What will the betting industry look like in 20 years?
The betting industry has constantly embraced changes in technology and has been rewarded as a result. More of us are betting than ever before, and you can bet in at any location due to the availability of mobile gambling. Going forward, the industry will be greatly influenced by the following three factors which will play a major part in the business in the next 20 years.
Virtual Reality allows people who gamble to experience betting like never before. The majority of users of Virtual Reality are young people, and virtual casinos are to become available over the coming years. This will provide the opportunity for you to sit in the living room, put your headset on and be inside a casino where you can place bets and interacts with other casinos. There are likely to be a number of big organisations that create their own virtual casinos. Here the industry has the potential to open itself up to the young generation currently embracing VR in gaming. In addition to the virtual casinos, William Hill have already revealed a VR feature that will in the future let gamblers experience what the action is like on a racetrack, with a 360 degrees camera on the back of a horse. This enhances the betting experience and people will be hooked.
Artificial Intelligence should play a major part in the betting industry in the future. AI has already produced bots that have beaten some of the best poker players in the world. This could be great for the industry with the best human minds of poker against the best technology can offer. However, the industry needs to be careful. If AI is too clever and winning every time, it could alienate players from the industry; but the technology is so clever it is sure to play some part. We should also remember that players still love to gamble even when they odds are massively stacked against them, but AI could take the skill out of poker and turn it into pure luck against the AI bots who would effectively always have a ‘house’ edge. AI can also be used to recognise gamblers who are showing signs of addiction and about to throw money away they can’t afford. An introduction of this will be of pleasure to legislators, if the industry can demonstrate it is embracing technology that has the ability to warn people before they get into serious trouble.
Blockchain is the platform that cryptocurrency is used on. It has no single point of entry, meaning it can’t be hacked and everybody can see the records of the transactions that have taken place. Betting companies can choose to abandon traditional methods of payment transfers and use the blockchain. Anyone wishing to get the latest news on operators adopting this technology, should visit Betting.com which is a service devoted to the sports and online casino world.
The added security of the blockchain means that many people will be attracted to betting for the first time. This is because there is common concern from the general public of potential data breaches, but this is impossible with a firm using a blockchain. The industry will shift to this in the future, with some online casinos already focus on cryptocurrency as a payment method. Furthermore, due to the decentralised nature of blockchain, we will in the future see individuals creating safe online betting games from their own home.