Revolutionizing the iGaming experience: how innovative technology is shaping the industry
From virtual reality to AI: See how innovation is transforming the gabling experience.
“The excitement that a gambler feels when making a bet is equal to the amount he might win times the probability of winning it.” French mathematician and philosopher Blaise Pascal, the author of this quote, accurately captured the essence of players’ desire to take their chance. As long as this passion exists, and with the power of the new technologies, the expansion of the internet, and the speed at which it spreads to emerging markets, the iGaming industry could easily live forever.
Innovative fintech provider Corytech anticipates that the global iGaming market could grow to $81.09 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%, and $104.5 billion by 2028. This is a significant increase from the $20.7 billion in revenue generated in 2017. The number of global iGaming players is also expected to increase to 593 million by 2024, which is an increase from 454 million players in 2017.
We live in an era where new cutting-edge technologies are constantly hitting the market. Companies of all stripes are racing to incorporate them, but which industries will see the most disruption? Slotegrator believes that iGaming will be in the top five of those to realize the potential of new tech.
The iGaming sphere is one the first industries to embrace twenty-first-century technologies: AI, NFTs, Web3, blockchain, ChatGPT, meta universe, mobile, etc.
Which of them can we call ‘revolutionary technologies’ and how can they reshape the industry? Let’s figure it out.
AI as a driver of industry development
The dramatic development and adoption of AI has created a lot of hype around the technology. McKinsey’s Technology Trends Outlook 2023 report mentions that each year (from 2018 to 2022), applied AI has had the highest innovation scores of all the trends that were studied, and its investment score also ranks in the top five.
According to the report, while overall investment might have declined in the past year, there’s still very high potential for growth. Investors continue to believe in innovations and understand their value — in 2022, there was more than $1 trillion combined absolute investments.
Just how well is the global AI market doing? In short, it’s booming. It’s expected to reach $190.61 billion by 2025, at a compound annual growth rate of 36.62%.
The forecasts are definitely impressive. What are the experts’ predictions for AI’s impact on the gambling industry?
Here are some key points:
- Accelerated KYC checks AI can make this process a lot easier but the quality will be higher. With AI, online casinos can verify accounts instantly, and with 99.9% accuracy.
- Examination of huge arrays of data. AI can collect and analyze vast amounts of data much faster than a human can, providing detailed information about consumers’ behavior and preferences worldwide. AI programs can also offer advice on marketing and promotion strategies, help to reduce advertising costs, and optimize operations.
- Improved game development research. AI collects extremely fine details (the way users interact with games, how much they wager, how long they play on average, and other factors). This data can be used in the development of future games.
- Enhanced safety and identification of dishonest behavior and scam attempts. Online casinos spend millions of dollars every year on anti-fraud and other security measures. Investing in new cybersecurity technology is of the highest priority to casino operators. Unlike humans, AI can immediately recognize potentially fraudulent behavior and send alerts. In addition, this kind of tracking helps the AI to learn how to track new threats faster in the future.
- Improved customer service. Online casinos can use the power of AI to give their customers improved service and support. For example, AI-powered chatbots can be used to answer both simple and sophisticated questions quickly and accurately. As a result, this can increase playing time and avoid long waiting times for a response from a human. All these activities can help to answer FAQ, fix bugs, and improve operations in general.
- Creation of customized bonuses and promotions. AI can easily analyze player preferences. This will enable the casino to provide players with the best bonuses. Instead of having to go on a lengthy search for the right game, AI will identify games you would most likely want to play, and can even hint at the best game strategy. The interface and intuitiveness of online casinos will also be improved through casino AI.
- Fair odds for everyone. AI uses algorithms to determine the probability of winnings, meaning it can offer tips for winning fairly. It is a good situation for both players and operators, as it will be harder for dishonest players to cheat. It can help to create a safer and more transparent gaming environment.
As we can see, AI offers tremendous possibilities for iGaming companies. Slotegrator added several AI-powered functionalities to its turnkey online casino solution. Among them are an Artificial BI module to ease and accelerate analytical processes and strategic decision-making and a chatbot powered by ChatGPT to enhance customer care. The bot can consult operators on how to increase income in their project, among other issues, 24/7.
There is also a multiplayer chat function that enhances communication in the player community. Players can open it on any of the front pages of the casino and communicate with other players. This retention tool creates an opportunity for networking and creating player communities.
The mobile entertainment industry
The development of the mobile industry deserves special attention.
Mobile phones have become accessible for people all over the world. Lower prices and spreading communications infrastructure have allowed people in developing regions such as Africa, India, and Latin America to own mobile phones.
As a result, 57% to 75% of people in these regions use their mobile phones instead of computers. On-the-go entertainment is expected, so it’s no surprise that online gaming companies are now focusing on providing engaging mobile offerings, as mobile devices have become a central part of our lives.
These companies are working to bring the fun of desktop gaming to mobile, letting players enjoy their games on the go. In the near future, more and more companies will shift their focus to mobile game development, ensuring seamless gameplay and effortless navigation on mobile devices.
Forecasts confirm this data: the global mobile gambling market is projected to grow to $173.9 billion by 2032.
As soon as the mobile revolution started, online casino operators immediately adjusted their businesses to the smartphone format. Today, casino providers offer a wide range of mobile games, catering to the increasing demand for on-the-go entertainment.
Which mobile online casino trends are the most promising?
- Artificial Intelligence (AI) is increasingly being embraced by mobile online casinos to enhance security and personalize player experiences. AI can also promote responsible gaming by monitoring players for warning signs of potential problem gambling, as well as optimizing registration and business communication by utilizing chatbots.
- One potential future trend is the proliferation of multiplayer mobile VR games, allowing users to explore virtual worlds together, regardless of their physical location. Also, more games may start using augmented reality (AR) features. As these technologies continue to evolve, even more futuristic gaming experiences are expected.
- With the mobile tech industry developing VR, audio quality, and 6G technology, soon players can have a futuristic experience. Realistic sound effects and visually appealing graphics will create an immersive experience in Metaverse casinos.
- Casinos will be integrated into messenger services. In the crowded social networking market, each platform aims to introduce new features that meet the needs of consumers and keep them coming back. That’s why Telegram casinos are such a breakthrough. Operating within the popular messenger app with over 700 million monthly active users, Slotegrator’s Telegram Casino offers an alternative to conventional casino websites through an AI-powered chatbot.
Leading research and advisory firm Gartner, Inc. predicts that over the next decade, AI-enabled proactive chatbots will boost customer experience by anticipating the needs of customers and connecting with them at an emotional level. According to Gartner, advanced chatbots will be able to process 95% of customer interactions, cutting human involvement to 5%. In this way, the popularity of Telegram and its increasing user base make it an ideal platform for mobile online casinos to reach a broader audience. This solution is already considered a mobile casino phenomenon.
As for mobile casinos, these technologies are already transforming the gambling industry, making it more and more sophisticated for users all over the world.
The wondrous world of the metaverse
The metaverse presents business opportunities that would have been considered pure science fiction just a decade ago. These first attempts to link the virtual and physical worlds may evolve into more immersive experiences and lay the groundwork for even more impressive products and startups.
A recent McKinsey consumer survey indicated that excitement about the future metaverse is consistently high across demographic groups, regardless of region, age, or gender.
And what about metaverse casinos?
The metaverse is a three-dimensional digital realm where users closely interact with digital environments and objects. This revolutionary concept has the potential to deliver an unprecedented experience to players that traditional online casinos cannot provide.
Metaverse casinos could revolutionize the gambling industry by creating virtual worlds where players can enjoy a variety of games such as poker, roulette, and baccarat while immersed in a virtual casino — all from the comfort of their own homes.
The metaverse encompasses a range of technologies, including cryptocurrency, AI, VR, and AR, enabling real-time interactions and diverse activities beyond gaming. Its potential impact is staggering, with projections from McKinsey’s preliminary forecast estimating an overall value of $5 trillion by 2030.
Metaverse casinos reimagine the online casino experience with cutting-edge Web3 technology. Aside from an immersive gaming experience, they offer cryptocurrency integration and rapid withdrawals.
At their core, metaverse casinos combine a VR interface, digital ownership, and avatars, resulting in a visually immersive virtual realm for play, shopping, and social interactions. Within these virtual casinos, players can personalize their avatars, participate in social engagements, and enjoy bonuses, providing an unparalleled level of engagement and personalization.
Anticipating the next few years, the gambling industry is gearing up to seamlessly integrate metaverse technologies, aiming to amplify customer experiences and engagement.
As the industry forges ahead, the collaboration between operators and technological pioneers will drive further innovation, reshaping entertainment, engagement, and empowerment for players worldwide. The future of online casino gaming holds boundless potential for operators who embrace new innovations.
People will be increasingly interested in immersive virtual experiences. Greater use of metaverse-related experiences and technologies over the next few years will open up new opportunities for the gambling industry that strives to exceed the expectations of the players and surprise with something incredible.
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