The iGaming industry is a multi-billion-dollar economic powerhouse that continues to demonstrate stability and upward mobility. In 2023, the European iGaming market recorded a 23 percent revenue growth, hitting $115.7 billion (€108.5 billion). Experts and stakeholders agree that technology and innovation are behind such astronomical market movements. In this post, we review 5 advanced technologies the iGaming industry is using to drive growth, functionality, and player satisfaction.
Artificial Intelligence (AI) and Machine Learning (ML)
AI and ML technologies use algorithms to enable machines to perform human functions. The iGaming industry quickly recognized AI’s automation, data, and analytic capabilities and integrated it into game development and design, marketing, and other areas of operation. AI in iGaming drives personalization, allowing providers like Betway to tailor experiences to players. Moreover, AI powered chatbots and virtual assistants, improving the player experience by streamlining and automating player-provider communication. AI even boosts security through fraud and problem gambling detection.
Web Real-Time Communication (WebRTC)
WebRTC technology is an innovation that allows audio and video communication across web browsers in real-time. The technology has enabled igaming providers to integrate video and audio functions to their online casino and betting platforms, allowing players to communicate with each other, compete in multiplayer games, engage in tournaments, and more. Alongside streaming technology, WebRTC powers live casinos, enabling operators to stream gaming content to players in near real-time.
Virtual Reality (VR) and Augmented Reality (AR)
A G2 report estimates that the AR and VR markets are currently worth $31.12 billion. AR and VR technologies speak to the need for immersion that previous traditional gamblers exhibit when they transition to online platforms. Through interactive gaming environments and customized 3D avatars, these technologies bring gamblers into the game, elevating their experiences. And with the Metaverse on the horizon, the iGaming industry is poised to ride the trend with virtual casinos and more.
5G Internet
Online gambling is powered by the internet, which allows players to connect with their provider’s server. With the rise of 5G technology, online casino players are enjoying reduced latency, faster speeds, and more immersion. Ericsson reports that 5G technology, with its speed and capabilities, is allowing unprecedented levels of streaming and virtual immersion. Players can interact with gaming environments in real time and enjoy sporting events, live casino games, and more without delay.
Blockchain Technology
Blockchain technology serves many purposes across many industries. But in the iGaming industry, the function for which it is most popular is cryptocurrency. Online casinos have been growing more receptive to digital currency as a transaction method, largely due to the anonymity, privacy, and reduced fees they offer players. Cryptocurrencies are also independent of local providers and governments, allowing casinos to venture into previously untapped markets. According to Crypto Reporter, the number of online gamblers using these currencies is growing. Transactions amounted to $30 million in Q1 2021 and $63 million in Q1 2022.
Wrapping Up
Tech innovations like AI, VR, and streaming are responsible for the astronomical growth the iGaming industry has experienced over the past decade. Moving forward, major providers like Betway will continue to leverage advanced tech to drive user engagement, enhance the player experience, and boost revenue. The result will be an even stronger industry and more ways for players to enjoy their favorite casino games – a definite win-win.
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