In the gaming industry, there have been many innovative changes, and technology is a fact that is constantly changing – usually to make the experience for the players better. This is a global giant industry that in Sweden alone had a turnover of 58.9 billion in 2021. The forecast for the coming years points to even stronger growth, while the number of players continues to increase. According to an international study, it was found that about a quarter of the respondents had played games online.
There is thus no doubt that there have been many technological advances that have benefited the industry. In the past, the physical casino facilities dominated, but over the years the internet has dominated and created a bigger platform for players.
With today’s technology, users only need a phone and stable internet connection to play. Availability has contributed to the industry benefiting significantly. Recently, there have also been many improvements in the business area “fintech”, which made it possible to deposit and withdraw winnings more easily from the various casino operators. In this article, we look back at the past year and specifically at four areas that have benefited the gaming industry and its market position today. All the areas that are treated are also some of those that are believed to be the basis for the industry’s development over the next five years.
Cryptocurrencies – new anonymous opportunities, not least in finance
Cryptocurrencies are a hot topic that is constantly reflected in the news media. These have created new opportunities for the players, not least when it comes to financial freedom. It is said that the technology behind the digital currencies has become both faster and safer.
With regular card payments and other traditional means of payment, which usually have a more heavily regulated institution behind them, it can often take longer to complete transactions. Depending on the method players use, it can sometimes take up to a week to complete a transaction.
A clear advantage of cryptocurrencies is that they do not require users to provide sensitive information, such as bank details. Although many authorities in the EU have tried to regulate cryptocurrencies, they are still anonymous. You can read more about how the development from physical means of payment has been transformed into digital ones here.
Virtual reality – an area that has not yet reached its full potential
Another area that has benefited the gaming industry but has not yet reached its full potential is VR, also known as virtual reality or “virtual reality” in English. When the first VR devices were launched, interest has risen drastically. Today, it is possible to use VR for a number of different games, even if you want to play in physical casinos, but remotely.
One game that stands out is card game, not least poker where various live tournaments are organized today. With VR technology, it is therefore entirely possible to participate in events and experience environments in 360-degree views when players are at home in their living room.
If we look at VR from a financial perspective, the market is expected to generate more revenue in the coming years From being at 1.8 billion US dollars in 2020, this unique but rapidly growing vertical is expected to generate 6.9 billion dollars. According to the site TradingToplists, VR is one of the business areas that will have great investment potential.
i-Slots – digital games considered to be one of the most popular on the market
Slots belong to one of the most common games on the market and here too the market has benefited from the technological development. So-called “i-Slots” are basically one-armed bandits that are digital and interactive. These are available at most major market players in online casinos.
Each game is mixed with new adventures, making i-Slots very popular among gaming enthusiasts worldwide. This type of digital slots is available on both casinos without a Swedish license as well as licensed casinos. As a player, however, it is important that you read up on which tax rules apply in the country you live in, as it varies, even between EU countries. In Sweden, it is the Swedish Gaming Authority that provides the gaming companies with licenses. On their website, players can search for players, active licenses, game locations and license types.
The current state of technology in the industry
Over the past decade, the industry has undergone a series of innovations and advanced technological improvements. Some have been revolutionary and benefited the entire industry to the extent that it is today one of the EU’s most profitable industries.
The industry has thus become better at offering personalized experiences, bonuses, offers and endless opportunities for its players. Thanks to the innovative technology, players can enjoy real-time gaming in a safe way. One such example is live casinos with real dealers.
Of course, one cannot turn a blind eye to the fact that the internet played a decisive role in the industry’s progress. 5G has made internet connections faster. This type of faster internet has also proven to work well with blockchain technology. This means that the players in the market have become safer and more transparent.
How do the few aspects of the future look like in this industry? Traditional casinos have already lost a lot of visitors, and in order to keep the small crowd that remains alive, they need to prepare for a revolutionary strategy that keeps brick-and-mortar casinos running. One of the few countries in the EU that has succeeded in this is Malta, which every year hosts some of Europe’s biggest poker tournaments. Despite the fact that the country is approximately 4,000 kilometers from Sweden, their casino facilities also attract players from Sweden and the rest of the Nordic countries.
Players who only provide online games will continue to grow according to all forecasts. If industry experts have their way, we will see greater expansion in segments such as in-play and live betting. There are also indications that segments that are currently smaller, for example car racing, will have a greater impact in the coming years.