Friday, May 24, 2024

Online Gambling Industry: 2023 Trends

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

Rewind the clock a few thousand years, and a lot about our world was different. However, chances are one commonality would be found—somewhere, on the side of the street or a corner, there would be wagering happening on some form of contest. Today, gambling has evolved immensely, with the online gambling industry being the latest shift in this recreational activity. We look at the trends that will be most likely to impact the online gambling industry in 2023.

Increased Safety and Access

When it was first introduced in the mid-90s, online gambling was in itself, a bit of a gamble.

There was little government regulation, and it was hard to know whether the website you were betting on was a legitimate enterprise or a money-hungry scam. Now, however, government regulation is beginning to catch up, and this is going to be a trend that only continues in 2023.

Greater government involvement means two things for the online gambling industry. First, websites are safer—if a gambling site exists, chances are it will be licensed by a body with the appropriate oversight, making it a safe place to wager your money. Second, governments are making online gambling legal in more and more places, increasing access and the effective size of the market.

Integration of Cryptocurrency

Despite the increasing safety of online gambling websites, there are still some customers who feel uncomfortable using conventional payment methods, such as credit cards or bank transfers.

However, cryptocurrency is expected to increasingly play a role in the online gambling industry in 2023. Already, leading online casinos and sportsbooks are accepting deposits in cryptocurrency, and this is only expected to continue. If you play at your favourite online casino but feel uncomfortable giving out your payment details, then there’s a good chance they will begin accepting cryptocurrency in 2023, to provide you with another option.

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This is a particularly pertinent trend because those invested in cryptocurrency often have a propensity toward risk and an understanding of volatility, which aligns well with online gambling.

Innovation in Games

While much of humanity’s capacity is currently consumed by the innovation race against birds, chances are there will still be some creative energy left over for innovation in the online gambling space in 2023.

Recent years have seen online gambling games become more and more creative. A shift has occurred, with gambling moving from being solely about the potential for financial gain, to an experience that is engaging and enjoyable in and of itself, regardless of the financial outcome. Much of this innovation has occurred through game graphics improvements well as storylines being enhanced. You can find new online slot machines that improve the experience for any player with their increased number of functions and graphics. With technology ever-evolving, there’s no doubt this will only grow in 2023.

Another continued area of innovation in online gambling is the social aspect of gambling. Social networks such as Facebook are increasingly being integrated into online gambling platforms, adding an extra layer of engagement for prospective customers. Looking ahead to the new year, further innovation around social links and gambling will likely unfold.

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