Place your bets on the trends set to transform online gambling
According to data from Statista , the global online gambling sector was valued at $66.7 billion in 2020. By 2023, this figure is forecast to reach $92.9 billion. If gambling companies are to capitalise on this growth and capture more of the market, they need to make sure their products speak to emerging online gambling trends.
However, working out which trends are genuine is hard. A quick search online may lead you to believe that novel technologies like VR and blockchain are set to transform the industry within months. While their potential is undeniable, the real picture is much more nuanced. What’s more, by believing that trends need to be glamorous, novel or high-tech, many summaries overlook the more ordinary trends that really matter. Safer gambling may not sound as exciting as crypto, but it’s infinitely more relevant and pressing.
To assess which online gambling trends could realistically take hold in 2022 and work out which really matter for online casinos and sportsbooks, Applause hosted a webinar with two experts from the industry : Philippe Joos, Head of Product at Napoleon Games & Casino, and Dave Pilgrim, Sr: . Product Manager at Sky Betting & Gaming. Here are some of their perspectives alongside Applause’s own observations from years working with the world’s largest gambling companies. 1. Cryptocurrencies
Cryptocurrencies such as Bitcoin, Etherum and Dogecoin have the potential to supplement classic currencies and even potentially replace them in certain instances. However, online operators should keep a few things in mind before offering cryptocurrency payments to customers.
A core promise of cryptocurrencies is anonymity: crypto transactions are untraceable (or at least very difficult to trace), making them ideal for users wanting to stay hidden online. While this represents a step toward greater data protection, it is a step in the wrong direction for online gambling. Know your customer (KYC) obligations mean that online casinos and sportsbooks are required to collect certain information about customers both to protect them and prevent corruption. This requirement stands at odds with the anonymity provided by cryptocurrencies.
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