Gambling and Technology: Why These Two Work So Well Together
By Space Coast Daily // December 26, 2020
Gambling and technology have always worked together to be able to reach where it is today. The global gambling market is already worth over 400 billion US dollars and it continues to grow with an annual rate of 5.6 percent. By 2027, experts predict that it will be worth over 650 billion US dollars.
A huge part of the gambling market is the online sector and it is expected that by 2027, the global online gambling market will be able to reach over 120 US billion dollars.
The CAGR of this market is 11.5 percent from this year until 2027. With that, we can expect that more people will get into online gambling in the next years.
This year has been great for the online gambling sector. Since March, many online casino operators have reported a spike in their traffic.
Experts explain that the pandemic has something to do with this. It makes a lot of sense that more people have turned to online casinos as land casinos were forced to temporarily shut their doors to help contain the virus.
Fortunately, it has been a long time since gambling has been available online. It has started in the 90s and surely, it has come a long way since then.
It’s easy to see how technology has hugely impacted the gambling industry and one would say that the best online casino should have the latest technological advancements to be able to cater to the needs of the market.
Now, what are the ways that technology has impacted the online gambling industry? Here are some of the technological advances that helped shaped the gambling business today.
Virtual Reality tech has always been linked to gaming and gambling as this could take the overall gaming experience of players to a higher level. Many casinos, both land and online, see how VR can be very beneficial to them and their customers.
There are now online games that you can play with VR devices. When it comes to land casinos, they intend to use this technology to prepare new players for what’s on the casino floor. This could help newbies learn how to play specific casino games easily.
Artificial Intelligence is widely used in many industries and the gambling industry is no stranger to this. AI is used in different ways when it comes to gambling. Mostly, casino companies would use AI to study how people gamble and gather information and data from gamblers as well.
Nowadays, online casinos would use AI to help determine if a player is susceptible to having gambling problems based on their current activities. AI can also detect any unusual activities that could lead to fraud or cheating. This way, operators ensure that their games are fair and safe.
The mobile sector of the gambling industry is also quickly growing. As more people use smartphones and other mobile devices like tablets, gambling companies can reach more of them. Many people would also prefer gambling with their mobile devices nowadays because of convenience.
When it comes to sports betting, the state of New Jersey shared that around 80 to 90 percent of their betting handle each month comes from mobile customers. This just shows how people are simply keener to use gambling apps instead of driving to local bookies and casinos.
Back in the day, many are iffy about gambling online because it wasn’t that easy to deposit their gambling accounts. Back when cybersecurity was also isn’t as great as how it is today. However, today, there are so many ways for players to cash into their gambling accounts.
The most common is still the use of credit and debit cards. However, another popular option for gamblers today is the use of digital wallets like PayPal and Skrill. The use of cryptocurrencies like Bitcoin and Ethereum in gambling is also on the rise as the value of Bitcoin surges.
Safety and Security
Another thing that bothered many people back then when it comes to playing online casino games is the fairness of the games and their safety. Today, it is generally safe to gamble online especially if you’re careful with the casinos of your choice.
Online casinos use the latest security software to ensure that the information of their customers is safe. When it comes to the fairness of the games, they would also use software to make sure that no one gets to rig them. Slot machines, for example, use a Random Number Generator or RNG for the results to always be random.