As the millennial generation increasingly becomes the dominant force in today’s global economy, more and more businesses are embracing digital transformation to meet the demands of this digitally savvy demographic. The gambling industry has embraced new technologies to meet the demands of this digitally-oriented audience, introducing new online gaming options that offer an improved customer experience.
According to the American Gaming Association, online gambling is growing in popularity. The Association found that 48 percent of payers prefer online gambling for the convenience of being able to play anytime, anywhere; while 24 percent choose it for the comfort of playing at home or through the convenience of a mobile device. Six percent indicated they prefer online gambling because it allows them to remain anonymous.
For all player groups, online gaming presents a tremendous opportunity for the industry. A recent industry report projects that the online gambling and betting market will reach nearly $95 billion globally by 2024, growing at a CAGR of approximately 11 percent.
Challenges of Managing a Complex Technology Ecosystem at the POS
Whether online or in a physical location, one of the critical challenges the industry faces is effectively managing a complex technology ecosystem at the point of sale. Consumers expect casinos and online gaming sites to offer a broad range of payment options providing frictionless commerce across all channels and devices. At the same time, industry stakeholders need payment processing solutions that help reduce the cost of acceptance and optimize interchange pricing.
In delivering a superior customer experience, data is also playing an increasingly important role. More and more industry players are looking to leverage analytics in order to track customer behavior and create personalized offers delivered in real-time when they are most relevant.
Players and companies alike are mindful of security and fraud prevention. Casinos and online gaming sites are beginning to avail themselves of state-of-the-art encryption and tokenization technologies that safeguard sensitive customer card-payment data throughout the entire transaction.
A Limitless Future of Innovation for the Gambling Industry
As the industry transforms, new forms of technology are promising to change the gaming experience itself. Just a few of these innovations include:
- Augmented Reality – This advanced, highly-personal technology allows players to become completely immersed in the thrills of the casino experience. They can interact with real people and live dealers in the virtual environment – all while remaining in the comfort of their own homes.
- Virtual Reality – Similar to Augmented Reality, this technology allows players to enter a completely virtual gambling environment. Real-time graphics create a completely immersive 360-degree experience that enables players to gamble virtually any place in the world, yet do so without leaving their living room couch.
- Mobile Gambling – As mobile devices become nearly ubiquitous, online gambling through smartphones is bringing greater convenience to gamblers who can now play anywhere, whether it’s riding a train to work or while watching TV.
- Artificial Intelligence (AI) – The gambling industry is coming to recognize the power of AI and machine learning, allowing businesses to leverage the mountains of data available to create better in-game user experiences and greater real-time personalization for customers.
- Blockchain and Cryptocurrencies – The introduction of blockchain technologies and cryptocurrencies to the gambling industry are allowing players to make fast and secure transactions that don’t reveal any personal or bank details. Casino operators also benefit because of the secure nature of these transactions.
These transformative changes are creating a very bright future for the industry and a bet well worth taking.