While there are a number of growth markets that have thrived in the digital age, few are as prosperous as the online gambling industry. This sector, which now accounts for 33% of the gambling industry as a whole, generated a gross yield of £4.5 billion while driving the expansion of both established and independent brands.
Make no mistake; technological advancement is at the heart of this growth, particularly when you consider how this has enhanced the accessibility, security and overall potential of the platform.
In this article, we will address how technological advancement is continuing to drive growth in the online gambling sector, and look ahead towards a bright and lucrative future.
1. Technology Has Created a Safer Online Gambling Experience
Thanks to the amount of money now gambled online, operators have worked hard to guarantee the safety of their websites. This is best reflected by the level of protection now used to safeguard virtual casino platforms, with all sites required to implement 128-bit encryption in order to protect the details of any banking transactions (including deposits and withdrawals).
This the most advanced level of encryption available in the industry, while it includes the same kind of features boasted by banking and retail websites. This drives genuinely safe and secure online payments, while there are other advancements that players can capitalize to enhance the virtual gambling experience.
This is another key development in the sector, and one that has helped the industry to appeal to casual gamers across the UK.
2. Bitcoin Has Changed the Nature of Online Gambling
If you are unfamiliar with Bitcoin, you will probably be unaware that it has endured something of a checkered history since its inception in 2007. The introduction of stringent regulations and usage thresholds have helped to propel the crypto-currency into the mainstream, however, while it is continuing to revolutionize the virtual gambling sector.
Over the course of the last 18 months, a growing number of virtual casino operators have adopted Bitcoin, while even offline establishments have begun to leverage the digital currency.
This has contributed fully to the seamless and accessible nature of online gambling, as Bitcoin allows for instant transactions while it also guarantees complete user privacy and anonymity. It is also transparent and carries low transaction fees, making it a superior option to e-wallet platforms such as PayPal.
The remote nature of Bitcoin also lends itself to responsible gambling, as it enables players to keep their gambling bankroll separate from their main accounts and creates a clear cut-off in terms of gameplay.
3. VR Will Create a New Generation of Slot Games and Online Experiences
The online casino market also sits at the cutting edge of various innovations, with virtual reality (VR) providing a relevant case in point. This technology is expected to achieve a market value of $33.90 billion by the year 2022, with online casinos and virtual slots in particular likely to play a pivotal role in driving this growth.
Brands such as Slots Million have already introduced virtual slot game experiences, while other operators are expected to join in as the technology becomes more accessible and refined.
This will represent the final frontier for developers and operators in the market, who have spent years creating immersive gaming experiences which replicate those available in bricks-and-mortar casinos. So, by hosting slot titles in a three-dimensional and interactive setting, online operators will finally achieve their long-held ambition and bridge the once cavernous gap between virtual and corporeal gaming.