Over the past year, the way the world does business has changed in an incredibly short period of time. While many industries have been hit hard by the lack of visitors to physical stores, the online casino industry has continued to thrive.
According to the European Gambling and Betting Association, the EU accounts for around 50% of the global online betting market and, as a result, the European market is growing at an incredible rate of 10% per year. Part of this increase can be attributed to a decreasing number of physical locations, but more so to the speed with which technology is developing.
Below, we’ll take a look at some of the most popular upward trends for online casinos this summer.
Online casinos continue to offer a number of flexible payment methods, from internationally accepted credit and debit cards to online wallets like PayPal and Monzo. However, in the first few months of this year there has been a particular increase in the growth of blockchain technology within the online casino industry.
Blockchain technology is essentially the cornerstone of cryptocurrencies, providing a decentralized means of payment from any bank. As such, there is a degree of anonymity that many online casino players prefer because it protects their identity in an enhanced way.
While the rules for online iGaming with international vendors in places like the United States and Canada are often obscure and confusing, blockchain technology allows players in those countries to use offshore vendors, without the fear of losing money. ” be penalized by their local bank.
Additionally, as cybercrime is on the rise, the use of cryptocurrency eliminates the need for players to enter their bank details into an online casino provider system. This means that if the online provider were the victim of a cyber attack or data breach, the financial information and personal identity of the customer would not be at risk.
A significant drop in land-based casinos
While land-based casinos used to be an incredibly popular source of entertainment, their popularity is now in rapid decline. At the end of the 20th century, some international regulations meant that offshore providers began to take advantage of providing international online casino services to a global audience. At the same time, the internet started to grow and become more widely available in the average household.
This has proven to be a gold mine for the online gambling industry, and since then land-based casinos have suffered as a direct result.
With fewer people now visiting land-based sites and opting instead for the greater variety and convenience of online gambling, the main source of revenue for land-based casinos has declined. As a result, many global organizations with large casino chains have had to rethink their strategy and start incorporating the latest technology into their offerings in order to follow or lose.
The rise of VR technology
While online casinos seem to have become the game of choice in recent years, there is still nothing quite like the experience of visiting a land-based casino. From the glitz and glamor of Southern European and Vegas casinos to conglomerate bingo halls and lavish casino bars, players who visit the brick and mortar site get more than just a game, they get an experience. complete.
Yet VR technology is now helping to bridge this gap by combining the physical and digital worlds with the goal of enhancing the online casino experience. In recent years, headsets like the Oculus Rift were either too expensive for the average gamer or not yet advanced enough or compatible with their games or online casino platforms.
However, this technology continues to develop and as the technology becomes more widely available and affordable, it’s unclear what surprises game developers have up their sleeves.
We continue to see developments in mobile iGaming as more and more online casino providers begin to offer better performing sites and improved user experiences for smaller screens and portable devices.
Additionally, many online casino providers now offer integrated and seamless app interfaces that provide an even better user experience when playing online casino games on the go. Players can easily access information on the latest rankings, use social features like player chat rooms, and more easily navigate to their favorite casino games.
When we talk about slots, many players imagine a big, bulky, heavy machine in a pub or casino, where you pull down a lever and an array of fruit symbols are scrambled across the screen.
Yet today’s experience couldn’t be further from this reality, in which slot machines have become much more improved, entertaining, and intuitive. So much so that it is believed that there may even now be an element of strategy in slot machine games.
The new slots software at online casino sites also operate on a fairer and more consistent system, which means that players are less likely to be able to cheat the system or be cheated by the system themselves. .
Overall, there has been a significant number of developments over the past year in the online casino industry. While some technologies such as virtual reality and cryptocurrencies are still in the early stages of acceptance by the mainstream casino gaming company, the path the industry is taking shows only exciting promises and developments.
This article does not necessarily reflect the views of the editors or management of EconoTimes.