Top 5 Trends to Revamp the Online Gambling Industry in 2022
In recent times, the online gambling sector has demonstrated continuous growth along with technological upgrades to captivate players. The large-scale digital shift that began during the COVID-19 pandemic also gave way to the rise in the popularity of online gaming platforms. Online slot games and tables can be now accessed anywhere in the world with just a few taps.
Among other transformative changes like blockchain payments, online gambling platforms also offer themed slots and live dealer games. Moving on to 2022, the gambling industry is set to include cryptocurrencies as payment options and offer an enhanced gambling experience to customers by incorporating virtual reality and augmented reality.
Considering these trends, the market size and revenue generated by this sector will definitely soar sky-high. Let’s take a look at what’s to come.
1. Updated Regulations for Online Gambling
The rising popularity of online gambling does not come without regulations. Where there is money involved, financial crimes like money laundering and terrorist financing are bound to happen. Even though it is regulated by the same authorities like banks and financial institutions, the gambling sector does not incorporate enough measures to steer clear of money laundering. This was evident in 2021 as multiple cases of money laundering led to casinos losing large sums of money, including reports of $1 billion being laundered through Australia’s clubs annually.
In light of the ongoing situation of financial crime in the gambling sector, 2022 is expected to bring more stringent regulations to restrict such activities. With strict regulations, online gambling service providers will have to implement necessary measures to restrict illegal activities by verifying the identity of players.
2. Mobile Gambling On the Rise
Although the online gambling sector has already gained significant prominence, it seems that there’s still more to uncover. One of the major contributors to the success of the gambling industry in recent years is social and mobile gambling. With the increased usage of smartphones and tablets, online service providers are offering easily accessible slot games. Even though this strategy doesn’t directly generate revenue, paid advertisements within the games and other features do keep the business running.
Mobile gambling application developers have also ramped up their efforts to improve the experience for players and rise above their competitors. As a result, 2021 saw improved visuals to go perfectly with the astonishing screen resolutions offered by smartphone giants. Based on predictions, these enhancements in the quality of visuals will further improve in 2022, as developers aim to provide the best gambling experience and cater to the increasing demands of players.
Smartwatch-based Apps for Gambling
As if laptops and smartphones were not providing enough convenience to players, gambling services are now being incorporated into smartwatches. In 2022, a new trend of gambling through smartwatches, or wearable technology, will be seen transforming the way iGaming works.
With gaming providers like Microgaming and Playtech offering gambling applications for smartwatches, the industry is set to undergo massive growth. As gambling service providers strive to provide players with the most convenient option of smartwatch-compatible games, developers are expected to develop optimized software to ensure fast and efficient gambling activities.
3. Cryptocurrency as a Payment Method
Cryptocurrency has been used in bitcoin casinos for quite some time now, but 2022 is expected to see mass adoption of virtual currencies as more and more online betting platforms have begun to realize the advantages it brings. Gambling service providers will prefer the higher level of anonymity and transparency offered by cryptocurrency to secure the transactions of their customers. Experts predict that cryptocurrency will eventually replace the traditional payment methods as they significantly reduce the risks of identity fraud and establish trust among the players.
Processing transactions using Bitcoin, Ethereum, and other such digital currencies is expected to be faster and more convenient for service providers as well as the players. For instance, using credit cards for online gambling puts players at risk of revealing their banking information to cybercriminals. On the other hand, crypto payments will not require entering any banking details, hence securing players from becoming victims of data breaches. Moreover, there are no human entities involved in cryptocurrency as it is decentralized, which means issues like account freezing will not remain.
Ease of Access
For players that reside in countries where gambling is still illegal, the regulation of cryptocurrency as a payment method and the use of blockchain technology will prove to be fruitful. The use of digital currencies will allow anonymity in transactions and betting, enabling gambling operators to provide services to a larger number of players without the fear of getting detected.
In addition to crypto, anti-spyware and ad-blockers create an easily accessible environment for online gambling. On the positive side, this will mean good business for online casinos. However, the anonymity provided by cryptocurrency payments and anti-spyware may as well lead to an increase in financial crimes. In such cases, Shufti’s anti-money laundering solution proves to be useful, as it screens individuals against global watchlists to determine whether they are legitimate players, and ensures a secure gambling experience.
4. Virtual Reality in Online Gambling
Virtual reality (VR) may not be a new concept in itself but has proven to be a game-changer in the online gambling industry. Enhanced technology being used in virtual reality applications is now creating a much more interactive online gambling experience for players. With an increasing number of VR devices being readily available in the market, gambling service providers capitalize on this technology as it appeals to players.
Virtual reality creates a realistic gambling environment to make players feel that they are playing at a real casino even though they are actually playing from the comfort of their homes. Gambling service providers such as NetEnt, Microgaming, and NextGen have already begun to offer VR-based gambling.
Along with the advances in VR technology, the online gambling sector will also be improved with the use of artificial intelligence (AI). AI not only assists gambling service providers with enhanced data analytics and trend-based customer service but also ensures security by detecting fraudulent transactions. Shufti’s AI-driven identity verification solution works in a similar way to detect fake online players and protects gambling platforms from fraud.
5. Regulations for Protecting Minors
According to the Gambling Commission, 450,000 children aged 11 to 16 regularly access gambling platforms. This alarming number and various other cases of children accessing age-restricted content have led regulatory bodies around the globe to devise new regulations to restrict such activity.
Last month, the UK Government stated that it plans to introduce new age verification laws to protect children from adult content. The statements by the children’s commissioner implied that online gambling platforms and providers of other age-restricted services must incorporate robust age verification solutions that eliminate the chances for children to access such websites.
Key Takeaways
In the last two decades, the online gaming sector has seen prominent advancements in terms of technology as well as market value. However, money laundering cases and compliance penalties on casinos have also been on the rise. Considering the trends for 2022, it’s obvious that the increasing popularity and convenience of online gambling will attract not only legitimate players but also money launderers. In order to counter financial crime in online gaming platforms, fraud prevention measures are becoming increasingly significant.
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