Technological Boom’s Impact on Online Casino Industry
The days of brick-and-mortar online casinos are coming to an end and quickly being replaced by digital platforms. Thanks to the internet and other technological infrastructure upon which online casinos are built in the first place.
However, besides being responsible for online casinos’ existence, technological growth has also made them famous and all the more exciting. If you just began your online betting journey, you can check out the Casino HEX SA review to see what a modern, technology-driven casino has to offer.
Continue reading to discover how well the technological boom impacted the online casino industry?
Unprecedented Growth of Online Casino
One of the most profound impacts the technological boom has had over the online casino industry has caused it to grow at an unprecedented rate.
The global online casino industry grew from $64.13 billion in 2020 to 72.02 billion in 2021. This is at a compound annual growth rate of 12.3%.
But it doesn’t stop there. Experts believe that the industry will be valued at $122 billion before the end of 2025, at a CAGR of 12%.
This unprecedented growth can be credited to the mobile phone boom, as well as the 2020’s work-from-home mandate, which saw many people spend more time on their smartphones and laptops than ever before.
Knowing fully well that people are now spending more time on their phones, online casinos are more dedicated to developing mobile-friendly websites so that their customers can have a better mobile experience while gambling.
This makes sense because the more seamless it is to access an online casino via mobile, the more gamblers will be prompted to visit their websites to gamble.
Gave Birth Live Casino Betting
Another vast impact technological development has had on the online casino industry is live casino betting.
At the time online casinos came to prominence, they could only be accessed via laptops and PC. Fast forward many years later, and gamblers can enjoy online gambling via their Android or iOS devices.
But that is not all. The advent of the 4G and 5G networks has ushered in live casinos that give online players almost the same experience as playing on a real casino floor.
Ultrafast network speed coupled with Augmented Reality and Virtual Reality technology has taken live casino gaming to a whole new level of fun as they provide the very best immersive experience. All of these are from the comfort of the players’ homes.
More mind-blowing is that with these technologies, gamblers can play casino games like poker, blackjack, and slots using their mobile devices and AR/VR glasses and feel like they are living in a real casino.
The casino sound effects and interaction with other players and dealers make the experience even more thrilling for the gambler.
Better Customer Support Via Chatbots
During the early days of online gambling, one of the biggest challenges that operators faced was keeping up with their customers’ constant complaints and inquiries and attending to them on time.
Since online gambling technology was new then, it is no surprise that customer support was a real headache.
However, the advancements in technology allowed online casino operators to offer their customers better customer support, thanks to the development of several support channels.
From auto email responses to a 24/7 call center, technological growth has made it easy for online casinos to attend to their customers’ needs quickly.
To step it up a notch, prominent online casinos now use chatbots to attend to customers’ inquiries. This has brought an end to the days customers need to wait long hours before their query is resolved as the bots respond instantly to questions and offer solutions to customer complaints where relevant.
You can even get chatbots to connect you to human support. That is in rare cases where the complaint is beyond what a chatbot can resolve.
This quick response saves time and saves the customer some money by way of phone call charges.
Better Payment Getaways
Anyone who is just being introduced to the world of online gambling will assume that all the current payment methods existing today have always been there. But that is far from the truth.
There was a time in the history of online casinos when credit cards and bank transfers were the only ways you could transact. And while credit card deposits were still convenient, bank transfers used to take weeks for monies to be credited!
That is outrageous compared to how easy it is to transact with an online casino today.
New advancements in banking technology have made bank transfers faster, while more transaction portals like e-wallets are now available.
To make things easier, many online casinos now accept transactions in digital currencies like Bitcoin and other altcoins like Ethereum, which are anonymous and attract minor charges.
Now, you can fund your online casino account or withdraw your winnings with just a few clicks. Just a few things you need to do are take your smartphone, punch in some details, and the transaction will be executed at the speed of light.
Promotes Responsible Gambling
Gambling can become a real problem for those who cannot control the habit, as we have heard numerous stories of how individuals have gambled themselves into unimaginable debt.
But thanks to the study and development of summary data science, high-risk online gambling behaviors, and patterns can now be easily identified and curbed by using tools like the self-exclusion feature, which most online casinos now have.
For those who don’t know, data science simply means the analysis of vast volumes of data to arrive at informative results. In this case, players’ gambling habits and how frequently they play.
Final Words
The online casino industry wouldn’t be where it is today if not for technological advancements in the areas of live gameplay experience, customer support, and ease of transaction.
Who knows what technologies will be available soon and how much more they will impact the online casino industry?
We just have to wait and see!
