3 New iGaming Technologies
Over the past couple of years the iGaming industry has had some exciting growth with more jurisdictions creating legal frameworks, in addition to technological advancements. This article covers 3 new iGaming technologies that will play a large role in driving the future of the industry. Continue reading to find out more about these cool technologies!
There is a reason that entire cities, such as Las Vegas and Macau, are centered around brick-and-mortar casinos – they provide a great social experience! Physical casinos offer customers a chance to enjoy good restaurants, live music, clubs, and more, rather than focusing solely on the gaming aspect. Until recently, the iGaming industry had no way of providing a satisfying social experience for their customers. One way to tell that there is a huge demand for a more interactive iGaming experience is from the huge and growing demand from players for live-casino games.
Luckily for players, technology has finally advanced to a point where iGaming providers can offer a more engaging experience.
Through metaverse applications, such as Decentraland, it is now possible to go to virtual casinos with your friends via your digital avatars. Turning iGaming from a single-player experience into a multiplayer experience is a massive quality leap for the user. Thanks to VR becoming more widespread and affordable, VR headsets also provide iGaming operators with another way to give their players a more engaging experience. VR allows operators to provide bettors with experiences that they cannot have in the real world – due to restrictions in location and the laws of physics. Wouldn’t it be cool to be able to play a game of blackjack under the sea? In fact, we believe in VR’s potential to change the iGaming sector so much that we acquired an award winning VR studio, MAMMOTH XR.
For too long online casino software and sports betting products have been built without prioritizing bettors. Two newer products such as Provably Fair wagering and advancements in live betting are finally providing players with products that are built with them at the top of mind.
Provably Fair wagering is a prime example of a bettor-centric product, as the only direct benefit is for the player (can verify the house isn’t stacked), while the operator receives indirect benefits such as an increase in trust. In the past casino games were not Provably Fair. That meant that players had to rely on 3rd party certifications to ease any concerns of playing against a stacked deck. Now more and more game providers are building their games to be Provably Fair, so that players are able to independently verify the results of the games they play, without the need for a 3rd party certifier. At Lion Gaming we are proud that all of the casino games that we develop are Provably Fair.
Another interesting bettor-centric development is the rise of live/in-play betting. Bettors are now able to wager on events as they are happening in real time, coupled with the ability to cashout their wager before the event ends. If a customer is watching a game they bet on and starts to get a bad feeling about their bet, they are able to exit the position and move on, while the sportsbook is able to limit their exposure and increase their hold by charging a higher vig on early cashouts. Great win-win!
Blockchain & cryptocurrency
Blockchain & Cryptocurrency have opened up new opportunities for iGaming. Through the use of blockchain technology, it is possible to offer users additional peacea of mind due to the aspects of on-chain wagering. On-chain wagering utilizes smart contracts to execute wagers, which provides a host of benefits due to the trustless environment that has been created. Players no longer need to trust that a casino will pay out their bet, since the smart contract will automatically send cryptocurrency to their address upon a winning bet. Moreover, players are issued an immutable public receipt for each wager they place, since the wagers are recorded on the blockchain.
Cryptocurrency is also a natural payment rail for iGaming. It is a preferred payment method for those who gamble due to the ability to instantly deposit and withdraw from anywhere, while also offering pseudo-privacy for their transactions. In an era of intense data profiling, it is understandable that a player may wish to not let their bank or credit card provider know that they enjoy betting in their free time. For operators, cryptocurrency removes the risk of fraudulent transactions since it is not possible to conduct a chargeback with cryptocurrency. Not to mention cheaper transaction fees!
We believe that these 3 new iGaming technologies are just starting to scratch the surface of their potential. This is why Lion Gaming’s betting technology is built around them. There are also certainly more technologies and product enhancements outside of the 3 mentioned in this piece such as the Rise of Esports that are also playing a big role in shaping the future of iGaming! If you are interested in white label casino software or white label sportsbook software, or interested in migrating your existing legacy platform, contact [email protected] today!