Once synonymous with suits and ties, casino halls and flashing neon signs, the gambling and betting industries have been transformed over the past decade. Technology has been at the heart of this revolution, helping attract new customers and increase security. Here, we look at how.
The first forms of gambling can be traced back to around 100 AD, when evidence has been found of people rolling dice and playing cards. While bricks and mortar casinos and bookmakers were once the places to gamble or bet, now punters can carry their favorite game or app on their smartphone, allowing them to bet from (almost) anywhere in the world. Now, with almost 80% of Americans owning smartphones according to USA Today, this trend has opened up the betting industry to the mass-market, providing more people with access than ever before. With the increased convenience this provides, it may not be long until we see smartphone apps completely replace high street bookmakers and casinos.
In addition to this, thanks to increased competition in the market due to a rapid increase in the number of providers, we’ve seen many bookies offer low-cost barriers to entry; further fueling an acceleration in market size. In the sports betting market in particular, we’ve seen free bets and deposit bonuses become commonplace, as bookies provide customers with a chance to try out their platform in the hope of winning their business. This has also led to the rise of bookmaking comparison services such as Oddschecker, where people can compare offers from providers to find deals and operators that suit them before they invest.
In addition to increasing accessibility and consumer choice, improving the security of online transactions has also helped to revolutionize the industry, with high-end encryption and greater industry regulation providing customers with peace of mind.
New hardware and software systems help to guarantee the security of transactions, as they offer multiple levels of verification as part of the process. This includes useful features such as one-time password confirmation, where transactions can only be authorized on the payment gateway when a code sent to an email address or a phone number is added, in addition to the corresponding bank details.
The Future of Online Gambling
Looking to the future, man market analysts consider virtual reality to be the next big thing, with CNBC predicting the VR market will grow 800% by 2021. Set to be a household item in years to come, VR headsets will transform the way that we gamble, bringing the casino or game to our living room. However, further diversification in the games we play isn’t the only improvement coming to the industry, as others predict that blockchain technology will be used to further improve the security of online providers. Technology may have revolutionized the gambling industry, but with these two big developments still on the horizon, it appears as though it isn’t done revolutionizing just yet.