In 2020, the global online gambling market was valued at $66.7 billion. This was the year of COVID-19 lockdowns that drove gamblers to migrate to online casinos. The future looks even brighter, with a forecast value of $92.2 billion in 2023. But to achieve this, gambling companies have to keep their finger on the pulse of the industry and figure out which trends will take hold this year.
Many see blockchain technology and VR as a critical part of the industry’s evolution. Here are some of the topics two industry experts, Dave Pilgrim, Sr., Product Manager at Sky Betting & Gaming, and Philippe Joos, Head of Product at Napoleon Games & Casino, touched on during a webinar.
Cryptocurrencies are increasingly getting implemented as payment methods on more online casinos. However, finding the balance between online privacy and implementing protection and anti-corruption protocols through KYC procedures will be a real challenge moving forward.
With improvements in VR tech, many companies are starting to offer games that support VR headsets. This was accelerated by the fact that more users wanted the live casino experience while in lockdown.
Esports betting soared in popularity as lockdowns limited access to sports events. However, most punters are still not comfortable with esports betting as they doubt the integrity of a sport run on computers. Improving the integrity of events could lead to even more changes in this sphere.
The online betting market in the US is growing as more states adopt legislation paving the way for an operable environment for betting operators.
Social betting is gaining popularity, and implementing community features seems like it could change online betting. Features like adding money to a shared pool, follow and comment bets of other users, and public betting are just some that are already implemented on several platforms.
Localized and improved apps are another crucial factor for users when they’re choosing an online venue. Furthermore, building software to accommodate legal requirements, implementing a modular design, and making it user-friendly are also important factors.