Gambling is one of the numerous tech-independent industries that have benefited from modern-day technological advancements. Thanks to technology development, innovations and latest online casino & betting regulations the industry has seen rapid growth in the last decade or so, and you can bet that the development will not stagnate any time soon. With growth, comes several trends and changes, which are shaping up the future of online casino and betting.
Estimated to have a total revenue of $4.4bn in the United States, the gaming market has been on the rise, and it is expected to rise even more with new forms of gambling coming to the fore. In the UK, the numbers are even better with the UK total gross gambling yield estimated to be almost £15bn. Gambling in Canada is just as successful, as an online gambling market worth more than $15 billion. These numbers point towards increased gambling activity, favorable gambling legislation and conducive market operating conditions for casinos and bookmakers.
So, what are some of the modern trends in Casinos and the Betting World? How have policies and betting regulations changed to match these new trends in the world of betting online? Are these regulations affecting just internet gambling casinos or land-based casinos as well?
Trends in Online Casino and iGaming in 2019
1. Virtual Reality Gambling
Virtual Reality (VR) and Augmented Reality (AR) have come to the fore in the world of online gaming and gambling in the last five years or so. VR and AR are giving the player a chance to immerse in the game, and the atmosphere is almost real.
Virtual Reality enhances the user experience in these online casinos and makes gamers want to spend more time playing. Although VR/AR require advanced platforms, casinos and online bookmakers have tried their level best to integrate this technology, and the results are more than positive.
2. Live Dealers
Servicing tables by live dealers isn’t a trend that started in 2019, but advances in technology have made the live dealing even more real, and the atmosphere is almost palpable. Thanks to technology, the graphics are better, and this improves the experience at the tables.
The live dealers are friendly, which makes the tables more vibrant. As a result, gamers want to stick around for longer. Live dealing might not be a new trend, but it will be around for long.
3. Cryptocurrency Usage
With its promise of transparency, security, anonymity, and fast transactions, Blockchain has found a home in casinos. The uptake of cryptocurrencies in casinos and betting platforms has been rapid and is shaping up the way people will gamble and bet in the future.
The number of casinos and online bookmakers accepting the digital currency is increasing daily globally. The cryptocurrencies are thriving in casinos, and this trend will stick around for quite some time.
4. Mobile Betting
A lot of gamblers and online gamers prefer to do their betting on mobile devices. This is why the revenues from mobile devices recently surpassed that earned from computer gaming. Mobile phones are a big part of our daily lives, and this explains why this trend has gained so much traction in the last decade.
In a bid to improve the user experience, online casinos and bookmakers have invested in better, responsive platforms, which make the gaming both enjoyable and seamless.
5. Brand Slots
The world of casinos and online gambling never loses touch with the current affairs and trends in the modern world. Casinos always look to ride the wave by hopping onto trending matters and incorporating them into their daily operations to attract more players.
A good example is the branding of slot machines using famous movies and trending television shows. Casinos understand the emotional appeal of the characters in these shows and movies and use them to attract players.
With the evolution of online casinos and gaming, comes a need to update rules, regulations and policy changes to protect both the casinos and players. Here are the reasons why the existing laws and regulations need to be updated.
Why Casino and Gambling Laws And Regulations Are Updated
Protect Against Addiction
All the trends in online casinos and bookmakers mentioned above are meant to improve the user experience and make one play the games for as long as possible. The VR, Live Dealers, Branded Slots, and Mobile Betting are all meant to keep one glued to their screens betting for as long as possible.
Therefore, there is a need to update the laws and regulations to control the amount of time a player can actively play to avoid the risk of addiction. Federal and state governments all over the world exercise jurisdiction over casinos and the gambling industry at large, and outline laws, which will mitigate the effects of gambling addiction.
Prevent Against Money Laundering
With anonymous payment methods such as cryptocurrencies, it is easy for people to launder money and engage in fraudulent activities through casinos. It is therefore imperative to update the regulations and laws to prevent people from taking part in such activities.
Protect Casinos and Bookmakers
The legislation isn’t meant to protect just the players. Governments care about casinos and bookmakers equally as they are a source of revenue and employment. Governments, therefore, update the existing rules to protect the casinos and bookmakers from criminals and fraudulent people who might look for a chance to take advantage of loopholes in their systems.
The regulatory changes help eradicate the grey area in most forms of gambling like online poker and the lottery where money laundering criminals exploit to conceal their criminal activity.
Protect the Privacy of Players
Trends in Online Casino And Betting Regulations
The patterns in online and casino betting regulations vary from one region to another. Since there is no universal rule of law governing gambling activities, federal and state governments are obligated to re-regulate the industries and come up with legislation to keep up with the gambling trends in their respective countries. Here are some of the notable trends in online casino and betting regulations.
Regulations on Blockchain Technology
The use of cryptocurrencies has been very disruptive and popular in the world of gambling. So much so, that Governments are being forced to come up with laws to regulate the adoption of Blockchain and its general usage in the gambling world.
Since Blockchain as a whole remains unexplored and is semi-regulated with several issues, governments are having to tread carefully on the matter when coming up with laws so that they can help Casinos increase customer engagement and retain them without exposing the customers to exploitation by the same houses.
In Europe, President Putin ordered crypto regulation by July 2019, to increase its adoption and usage in markets such as gambling. In the US, online gambling regulations are a mess, and Congress is yet to come up with a conclusive stance on the entire gambling issue. The introduction of cryptocurrencies throws a spanner in the works.
Due to heightened demand though, Cryptocurrency usage in gambling in the USA has seen a few changes and some states have updated laws to accommodate the changes.
Innovative Regulations to Govern Virtual Reality Gambling
Virtual Reality brings home a more vibrant and more engaging experience to the customers which explains its popularity across online casinos in the world. Therefore, there is a need to regulate its usage and come up with laws which will control its usage.
Although the laws surrounding the usage of VR and AR are still very gimmicky, we have seen creative regulations like the introduction of clocks in virtual betting rooms to remind gamers of the amount of time they have spent gambling.
Stringent Measures Protecting Esports Betting
The other trend coming to the fore is the regulation of esports betting. Esports have risen to prominence in the last five years with games like Call of Duty, StarCraft, and Fifa taking the lion’s share of the online players playing these games. These games have grown so much that people are willing to wager on them.
Since such games remain mostly unregulated, chances of games getting fixed and manipulation of results can be very high. Governing bodies and regulatory bodies are looking for means to develop protocols to control gambling on such games. One of the measures has been partnering with Esports Integrity Coalition which acts as a watchdog for all esports events. It reports on any suspicious activity and tracks wire movement to ensure the integrity of esports as a whole.
Regulations Seeking Legalization of Online Gambling
Nowadays, we see new regulations in some countries, which are seeking to legalize betting and eliminate cases of illegal gaming in some countries. The fight for the legalization of gambling is not a reserve for the United States, other countries are in business trying to set up systems to legalize gambling activity. In India for instance, gambling laws are seeing a large paradigm shift with the government looking to work with operators to make approved betting legal in the market.
Brace Yourself for the Inevitable Disruption of the Betting Industry
Be it Cryptocurrency, Bingo or Augmented Reality, the betting and online gambling populace should brace itself for quite riotous changes in the coming few years. As new trends emerge, there is a need to develop laws, regulations, and policies that will help revolutionize online casinos and bookmakers way of operation.
The disruption of the betting industry through the introduction of new measures and regulations is meant to make betting both an enjoyable and safe legal activity. Therefore, casinos, bookmakers and players alike, should keep themselves updated on the trends in betting regulations to avoid getting on the wrong side of the law.