The innovation playground: How is gambling affecting the digital economy?

Driven by high competition and even higher demand, online casinos and sportsbooks have to stay on the cutting edge of innovation if they want to stay in business at all. And just as new technologies adapt to iGaming, the industry in turn influences the direction that innovation takes. In his latest analysis, Dmytro Kryvorchuk, Sales Team Lead at Slotegrator outlines a few examples.

Besides IT and a few others, iGaming is considered one of the most technologically advanced industries, especially when it comes to the sheer speed of innovation. Analysts at the European Gaming and Betting Association say that about 34% of revenues from all games in the world will come from online gambling by 2025. This means that the market will grow and develop at a fairly dynamic pace — bringing advances in technology along with it.

The impact of iGaming on the tech sector comes from the industry’s constant need for new solutions. With an emphasis on speed and flexibility, the gambling sphere can be considered something of an experimentation zone for the potential of new technologies.   

What technology solutions are being actively used in the industry and how is this affecting the digital environment? Let's take a closer look:

• A multifunctional solution. Today’s platforms include many features: access to a user-friendly interface and affiliate network, a variety of payment methods, accessibility from any device, and a wide range of additional features. One example is Slotegrator's turnkey platform for online casinos, which was developed from scratch. Such solutions are becoming a standard of quality.
• Mobile solutions. Everything you need is now on your smartphone. If a product doesn't have a mobile version, a huge portion of clients will be lost. That's why companies try to offer the market high-end mobile solutions, like Telegram Casino.
• WOW design. Contemporary design trends are spreading rapidly in the gambling sphere. High-quality 3D graphics and animation attract not only experienced players, but new ones as well, which opens up an opportunity to interest the younger generation — i.e., the industry’s future.
• Fast, flexible solutions. Today's digital products are expected to be highly flexible and responsive to their users’ needs. For example, any modern platform should have the ability to add new elements. This is a convenient feature for the customer and a competitive advantage for businesses. In the digital environment, one-size-fits-all products have given way to flexible and easily integrated partner solutions.
• Artificial Intelligence. The use of chatbots or voice assistants is becoming an increasingly common tool for communication with audiences. These convenient options, available 24/7, help to analyze user requests in real-time and predict demand for products and services. In the gambling industry, artificial intelligence can be integrated into individual platform modules in order to efficiently collect and analyze as much data as possible for studying the interests of users in detail.
• Security guarantee. The gambling industry, like the banking sector, is striving to improve online security: systems to protect user data, fraud detection algorithms, and options to preserve the anonymity and confidentiality of user data are more and more commonplace. Online security is only becoming more important, so it’s crucial to learn lessons from the banking sector and apply them to iGaming whenever possible.
• Augmented reality. With virtual casinos popping up in the metaverse, we're finally starting to see the application of one of the most futuristic technologies available. While AR/VR casinos are by no means ubiquitous, we’re getting closer and closer to a world where players will strap on VR goggles in their living room for a quick trip to the baccarat table. With the revenue that casinos can generate, AR/VR developers will inevitably push the technology as far as it can go to make the experience as realistic as possible.
• Digital Trends. The use of blockchain technology for improving security and integrating cryptocurrencies as payment methods (for example, in the format of Bitcoin Casino) allows the industry to reach players who prize their privacy.
• A variety of payment methods. Providing a sole payment option is a dealbreaker for many audiences. The modern digital economy requires a variety of payment methods depending on users’ locations and personal preferences. The more options a casino platform — or any other business — can offer, the better, which is why Slotegrator is developing a payment system for online casinos.
• Cloud services. This is the age of Big Data, and all that data has to go somewhere. Huge amounts of data are now stored in the cloud, giving users access to products 24/7 without the risk of failure — especially important for gambling brands with users in different regions of the globe.

Thus, the impact of the gambling industry on the digital economy has three components:

• The speed of technology adaptation for digital solutions
• The development of innovative solutions to meet the needs of the industry
• The constant emergence of conditions that require new digitalization tools

The gambling industry creates perfect conditions for development and innovation. By demonstrating how solutions adapt to new situations and what opportunities they create, iGaming will continue to be among the first to apply technological innovations, creating successful case studies that are relevant not only to the industry but to the digital business market in general.

Casino brands and software suppliers can also pay close attention to feedback from customers and partners. This contact makes it possible to create new solutions that are not only relevant for users but also allow the digital space to reach new stages of development.