The value of the online gaming sector was around $66.7 billion in the year 2020, and it is expected to go up to $92.9 billion by 2023. But for this, the online betting companies must up their games and make sure that their products can meet the customers’ ever-increasing demands.
However, it is quite difficult for the companies to work out which of these trends are real and will make an impact. While many believe that these trends need to be novel, high-tech or glamorous, the companies mustn’t miss out on the standard trends that matter. For example, while trends like cryptos may sound more exciting, the safer gambling environment is more relevant and pressing.
There have been surveys to access the gambling trends that could take hold in 2022, and here are the results of the surveys:
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Cryptocurrencies
It is possible that cryptos like Dogecoin, Bitcoin and Ethereum might supplement the traditional currencies and, in some cases, even replace them. But there are a few things that online casino operators should keep in mind before they offer the cryptocurrency payment option to their customers.
Anonymity is one of the core principles of cryptocurrencies, which means that transactions made using cryptos are almost untraceable. This makes it the correct mode of payment for players who want to remain anonymous online. Although this provides a step forward in data protection, it is also wrong in betting. There are KYC obligations in these websites to collect some information from the customers to be protected and prevent corruption.
Yes, cryptocurrencies are becoming increasingly popular, but they are yet to become mainstream. As of now, it won’t be economically viable for casino websites to add cryptocurrencies as their mode of payment because cryptos are still not legal in many countries.
Augmented and Virtual Reality
A few years back, most players were happy about the fact that live casino platforms existed. However, with increasing expectations from the digital experience, the websites and apps had to step up to it.
The announcement of creating a Metaverse by social media giant Facebook has also pushed VR/AR into the spotlight. This has also forced many websites to offer VR features like gesture imitation, live interactions and 3D avatars.
However, there is one problem with this trend: customers need to upgrade to expensive headsets to experience VR/AR features. These headsets are not everyone’s cup of tea as they are super expensive. Hence, the VR/AR trend seems to be slow-burning in the world of online gambling.
Esports betting
Betting on esports like Fifa and Dota was a game-changer for online casino websites. It has become one of the major betting trends in the last couple of years, mainly because of data-driven customer experiences, accurate betting and more chances of in-game betting.
Although esports gaming was a massive success last year, many experts are sceptical about the growth of esports betting this year. Betting on esports games like FIFA saw huge participation, especially during the pandemic, but a more recent game Dota 2, couldn’t attract many players to bet on it. Because of this reason, experts think that esports betting was just a passing trend and has no future whatsoever.
Wearables
Smartwatches seem to be the new favourite gadget, not just for the millennials but for people from different walks of life. They serve various purposes like fitness tracking, health and sleep monitoring, messaging and even gaming. Therefore, it isn’t surprising that these new products are also getting used for betting games.
These smartwatches are closer and more accessible than a mobile phone or laptop, favouring live casinos. This is because a smartwatch is more in people’s awareness which will unconsciously allow people to play casino games on a whim.
However, online betting apps on a wearable is still considered a niche product as it is likely that players will use these apps on their mobile phones or laptops. Also, these wearables differ in size, shape and features depending on their brand, making it difficult for companies to integrate their product.
Micro Betting
Sports betting revolves around big wins and major outcomes. In sports betting, you generally place your bets on the winner of a particular match or tournament. However, this kind of sports betting is slowly losing its hold on the casino community as micro bets on the small in-play circumstances like the player to hit the next six or take the next wicket etc.
Players have the chance of placing their bets on multiple events in the same match, which also increases their winning odds. But it becomes humanly impossible for the operators to keep a tab on the different kinds of bets manually. To tackle this problem, most online gaming companies are using AI to calculate and distribute the results of these micro bets.
Better Applications
This is one of the most important yet ignored trends in live casinos. The app’s quality is one of the major parameters used by the users in deciding their favourite platform for playing.
According to the experts, the app’s localisation is a major area to get it right. Just because the application did well in one market, it doesn’t necessarily mean that it will succeed elsewhere. If your application is catering to an international audience, mere translation isn’t enough, and you need to adapt to the local preferences.
Safer Betting Environments
With the increasing need for a safer environment for live betting, more and more operators are incorporating safer betting practices in all the stages of their application development. Instead of waiting for the new laws and then again rectifying their products, the betting operators are focusing more on building 100% safe and secured apps with SSL encryptions.
Times are changing, and just box-ticking no longer serves the purpose of making betting safe. It is high time that operators are aware of their roles and responsibilities in providing a safe environment, exceeding legal requirements. However, slowly but surely, more and more websites promote responsible gaming.
Once these trends start emerging in the online betting market, the operators need to evolve accordingly to stay relevant. They need to access these trends in their online gaming websites and applications to make perfect sense to the consumers.
FAQs:
Yes, just like everything else, there are new trends on online betting now and then. With the emergence of new ideas and technologies, it is obvious that news trends in live casinos will keep changing as time passes.
Well, there isn’t a right way to perfectly guess what online betting trends might become popular this year. However, according to research and expert opinions, cryptocurrencies, wearables, safer betting environments, esports, and micro betting are some of the trends that may become extremely popular.