Challenges facing the sports betting and gaming industry and how to overcome them
Since 2018, we’ve written at least over a hundred articles covering the gaming industry. The gaming space has grown exponentially without signs of slowing down. According to a recent report by Newzoo, the global gaming market will generate $159.3 billion in revenue in 2020. The rapid rise is fueled by technological advances such as virtual reality, voice, and motion control, augmented reality, and blockchain technologies.
In 2019, the iGaming sector alone was valued at around $53.7 billion with its subsequent annual growth rate predicted to reach 11.5% by 2027. With the rise in technology, internet adoption and the popularity of sports betting comes new challenges and threats. For example, sports betting such as casinos, continue to face the government regulatory burden of operating in the country.
Below are four of the major challenges faced by online casinos and the sports betting Industry. We also discuss how to address and solve these problems.
Modern Corporate Threats
Technology is precious to our world, producing anything from new apps to eco-friendly bricks. Its positive contribution to the iGaming sector is extensive, but its pitfalls are just as widespread. They come in different forms and impact performance, marketability, and security. Let us take a closer look at what this means and how problems can be countered.
1. Slow Innovation
The entertainment of online casinos is related to video games. Both industries function in the digital world and need similar technologies for graphics, responsiveness, compatibility, and so on. Gambling businesses, however, do not make full use of the latest and greater gaming tech, often because their products just work differently. For example, while Star Trek, Tetris, and other brands already thrive as VR titles, online casinos are slow to embrace the platform, curbing their cross-platform marketability.
Unique gambling-themed entertainment is gradually appearing thanks to the likes of Oculus and Steam. Until the industry merges properly with such popular mainstream technologies, it has introduced innovative solutions of its own. In an effort to make games like blackjack and roulette more immersive when playing at home, operators like 888 casino offer live-streamed entertainment, with real flesh and blood dealers playing from physical studios featuring multiple camera angles and a high definition video stream which captures all of the action up to 200 frames per second, the technology brings players closer to the action, making it an unforgettable experience when you play their wide range of live casino games.
2. Overwhelming Digital Presence
Despite limits to their services, online casinos provide a huge range of entertainment. Almost all classic games of chance have turned into successful digital versions, which constantly improve due to developers passionate about their work. The threat here is with web designers, who can easily be carried away while trying to introduce countless products at once. An effective digital presence is essential in today’s market, so a cluttered, over-stimulating domain that drives customers away instead of attracting them can seriously damage a brand.
The obvious solution, which online gambling providers increasingly adhere to, is to organize websites in a clear, fun, and user-friendly manner. If there are many services to choose from, for instance, short and sweet listings or occasional promotions of highly-rated titles are generally considered good practices. It is also wise to stay up to date with what target audiences enjoy or find frustrating. This helps maximize a domain’s potential, not only in drawing players in for the right reasons but also in inspiring them to keep coming back.
3. Cyber Security
A major concern for any modern company with the slightest connection to the digital world is security, ranging from mishandling customers’ information to hacker activity. Brands aiming for high status and traffic should value protection from intruders and administrative errors above all else. A single mishap could upset a company’s system, but also tarnish its hard-earned reputation. In terms of online casinos, their ample services are equal to plenty of opportunities for things to go wrong, so investing in strong security measures is vital.
The most reliable iGaming providers today are considered such because of their policies and systems that encourage safe interactions and transactions, whether to cash out or make a deposit. The effort means a lot to loyal visitors, but there are plenty more ways to boost a domain’s cybersecurity. Partnering up with IT specialists like Absolute is a popular direction since they can carry out all the inspections, troubleshooting, and maintenance work, while their clients focus on organizing unrelated affairs. Ultimately, online casinos must take care of as many aspects of their digital environment as possible, something which available technologies and services can help with.
The constant expansion of the digital and general tech landscape is exciting. At the same time, it gives every online and brick-and-mortar casino access to a vast pool of tools and prospects. Each smart move a brand makes could lead to a boost in power and popularity that outshines competitors. This makes the gambling market and the threat of obscurity that much more daunting. It is an additional reason to strive for innovation and a constant supply of fresh content. An engaging blog is a tried and trusted way of keeping players coming back for more.
Fortunately, the technology of popular online casinos tends to be up to scratch and enjoyable to customers. Apart from live games, secure payment systems, and efficient websites, services include VIP clubs, regular promotions, and compatibility with multiple devices. A good strategy for digital gambling providers is to maintain, if not enhance, the quality of such features while exploring other avenues to stay ahead of the competition. Pushing for social media engagement and superior customer support are great additions to a modern business model.
Will threat levels increase or decrease?
Managing a company is never simple and the digital age has made it a greater challenge still. On the one hand, an almost infinite supply of solutions is open to brands. They can help build, support, enhance, or completely transform a business. On the other hand, this same luxury can overwhelm companies and customers. Without a realistic plan and knowledge of the difficulties ahead, a new online casino can quickly trip over several threats. Just choosing technology to assist with problems can make or break a brand.
The future of iGaming, however, is not as bleak as it seems, just complicated. Understanding the industry in all its bright and risky glory will guide online gambling providers towards informed strategies. Careful and innovative steps should be a priority too, as well as keeping an eye on new technologies, competitors, and security hazards. Foresight and ingenuity can counter every threat.