The online gambling market is constantly growing. In 2021, the size of the global online casino market was nearly $546 billion. The CAGR is estimated at 5.79%, reaching almost 765 billion dollars by 2027. But the growth of the gambling industry is not only measured in dollars but also in the introduction of new technologies.
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Cryptocurrencies and blockchain technologies have had an exceptional impact on the evolution of the gambling industry. The popularity of crypto casinos cannot be denied and the acceptance of cryptocurrencies as payment methods offers the following advantages:
- Removal of personal data
- Elimination of limits on the payment amount
- Transactions are carried out without commissions and intermediaries.
While fiat currencies are backed by the state, crypto is backed by a decentralized ledger that tracks every transaction, which is distributed across a large database with millions of copies. This shows us that anyone with access to the network can verify the transaction and the history cannot be falsified.
Decentralized public records are characterized by security and transparency, which is especially appreciated by privacy-conscious players. And a significant advantage for operators is protection against chargebacks, which are impossible with cryptocurrencies.
Blockchain technology can also be used to record transactions between the user and the casino in encrypted form as well as general payout percentage statistics. Thus, gambling platforms can prove that players really receive the payout percentage declared by the providers. Although there are not many casinos with blockchain reporting in the gambling market, we expect this mechanism to gain momentum and expand as a trend in the near future.
Progressive Web Applications technology
In recent years, Progressive Web Applications has become one of the technologies preferred by online casinos. Thus, browser-based applications have become an alternative to native mobile applications. PWAs are launched as a regular web page of a gambling site; a player can install the application he is interested in directly through his browser on the equipment he is using.
Progressive Web Applications have three important features:
- Speed: Progressive loading of games, fast scrolling, and smooth animations provide a good user experience.
- Reliability: PWA download speed does not change depending on the quality of the connection.
- Engagement: Engage users with push notifications, home screen icons, and full-screen mode.
Considering that mobile applications are increasingly popular at a low cost to users, and with PWA the player can enjoy their favorite games on their mobile phone by simply pressing the download button – it can be said that the Tool works effectively to attract new users and keep existing ones.
Big Data in iGaming
A lot of data is collected in the gambling industry. Sorting through mountains of data is difficult but important because there are a number of benefits to sorting data.
Online casinos use Big Data technology for the following purposes:
- Personalization. With each visit to the online casino site, players provide more and more information about themselves. By tracking the activity of players using Big Data technologies you will find out the interests of the users. Operators use this data to set their strategies, thereby increasing overall business efficiency.
- The fight against fraud. Unscrupulous players can use VPNs and other tools to abuse the bonuses offered by operators. New methods of analyzing player behavior and patterns help identify cheaters.
- Tackling problem gambling. Industry reputation is extremely important and operators pay significant attention to the safety of end users. By analyzing the data received, it is possible to prevent the occurrence of problematic gambling. Certain behavioral characteristics of players may indicate the development of addiction. By carefully configuring alerts, the operator can identify and correct the problem before it occurs.
- Data-driven KPIs. In the gambling industry, to evaluate the business performance the following metrics are used: Gross Gaming Revenue (GGR), Net Gaming Revenue (NGR), Average Revenue Per User (ARPU), First Time Depositors (FTD ), and the dropout rate (CR). The continuous analysis of these indicators and depending on the selected time periods, allow the operator to identify problems and make informed decisions on how to solve them.
Customer relationship management (CRM) systems will allow you to manage all data. Most CRMs on the market come with reporting tools that make it possible to track user behavior and, based on this analysis, target specific player segments, which helps the operator improve player retention.
Whether you’ve noticed it or not, virtual reality is already here and evolving all the time. The past few years have seen enormous advances in VR software and hardware, and the number of industries that can benefit from these technologies is endless.
Online gambling and in particular de online casinos are already using virtual reality. VR is transforming already the ways players interact with online gambling platforms right now, and you can expect to transform them even more as virtual reality technology is evolving.
The potential of virtual reality in gaming is huge, and some brands have already launched casinos in the metaverse. Stakeholders in the iGaming market expect major game content developers to develop products specifically tailored for VR/AR experiences in the near future.
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Szilaghi Consulting has worked in the gambling business since 2004. We can assist new clients with the incorporation of gaming companies, fiscal registration, and licensing matters. To draw on our experience and to benefit from our advice, contact us today to find out more.
How can Szilaghi Consulting help you start your online gambling business?
Choosing a gambling licensing jurisdiction is quite difficult, to begin with. Given the sheer number of factors that need to be considered by gambling operators, the choice can be overwhelming.
Szilaghi Consulting has been providing services to the online and offline gambling industry since 2004. We have helped our clients to make the right choices, realize their visions, overcome obstacles, and, above all, succeed. We offer transparency and efficiency and we are committed to always acting only in your interest.
Our experience in obtaining online and offline gambling licenses differentiates us from the competition. We cover all your needs, from the incorporation of the gambling company to the creation of fiscal and compliance structures, to obtaining the gambling license.
We invite you to schedule a consultation with us. We like to communicate with our customers, troubleshoot their problems, and offer solutions. We invite you to contact us today to discuss this with one of our agents. Let us help you take your business to the next level.