7 Exciting Innovations in iGaming in 2023
Over the last few years, the iGaming industry has undergone a phase of unprecedented bettor-centric product innovation thanks to the introduction of new technologies. Since this article was first published in 2022, there has been another surge of innovation within iGaming. We have since updated this article to go over a few of our favourites, some of which are now widespread, while others are just starting to penetrate the market. Continue reading to learn more about some exciting new trends for online casinos and sportsbooks.
1. Provably Fair casino technology
One of the innovations Lion Gaming is most excited about is Provably Fair wagering technology. Traditionally, online casino games have had their games certified by 3rd parties in order to assure bettors that they are playing a fair game, and are not being cheated. However, the bettor is not able to confirm on their own that the game is fair. Thanks to Provably Fair technology that’s now baked into online casino software, bettors are now able to independently verify the results of the casino games they played, thus providing peace of mind. Read our article What Is Provably Fair Wagering? for a deeper dive into Provably Fair technology.
Cryptocurrency is an excellent payment rail for iGaming businesses. Bettors are able to deposit and withdraw immediately, and operators do not have to worry about fraudulent transactions nor do they have to rely on (and pay) 3rd party payment processors. The faster transaction speeds and lower transaction costs are also not the only benefit. Bettors also have an additional layer of privacy, as the use of cryptocurrency means there is no bank or credit card statement showing they deposited at “x” casino/sportsbook.
Cryptocurrency is also coupled with blockchain technology, and the right betting technology provider can give online casino and sportsbook operators the ability to offer on-chain wagering solutions for their players. On-chain wagering produces public receipts of all wagers, and when combined with the utilization of smart contracts and Provably Fair game mechanisms, results in a trustless environment for the bettor. A trustless environment means that the bettor does not need to trust the operator they place their wager with – as the smart contract will self-execute and thus automatically return any winnings, while the Provably Fair nature of the game ensures that the results were fair.
3. Web3 wallet integrations
Web3 wallets like MetaMask are one of the most exciting innovations in iGaming, revolutionizing how players interact with online casinos and sportsbooks. Web3 wallets introduce a user-friendly approach to managing funds, allowing players to have self-custody over their digital assets. Additionally, web3 wallets enable seamless deposit, game play, and withdrawal activities across online casinos and sportsbooks, enabling users to access their accounts and play games from different devices effortlessly. The integration of web3 wallets also facilitates instant and low-cost transactions, eliminating the delays and high fees often associated with traditional payment methods. As the iGaming industry continues to evolve, web3 wallets stand at the forefront, reshaping the landscape and setting new standards for user-centric, secure, and innovative gambling platforms.
Airdrops are another innovative feature for online casino and sportsbook operators, offering a unique way to attract and reward players. By distributing free tokens or digital assets to users, operators can incentivize participation, acquisition, and foster a sense of loyalty among their audience. Airdrops can be used as welcome bonuses, promotions, or rewards for regular players, creating a gamified experience that enhances engagement and retention. Furthermore, by integrating blockchain technology, airdrops can be transparent and secure, ensuring fair distribution and building trust with users. This cutting-edge approach not only sets operators apart from their competitors but also showcases their commitment to embracing emerging technologies and providing novel and rewarding experiences to their players. Airdrop capabilities are available in Lion Gaming’s online casino software and sportsbook solutions.
A stand-out feature available in Lion Gaming’s Fer0x Engine, on-chain wagering represents a groundbreaking innovation in the iGaming industry, transforming how bets are placed and settled. By leveraging blockchain technology, on-chain wagering leverages the use of smart contracts to facilitate deposits, wagers, and withdrawals. This means that every transaction is fully transparent, immutable, and independently verifiable. This is a significant advancement for the iGaming industry, as it offers a level of security and trust that has never been seen before. Players can trust that their transactions are fair, while operators benefit from a higher level of security, efficiency, and marketability. Smart contracts facilitate automatic and tamper-proof execution of bets, ensuring that winnings are instantly distributed based on predefined conditions. Moreover, the use of blockchain ensures provably fair gaming, allowing players to verify the integrity of each wager. On-chain wagering not only offers a seamless and secure betting experience but also opens up a new realm of possibilities for innovative betting products that cater to the next generation of players.
While not an entirely new innovation, mobile devices are growing in their dominance as the preferred device for people to access the internet. As such, operators need to continuously ensure that their websites are compatible with the latest innovations and developments in mobile technology. Casinos and sportsbooks used to be clunky, with some operators requiring cumbersome downloads and generally poor user experiences. Trying to play on a mobile device in the early-mid 2010’s? Good luck. The industry standard for iGaming technology now is to provide a betting experience that requires no downloads, and increasingly trends towards platforms and games that are easy to use on mobile devices. Learn more about the importance of mobile-first iGaming technology here.
One of the challenges iGaming operators have faced in providing the best user experience possible has related to social capabilities. Unlike brick and mortar casinos, where the casino floor is lively, online betting has long been relegated to a “single player” type experience. Thanks to the advent of multiplayer games such as Crash, bettors are increasingly able to interact with other bettors. In the near future, casino and sportsbook operators will have even greater ability to engage with customers thanks to the adoption of metaverse technologies. Bettors will be able to wear VR headsets and sit down at a casino table game like Roulette or Blackjack and play with their friends, helping bridge the social chasm between traditional and online casinos.