The Future of the iGaming Industry

The online gambling industry has enjoyed massive growth in the past couple of years. Millions of players have registered at these sites and thousands more are joining each day. The reason why online casinos became so popular is due to the fact that they offer a plethora of services, many of which are considered superior to the services offered at land-based casinos.

Experts believe that by 2025, the annual revenue that is generated by online casinos will exceed $100 billion and thus, online casinos will become the biggest profit-makers in the gambling industry. Just a reminder, online gambling revenue in 2020 reached $64.13 billion and in 2021, the number exceed $70 billion.

As the industry keeps expanding, many people are wondering what the future holds for online casinos. That is exactly what we are going to talk about in this article. We’ll be taking a look at the future of the iGaming industry and name a few features that will be common in the coming years. These features are extremely like to transform the industry and better the overall gaming experience of players. Without any further ado, let’s start breaking down the details.

Crypto Gaming

The first trend that is likely to expand and become extremely common in the future is crypto gaming. Crypto casinos started expanding at a very fast rate recently and experts suggest that crypto gambling will play an increasing role in the online casino industry.

They cite three reasons why this concept will be common in the coming years:

·         Security

·         fair play

·         efficiency

Here's the explanation behind these reasons. First, cryptocurrencies are decentralized digital assets that provide users with a certain level of online anonymity.

Thanks to that fact, players remain unknown in the face of the public and through this benefit, their online security is boosted to the next level. Moving on, crypto payments are extremely efficient due to the fact that they are fully optimized for online use.

Each deposit and withdrawal are instant and fees are always avoided. That is not the case with other payment methods such as credit and debit cards. While deposits with these methods are instant, withdrawals take a few business days to be processed.

E-wallets often offer instant withdrawals, but they also come with fees and are considered ineligible to claim bonuses and promotions. That is not the case with cryptocurrencies. Not only are withdrawals and deposits with these digital assets instant, but due to the fact that cryptocurrencies are decentralized, they are not subject to fees.

Finally, we have fair play. Crypto gaming is accompanied by a concept called provably fair. Thanks to this concept, players can rest assured knowing that each outcome of each round is random. The main difference between provably fair gaming and RNG-powered gaming is the fact that with provably fair gaming, players can actually check if the outcome of the round was truly random.

The Use of VR and AR Sets

Providers are slowly reaching the peak when it comes to game graphics, mechanics and payouts. The need to invent and implement something new is there and providers are already looking into future tools that can maximise the quality of the overall gameplay.

One of the most talked-about tools is virtual reality, simply known as VR. Thanks to VT, players can enjoy the games in 3D and that will make them feel like they are in an actual luxurious casino in Vegas or Monte Carlo.

Not only that, but AR is also a topic of discussion. As a concept, AR is still in the early development stages as it is a pretty advanced technology for our time. Basically, with the use of AR, players will be able to feel what is happening inside the game.

They can feel the slot lever when they pull it, they can feel the chips when they bet on poker or roulette and all of that will contribute to a more realistic gaming experience.

Even though we aren't likely to experience AR sets in the near future, VR concept gaming is already present. Recently, NetEnt became one of the first providers to explore this new and exciting world with the release of Gonzo's Quest VR. Gonzo’s Treasure Hunt is also one of the titles slated for a VR release.

Better Regulation

At the moment, the online casino industry is not regulated in the best and most effective way. The number of countries that have passed specific bills concerning online gambling is not that big. The UK is among the rare nations that have a fantastic legislative framework through which it is able to regulate the industry in the most effective and efficient way.

That includes having a regulator, tax laws, restrictions, systems that block scam sites, responsible gambling organizations, AML policies, etc. In numerous other countries around the world, online casinos are in the so-called “grey market.”

Here's what that means. Even though the industry is formally illegal, authorities lack the intelligence and legal backup to regulate the industry in the most effective way. So, its residents turn to the black market to access online casinos of various characters.

Not only do the players gamble for real money online, but the country is not reaping the benefits, such as tax money. Players also face the risk of being scammed online as the government does not have the necessary systems to block unlicensed and fishy casino sites.

However, all of this is set to change in the future. Online gambling will continue to expand and people will play casino games online, whether authorities like that or not. So, instead of stopping the moving trend, the majority of countries will likely pass bills.

In doing so, the online casino industry will be more secure and will be able to grow at a faster rate. That is the reason why many experts are confident that by 2025, online casinos will become the biggest profit-makers in the gambling industry.

Final Thoughts

The online gaming industry is ever-evolving and the number of players that are willing to register and play at these sites will continue to rise in the coming years.

Thanks to that fact, providers and online casinos will explore new ways to provide players with the most unique and entertaining gaming experience. Crypto gaming and VR/AR gaming are at the centre here as they are highly likely to become extremely common.

These concepts boast a lot of advantages, all of which benefit both the operators and the players. And if that is not enough, the number of countries that welcome online gambling and regulate it will increase. In doing so, players will be able to enjoy a safer gaming experience, while governments will collect tax money that can be directed towards uplifting the community.

All in all, the online casino industry will continue to revolutionize the term entertaining gaming experience as its innovations will exceed the expectations of all players.