These are the main questions that industry experts are asking themselves. Let’s say right away that, as far as online gambling is concerned, we are in the presence of a thriving and fast-growing industry. More difficulties are being encountered by land-based gambling. The pandemic period has caused a change of habits in the gambling sector as well. Gamblers are struggling to readjust to face-to-face gaming, preferring the comfort of their own homes.
Due to the great success of the online sector, experts predict a market growth of 7% and an increase in worldwide gambling industry revenues of 34%.
Some interesting statistics on online gaming
As we mentioned, the future of this sector passes mainly through the development of online. In this context, it is fair to mention research conducted by Newzoo.com that seems to go against the statements quoted at the beginning of the paragraph. The research showed that mobile gaming has seen a decline in 2022, the first one after years of growth. Revenue in 2022 was $92.2 billion, a 6.4 per cent drop from 2021. This negative trend goes hand in hand with what is happening in the video game market, with a revenue of USD 184.4 billion, 4.3% less than last year. The decrease for PC games was much smaller, at 1.8%.
It should also be noted that, for the first time, mobile games recorded their first ever decrease in user numbers: we are talking about 105 million fewer players, mostly in China.
The impact of live entertainment on online casino consumers
It cannot be denied that the largest share of the gambling market is in online gambling. Players, in fact, prefer to play via their smartphones over desktop computers.According to Slotegrator’s Analytics Department, about 30 per cent of online casino registration requests from new users are made from mobile. Moreover, there is huge potential in the sector, especially through the development of live games and the latest technological innovations.
“This particular kind of game has increased its customer base during the pandemic and its success is destined to continue. Among its main strengths are the possibility of facing live dealers and interacting with other users. Thanks to live, loneliness is broken, and the game becomes an event of socialisation and confrontation,” explains Silvia Urso of Giochidislots.com. “Live casinos today are set to increase their reach, not least because, according to the latest data, players trust live dealers more than the random number generator (RNG)”.
Another expected upcoming development is that inherent in the metaverse. Today, several companies are already moving in this direction, renting spaces to develop their own meta-verse. The immersive quality offered by the meta-verse should lead to more and more important sectors of the public being involved. Nowadays, this sector presents games with poor graphic quality and gameplay. All of which, however, can be overcome with modern innovations.
A similar argument can be applied to virtual and augmented reality. Several companies currently offer these types of solutions and the market is starting to think and act in this direction. Pushing towards their expansion is the desire of players to be more and more emotionally involved within the game. In other words, what a user is looking for in the games is no longer just the chance to win and have fun, but to be part of the game itself.
New secure payments and the cryptocurrency issue
Two other aspects that are expected to see important development are those related to secure payments and cryptocurrencies. Already today, several sites use the Paysafecard payment system, i.e. payment with prepaid vouchers. The great advantage of this system is that it doesn’t list the payments made on the account statement. In this way, the privacy of users is better protected.
This form of payment is destined to become even more widespread on a par with the ACH (Automated Clearing House) system. This last is a network system for processing transactions between financial institutions participating in a computer-based electronic network. Its great advantage is that it provides greater protection of the player’s identity, makes transactions in multiple currencies and speeds up transactions.
More complex is the discussion on cryptocurrencies, not least due to the scepticism they continue to generate. Indeed, according to some experts, the collapse of the FTX international exchange in November 2022 will lead to a decline in interest in cryptocurrencies. This is a theory without any scientific basis, especially in relation to the increasing number of e-wallets present. The habit factor must also be considered here. It is unlikely that those who have tried this method (which is safer, faster and does not use bank intermediaries) will go back to the old payment systems.
For this reason, cryptocurrencies are expected to have further technological development and their use is expected to increase in 2023.
