What should we expect to play out in the global online gambling industry between now and 2026? A lot can happen in 5 years and the trends are already taking shape as we speak.
In this article, you will learn about some of the trends that will shape the gambling industry for more inclusiveness and massive revenue generation in the next 5 years.
- 1 What Is Currently Going on?
- 2 Trends to Expect in the Global Gambling Industry in the Next 5 Years
- 3 Advanced Technologies Are Already in the Offing
- 4 Conclusion
What Is Currently Going on?
What now confirms the potential of the global gambling industry in the next 5 years?
A commentary published on PR Newswire predicts that the online gambling industry could reach an all-time high (ATH) of $127 billion by 2027. Factors such as the increased use of smartphones and mobile gaming apps are cited as major drivers.
Trends to Expect in the Global Gambling Industry in the Next 5 Years
The proliferation of mobile gaming apps, the emergence of new casinos and the increase in the number of users are some of the important factors that will drive the next phase of development. But that’s not all. Listed below are some of the major trends that are likely to manifest themselves in the global gambling industry over the next 5 years.
Expect New Competitions
As to be expected, competition is one of the driving factors for any business in any industry. The global gambling industry is not left out. With the massive revenue potentials and the innovation coming into the industry, you can expect creativity to be at its best.
Many online gaming platform owners would now come up with a wide range of marketing and promotional offers to attract and retain their players. One of the major steps is by offering free spins options and free no download slots to play like on the website, which is one of the ways to allow new and existing players to play some slot games for free. A free spins casino can offer you a specific number of spins (from 10 to 50) so you can play and wager on some of the slot machines. If you are interested, you can then deposit money to play some of the real money games.
More Games Would Be Automated
A new trend is fast approaching – a trend that allows online gaming platforms to offer games that run on automation. Currently, a majority of the online gaming operators play an active role in the management and deployment of casino games.
But in the next 5 years, they would be playing just a few roles. We are anticipating the introduction of automation tools, such as Machine Learning (ML) for monitoring the activities of the players and personalizing their experiences, as well as guaranteed uptime of the gambling platforms.
Advanced Technologies Are Already in the Offing
About a decade ago, you had to walk into an offline gambling store to wager on games. Ten years later, you can do all that online and even from the comfort of your bedroom. But if you think that is all you can get out of technological applications in the gambling industry; you are wrong.
The next 5 years would see the integration of many other relevant technologies, each working in different ways to make the market competitive and user-centric.
Below is a table of some of the different types of technologies being adopted in the gambling industry:
|The New Technology||Peculiarities||Gambling Integration|
|Augmented Reality (AR)||The introducing any sensory data into the visual field in order to supplement environmental information and change the perception of the environment.||The way to make people feel like being in virtual casinos without even the need of headsets and goggles.|
|Virtual Reality (VR)||The technically created world, transmitted to man through his senses: sight, hearing, touch, and others.||This technology is created to make gamblers integrated into the virtual casino with the help of special devices.|
|Blockchain Technology||It is the way of tracking and recording data with the aim to make it safe and secured.||Gambling for real money can become much safer and make players not to worry about their personal information.|
|Live Technology||It is the way to cooperate not with the computer, but with real people being online in the same time.||The way to play in real life casino with real people, just being at your location.|
The integration of Virtual Reality (VR) and Augmented Reality (AR) is expected to be one of the major integrations to be made. This is because of the relevance of those technologies in improving user engagement.
Think of an online gambling ecosystem that allows you to have real-world experience when playing and wagering on your favourite games.
- Augmented Reality (AR) is the technology used for turning a physical environment into its digital variant. For this to happen, a transparent screen would be used to show the virtual objects that form the basis for the gameplay.
- Virtual Reality (VR) is used to remodel a physical activity for the virtual world. For example, sensations like sound and even images can be used to make a VR that bolsters your virtual gameplay.
Combining those two in an online gambling platform would go a long way to trigger the excitement of the players.
Cryptocurrencies Would Be Accepted as Payment Methods
This trend is already playing out, but it can get better in the next 5 years. Bitcoin is the leading cryptocurrency and it has been integrated into the payment method of some online gambling platforms. This allows the players/users to transfer Bitcoin (BTC) from their cryptocurrency wallet to the corresponding wallet on the gambling platform.
Aside from Bitcoin, there are many other cryptocurrencies which can also be accepted as payment methods:
- Ethereum (ETH);
- Litecoin (LTC);
- Cardano (ADA);
- Polkadot (DOT);
- Bitcoin Cash (BCH);
- Stellar (XLM);
- Dogecoin (DOGE);
- Binance Coin (BNB), etc..
Blockchain Games Would Be the Cynosure of Attraction
You would be living under the rock if you thought that the applications of blockchain technology are limited to cryptocurrency payments.
Indeed, blockchain technology is one of the various types of Distributed Ledger Technology (DLT). It is a type of technology that allows for the redistribution of information.
Currently, many games have been developed on the Ethereum blockchain and more will be developed in the coming years. These games are both decentralized (free of external control) and can allow the players to earn rewards.
For now, it is unclear if something similar to the free spins casino would be integrated to gambling platforms built on blockchain. However, we are optimistic that this type of game would be greatly appreciated and subject to massive adoptions in a few years. For the first time in many years, game lovers now have the opportunity to play games and earn rewards. Think about the possibility of converting your in-game rewards to cash and that gives you an idea of the trend that is coming.
The Laws Would Be Tightened
Since the migration of gambling activities to online casinos, the status quo hasn’t been the same. For many years, the government and other related agencies oversaw the operations of land-based/offline gambling platforms.
The proliferation of online gambling platforms, such as casinos and sportsbooks is making it practically impossible to regulate the industry.
In that light, we are convinced that stringent laws would be introduced in the next 5 years as a way of regulating the industry. The authorized agencies or regulatory bodies would liaise with online gambling platform operators to implement excellent financial management and impartial regulations of the platforms.
The gambling industry, just like every other industry, is changing all the time. The positive outlook of the industry outweighs the negative and this is why game lovers should pay attention to those long-term projections.
You now have an idea of where the gambling industry is likely to be in the next 5 years, as well as the trends that can drive that. Figure out how you intend to position yourself to take full advantage of this.