Online gaming and sports betting have seen a dramatic rise over the past few years. In the wake of a rise in online casinos and gaming sites – buoyed up by the socio-economic pressures of early 2020 – the industry looks set to markedly grow as we look forward to the future.
While it’s fair to say that gambling platforms are not a sudden or new development in the online entertainment industry – they can be traced back to 1996 at the earliest estimates – they are showing no sign of stagnating.
With such a storied and established concept in online entertainment, you’d be entirely within reason to expect them to either be out-competed by alternatives or fade from prominence altogether, but this is far from the reality. Instead, online casinos and gaming sites seem to have reached a state of both rapid evolution and transformative innovation.
Recent data collected from gambling firms directly showed that the total number of sports bets placed has fallen by 31% – which might be expected; however, online slot machines have grown by 25%, poker reached 38% and betting on virtual sports blew up by 40%. The reasons for this are numerous and potentially difficult to immediately see. But they suggest that the industry is aware of a need to be exciting, new and relevant, and that means staying on the forefront of technology as much as they can.
Source: Unsplash
Wanting withdrawals
The deposit and withdrawal methods of gaming sites have moved with the times. Digital wallets like Paypal and Transferwise lead the way, delivering instant, secure routes to fund accounts.
Now, the digital challenger banks Starling and Monzo at the forefront are beginning to make the transition even easier and more inclusive than before.
The digital banks are lauded for the ability to allow users to track and keep visibility over transactions and budgets. The growth of services like these – and the management facilities – have encouraged more users to engage in online casino games.
The major platforms are great examples. Online bingo at the UK bingo site Betfair boasts all the major banks, wallets and services a user could want, as well as omnichannel access across mobile and web platforms. There’s even an increasing possibility for niche payments like crypto to start becoming acceptable.
Inclusivity is a massive bonus too, particularly for new customers – who are accessing these services for the first time. Companies that are behind the curve largely lose customers due to the simple fact that the limitations of online gambling and gaming mean you’re restricted in the ways you can enhance a service. Accepting many forms of payment has to be up there.
Source: Unsplash
New Networks
5G’s introduction to the wider world has been staggered and anything but plain-sailing. However, the possibility of the faster, more powerful mobile network could make way for more immersive, interactive and reactive user experiences on online platforms.
The use of a 5G network in online casinos would deliver the added speed and wider bandwidth to rapidly accelerate the capability of existing services. Live streaming, which is very common in sports betting services, for example, was previously not possible for those with spotty or poor connections. However, with the help of 5G coverage, live streaming would be as good as any replayed content and the immersion of live betting would be raised to new levels. The 5G network prevents the irritation of glitches to live games and lags to live streams for mobile users.
It’s no surprise, therefore, that usage has been up. The competitiveness of the industry will rely on those who lead it to continue chasing the convenience and immersion factors of the online gaming experience. As long as that’s observed, the growth of the user base is bound to continue growing.