
Some of the other capabilities artificial intelligence brings to the table in the gambling world include:
- Tracking player progress and suggesting next steps
- Send reminders for upcoming tournaments that may interest the user
- Provide personalized tips and advice based on player actions
- Detecting fraudulent activity
- Highlight sudden changes in a profile that could be suspicious in any way
- Act as a friend to players as they use the platform
The exciting (and somewhat scary) thing about AI is that the possibilities seem endless, and the practical uses being implemented in the gambling world are on the rise.
5: Decentralized Gambling Applications and Identification
Privacy and efficiency are two things that people look for and expect in any gambling program. Although all apps try to maintain both, the application, onboarding, and identification processes often fall short.
Alongside the added security brought by blockchain technology, decentralization through application and ID processing is major in online gambling. It makes it faster, simpler, and more secure to handle user profiles, and they are kept private through decentralized blockchain applications.
All these big fancy words basically mean players can use online casinos close to anonymously, and they can do it easily. There is no central server with user data stored, so one of the major security risks is gone.
Betting as a pastime is as old as the history books themselves. Gambling as an industry dates back hundreds of years. Online casinos have been around since the mid-90s, but modern technology is poised to change it all. Technicians and consumers alike should be ready for the next developments and prepared for the new wave of gambling experiences.