Innovation in the Online Casino Industry

Innovation in the Online Casino Industry

In early August 2023, news broke via the New Jersey Division of Gaming Enforcement that the Garden State had raked in $155 million in online casino revenue for July, representing a 3.95% jump from June and a 13.5% boost year-on-year. Hence, this sector is attracting more and more attention State-wise as Internet gaming cash keeps flowing in, and the number of European-based providers who enter the North American market keeps growing.

It is a fact that this is a booming sphere that has been on an upward trajectory since its inception. Today, per recent AGA (American Gaming Association) data, the US saw a 22.5% increase in Q2 2023 online casino revenues, and according to a new ResearchAndMarkets.com report, the Web gambling landscape should grow by 11.7% in the next seven years, reaching $153 billion in revenues by 2030.

As this industry swells, new things/elements get introduced in it. And in this article, we cover five that have made significant waves in the past few years and have aided it to keep expanding at an unpreceded rate.

Contents

Crypto Staking Opportunities

Online gambling was one of the first business fields that adopted virtual money. It did so a year after the appearance of the world’s initial crypto exchange in 2011. Hence, in 2012, casinos that permit crypto as a banking method debuted on the scene, and two years later, Curacao’s licensors began approving and monitoring these sites. They are all the rage nowadays, with established brands moving to accept cryptocurrency payments in droves.

However, dedicated crypto casinos, meaning those that do not allow fiat payments stand out from their traditional counterparts by offering various enticing features that seek to lure tech-savvy individuals to their hubs. One such example is staking, a term referring to casino users locking portions of their balance funds in exchange for dividends or passive income from the profits their operator produces for set periods.

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The Introduction of Gamification Elements

What is gamification? It is an implementation of video game-like concepts in other areas. In online gambling, gamification encourages engagement through competitions featuring leaderboards and point accumulation that proves loyalty and leads to on-site benefits. Lastly, mention the incorporation of community/multiplayer elements.

In online casinos, gamification has mostly found a home in VIP programs, in frequent player schemes that include multiple tiers supplying rewards such as level-up bonuses, cashback, Rakeback, free spins, and more. Note that crypto casinos also lead the way here.

New Focus on Live Dealer Casinos for Mobile Platforms

While many may think that live dealer games are a relatively new invention, that needs to be more accurate. The famed gaming genre has been around for two decades, but it got mainstream attention in the past five years or so. That is primarily so because mobile technology and internet penetration have finally hit such a point that virtually anyone can play these games from anywhere. That availability has pushed operators to heavily market this product category and has caused Evolution to become the most powerful gaming supplier ever.

Founded in 1999, Evolution got formed under the name Investment plc. Recently, this entity has been buying out competitive providers like Red Tiger Gaming and NetEnt. In the last year, Evolution Group AB reported $1.66 billion in revenue, showing a 32% yearly growth. So, this game category is on fire, so try out a live dealer mobile casino as quickly as you can to see what all the buzz is about.

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eSports Betting

Along with online casino gambling, eSports is also booming, predicted to snag $516 million in revenue in the US alone. Globally, the market should attain a high of $1.38 billion, and part of that growth partly gets owed to gaming sites, which have begun following a practice of opening up adjacent sportsbooks that focus on eSports betting, supplying live streams to video game competitions, and even allowing betting using digital items. For example, CS:GO skins.

No-Registration Casinos

To deliver an even higher level of convenience, the online gambling sector began experimenting with no-registration casinos or instant-play websites some years back. These are platforms available in Scandinavia, pioneered thanks to technology developed by the Trustly group. The latter’s open banking system allows operators to take out player info from their bank accounts with no personal data requirement upon account creation because that happens automatically in the background. That means interested parties who use this deposit method can register with their electronic identifier and immediately get access to games of chance for real money.

FAQs

Why Is the Online Casino Sector Growing Exponentially?

That is chiefly due to laxer online gambling regulation worldwide. Plus, growing rates of internet penetration and smartphone adoption.

Are Cryptos an Essential Part of the Industry’s Rise?

No, but they have catalyzed bringing Millennials and Gen Z members to this pastime.

What Are Off-Shore Platforms?

These are Internet gaming hubs regulated by mainly government bodies from South America and the Caribbean that supply licenses to operators that let them accept users from dozens of countries.

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Final Thought

Online casinos keep evolving, and metaverse venues, like those operating in the Decentraland and Sandbox virtual worlds, are the next wave of the Internet gaming revolution since these digital establishments bring previously unimaginable levels of interactivity.