What future for the online gaming and betting sector? While no one is completely sure, with the increased use of AI, chatbots and machine learning in this industry, it is evident that we are only at the tip of the iceberg of the world. ‘innovation.
As more and more people engage in these activities online, companies operating in this industry can expect to welcome new customers and players in the years to come, forcing them to continuously introduce digital innovation to remain competitive and ensure their growth.
Technology and online games go hand in hand, and as the industry grows so does the demand for user experience. With transformative technology that makes gaming more user-friendly for customers and gamers, BBD, a global software development company, is helping customers in this industry consistently raise the bar.
For many people living in this century, it can be hard to imagine what life was like before the start of the Fourth Industrial Revolution, before our day to day activities went from paper to digital, which makes things better. easier and more entertaining. Needless to say, a lot has changed: Technology has become an integral part of our lives, evident to the extent that we are dependent on it in our daily activities. Consumers shop online more frequently, use the Internet to find just about everything, socialize and communicate through online apps – and unsurprisingly, have fun online as well.
From rolling the dice and playing cards to a city of casinos and touchscreen machines, technology continues to transform the way people play games, place bets and bet. Thinking back to when online betting platforms first appeared in the mid-90s, the underlying common thread was simplicity. Since then, there have been explosions of creativity and innovation from many companies all looking to gain market share in this fiercely competitive space by introducing enhancements and new interactive features aimed at appealing to consumers. On this subject, Dieter Rosch, a BBD executive, adds: “It’s a competitive race to the bottom. Companies attract players by using bonus and rewards engines to make sure they come back to their platform to bet and play. This, in turn, has become a staple and no longer fun to have. Plus, bonuses and rewards are features that are sought after by businesses regardless of the space they are in, whether they are selling sports betting or casino games. This is something BBD is able to do effectively – integrate existing bonus and rewards platforms into its clients’ software.
But as these engines become more and more mainstream, companies must strive to differentiate themselves from their competitors. “The more you are able to differentiate yourself, the higher you raise the bar,” says Rosch.
Some of the latest innovations surfacing in this industry and contributing to its expansion are discussed below.
The future of online gaming and technological innovation
The online gambling and betting market is expected to grow 11.4% on a compound annual growth rate to reach $ 158.20 billion by 2028. This growth is being fueled by factors such as convenience of payment method cashless during the game, the easy availability of games, as well as the impact of the pandemic. These factors make the online gaming and betting industry a whole new avenue compared to traditional modes of gambling and betting.
An important and key technological innovation in this industry is the growing number of people using smartphones. Globally, the number of smartphone users is around 3.8 billion, or 48.33% of the world’s population. The global increase in the number of smartphone users has been a major factor in the growth of this industry as it allows people to access online gaming platforms and place bets where and when they want. However, in geographies where smartphone penetration is relatively low, Rosch clarifies: “While there is an exponential increase in the number of smartphone users, an issue facing Africa, for example, is payment solutions, because many citizens do not have a bank account. This, however, gives rise to enormous opportunities for local operations. Nonetheless, projections indicate that the increase in the use of smartphones will mean that companies operating in this sector will have to continually improve their platforms with mobile-specific technologies to make gaming from mobile devices possible.
Virtual reality has been used in the online sports betting industry for quite some time as a way to provide a unique and engaging experience. But it is only recently that companies in the online gambling and betting industry have started incorporating such technology into their services to provide customers with exciting and realistic experiences. Rosch explains that the industry is entering the realm of virtual casinos and innovating in virtual gaming offerings, which means companies are constantly looking to come up with new games to introduce into their portfolios. Additionally, since betting on real events remains subjective to weather and external factors, companies incorporating VR games into their platforms make huge profits because there are no such concerns. With the increase in popularity of VR gaming platforms, it is evident that we can expect to see a lot more innovation in this space.
But what about compliance?
With increased innovation comes increased compliance, an area in which BBD has been playing for some time. Each country has its own set of regulations and compliance rules. Rosch adds, “In general, this industry is highly regulated with many hurdles to overcome. At BBD, we understand these processes and compliance requirements in local and international markets, especially with regard to random number generation and software testing by independent software labs such as GLI. This means that by partnering with BBD, customers can get the full suite, from innovation to implementation, while being confident that the necessary compliance regulations are being followed.
It is evident that the future of this industry lies in technology as companies strive to continue to introduce innovative and exciting products to survive in this highly competitive market. BBD is uniquely positioned in this space to help its clients by designing scalable betting platforms in the cloud, restructuring network design and data migration and ultimately speeding up processes, making them more efficient and customer-centric. player.
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