It’s no secret that the advancement of technology and innovative thinking has led to the restructuring of many industries. One of these industries is the online gambling industry. The online gambling world has been impacted positively by new technological advancements in the past few years.
Improved user experience, better security measures, accessibility, convenience, and various payment methods are just some outcomes of new technology’s effect on a wide range of casino sites.
There are also economic and financial effects that have come from introducing new technology into the online gambling world.
Below, we discuss each of the changes and outcomes resulting from new technology:
Improved User Experience
Faster internet speeds and increased technological knowledge in software development have led to more seamless and easy-to-navigate user interfaces. Providers such as Casumo, LeoVegas, and Betnero have used new software and speeds to deliver an enhanced online experience.
Enhanced Security Measures
Introducing technologically driven security measures such as Blockchain technology has given us the protection we need when online gambling. Blockchain technology is described as a ‘distributed database that is shared among the nodes of a computer network’. This ensures security of the data that is stored in the database and creates trust ‘without there being a third party’ facilitating and dealing with the data.
The anonymity we use in online gambling also extends to our payment information through blockchain technology. Many industries have increased their global outreach through existing in the online market which has incorporated tech advancements such as blockchain. Their aim is to ensure we are comfortable playing their online slots while knowing our personal and financial information is safe.
New technology like smartphone devices, operation software, and faster internet has led to more accessible forms of online gambling from the comfort of our homes and through devices that can fit in our pockets.
According to a Cisco report published in 2020, the total number of internet users will increase from 3.9 Billion as reported in 2018 to 5.3 billion by 2023. The number of smartphone users is projected to grow by 7% CAGR between the years 2020 and 2023. These figures represent greater access, meaning more new players, and this uptick in users will be responsible for the growth of the online gambling market.
More Payment Methods Available
New technology means online gambling service providers can offer different payment methods for playing. The variety of options gives us the freedom to choose. Bitcoin and the development of other cryptocurrencies is a great example of a technological advancement that has improved the reliability and safety of online gambling. This also shows how we can widen our potential payment options to enjoy the variety of games which are offered on a number of platforms available in the online market..
Expanded Market Size
Incorporating different technological advancements and methods into the online gambling world has shrunk the world for online gambling service providers. As a result, they have more reach,and their market size increased in value. It has been estimated that the market is ‘expected to reach 112.09 billion in 2025 at a CAGR OF 12%’.
This shift, which also resulted from the pandemic, has seen users moving from physical infrastructures to online platforms to comply with social distancing practices. The increase in users has increased the market size of the online gambling world.
New Technology has given different service providers the capability to cater to the increased user traffic that apps and websites can now handle.
Increased Skilled Employees
New technology has led to better access to the internet, and in turn, it has contributed to more skilled people in technical fields like programming, software engineering, and data analysis. These professionals can offer their expertise and skills to different online service providers from anywhere globally. Globalization has increased because of new technologies. With globalization comes an increase in remote employment opportunities, which the online gambling world has provided.
New technologies have provided a better experience and access to us as users. It has also contributed to the online gambling world allowing access to more payment methods, more forms of gaming, greater security, greater graphics, and more skilled persons capable of improving online gambling platforms.Hopefully in the coming years the industry will continue to get better.