7 Innovations and Trends in the Online Gambling Industry
The land-based casino industry has been significantly impacted in 2020 due to the COVID-19 pandemic that resulted in a complete shutdown. While land-based casinos worldwide suffered because of the pandemic, online casino operators have profited significantly as they reported a significant spike in iGaming traffic.
UK iGaming operators who have been open to embrace the latest technology and innovate with their offerings had an edge over the competition as they were better prepared to serve and engage with their growing customer base.
Guest author Jordan Carry who is an expert in the iGaming market shared 7 key casino innovations and trends that online casino operators must adapt to be relevant in a post COVID-19 world. To find out more about Jordan Carry click here.
Mobile Tech
Online casino operators no longer have a choice when it comes to a mobile casino. The rapid growth of the smartphone market has given iGaming operators the opportunity to turn smartphones and tablets into mobile casinos.
Any UK online casino operator that does not have a mobile casino offering is losing out big time because there has been a distinct shift in recent years from online gaming to mobile gaming. Most of the big operwith both iOS and Android devices.
Smaller casino operators do not have dedicated mobile apps but use HTML5 technology to ensure that their online casinos are compatible with all mobile platforms. Casino operators will have to invest in mobile casino innovation to ensure that they upgrade their mobile offerings to keep players engaged.
Crypto Cover
The growth of the global crypto market has forced many iGaming operators to add cryptocurrencies to their list of banking options. In the past, most online casino sites would only offer bitcoin as a cryptocurrency.
Bitcoin is the most popular cryptocurrency in the world but players from around the world use multiple cryptocurrencies. As a result, a number of online casinos have slowly added other cryptocurrencies to their offerings. Today, you will find a lot of casinos have bitcoin, litecoin, dogecoin, Etherum, ripple and bitcoin cash as part of the crypto offerings.
Going forward expect online casinos that restricted themselves to bitcoin to embrace gambling innovation and expand their crypto offerings. Also, expect iGaming operators to push for a Curacao gambling license as this license allows them to offer cryptocurrencies as a banking option.
Multi-vendor Offerings
A number of single-vendor online casinos have experienced success in the past. However, they are going to quickly fade out of style as most UK players prefer to sign up at online casinos that have a multi-vendor offerings.
Online casinos that are solely powered by Microgaming, Playtech and Real Time Gaming (RTG) will either have to be content with their existing player database or get rid of the single-vendor model and add new gaming developers to their portfolio.
These single vendor online casinos usually have an average of 200 to 300 online casino games which are no longer impressive to the average casino player. Multi-vendor casinos on the other hand tend to have an industry average of 800 plus online casino games. The verdict is simple – embrace the new gambling trend of multi-vendor games or die a slow death.
Data Analytics
iGaming operators that really want to take their revenues to the next level will have to invest in data analytics. They will also have to invest in hiring individuals who are well versed with data analytics as it is not only important for operators to collect essential data on their players but to use that data effectively to create better customer engagement which leads to customer loyalty in the UK.
The investment into data analytics will require using the latest technology and the willingness to take risks and test out new gaming innovation and software that will provide better insights into customer behaviour and spending.
Transparency
A lot of online casinos in the past have preferred to not share essential information with players such as licensing details, ownership and operation info and more. In the past, a number of players would overlook these details and sign-up at these casinos.
Players are no longer as trusting as before and if an online casino is not being transparent with essential information, most players are willing to overlook this casino and go in search of another casino that is more transparent with their dealings. This the current industry trend which has come about because the average player is better equipped to spot rogue casinos.
iGaming operators will not only need to disclose essential information but also ensure that all of this information is clearly visible and easily accessible from the homepage.
Virtual Reality
iGaming operators will have to invest in virtual reality (VR) soon rather than later. VR technology at the moment is incredibly expensive making and only the top iGaming operators are able to pump funds into VR technology and use it to their advantage.
Smaller casino operators will need to start budgeting for VR innovation and keep their eyes open for new VR technology that is more in line with their budgets. The number of UK players looking for VR games is going to scale significantly in the coming months and gaming sites that have VR offerings will have no problems attracting these players.
Special Perks
iGaming operators in the UK for a long time had the freedom to lure new players with attractive welcome bonus offers and offer special perks to existing players to keep them engaged.
The UK Gambling Commission (UKGC) has come down hard on these special offers in recent times and has restricted iGaming operators from enticing players with these special perks.
iGaming operators will have to think out of the box to come up with ways to continue to incentivize both new and old players with special offerings without breaching gambling laws or getting in trouble with the watchdog. UK gaming operators who can do this successfully will definitely be able to grab a bigger percentage of the UK market share.
Conclusion
If you are in a decision making position and work at an iGaming firm, these are some of the areas you need to embrace to take your online casino offerings to the next level. If you are a UK player and reading this article, these are the features you need to watch out for when selecting an online casino to play at.
