Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Trends in iGaming and the Future of the Online Casino Industry
May 25, 2023
Image: Freepik/vectorjuice
The iGaming industry has really taken off in the last few years, with regulations helping to increase trust and technology creating better experiences for players. In Canada, there’s now a growing number of people signing up to play at online casinos, and more people are joining each year. Thanks to sites like FatGambler, it’s easier than ever to find safe and trusted online casinos, improving options for players.
In a short space of time, the iGaming industry has changed significantly, and it continues to evolve at lightning speed thanks to new innovations, consumer trends and market opportunities. Companies that operate in the space need to stay agile and adapt to trends as they happen, or else they could be left behind. In this article, we’ll look at major iGaming trends and what the future may hold for the industry.
Crypto Gambling
Cryptocurrencies have become hugely popular in recent years, with these digital assets getting a lot of headlines due to their volatile and unique nature. While most people use crypto for trading or investing, it has other uses too, such as playing casino games.
With the popularity of cryptocurrencies growing, many online casinos have begun to accept them for deposits, and we’ve also seen a rise in the number of crypto casinos. These sites exclusively accept cryptocurrencies for deposits and withdrawals, letting users play directly with crypto.
While the regulations on crypto gambling may not be in place yet, the demand is growing quickly, and it won’t be long before it goes mainstream. Some of the biggest iGaming operators in the business are now exploring the idea of accepting crypto, seeing the potential of making payments easier and engaging with a new audience.
Mobile Gaming
Smartphones have now become the primary device that most players use to enjoy gaming online, and it’s no surprise considering how ubiquitous these devices are. In Canada, around 86% of households own at least one smartphone. Not only do these devices help us connect with others, but they also make gaming easier and more convenient.
We’ve seen all iGaming operators move to tailor their platforms to mobile users in recent years, and there’s been a growth in the number of casino apps and sites that are designed specifically for mobile devices. In addition, many game software providers have also adopted a mobile-first ethos to design.
Gaining Player Trust
Trust is hugely important for most companies, but few more so than iGaming operators. Casinos need to have the trust of players to encourage them to sign up, deposit, and play. Trust is gained through reputation and by ensuring that high standards of security are provided.
Current trends in the iGaming industry place a high importance on data security protection, especially thanks to new Canadian data privacy laws. In addition, There’s a strong focus on ensuring that players have access to responsible gambling tools and support if needed.
Metaverse Casinos
The metaverse is an idea for the evolution of the internet, creating a virtual reality space where people can interact with each other as well as learning, shopping, sharing media and playing. While virtual reality technology is still a long way off from truly reaching the mainstream as computers and smartphones have, it presents a new opportunity to connect users online.
The metaverse is a particularly interesting concept for iGaming operators, as it can help make online gaming more immersive and enjoyable, providing that much-needed social aspect to online casinos. With the metaverse and virtual reality technology, gaming providers and casino operators can introduce players to fully immersive casino gaming where their virtual avatars can visit and play with friends.
See: What Was the Rationale Behind Ontario’s Online Gaming Regulation?
This may sound like a futuristic concept, but the metaverse is already being explored by Meta (formerly Facebook) and other organizations. Many in the tech industry believe it could be the future of how we interact with each other, and it’s ripe for innovative new ideas.
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