The online gambling industry has seen constant expansion and technological advancements in recent years to tempt players. During the COVID-19 epidemic, a large-scale digital shift happened, paving the way for the rise in popularity of online casino software solutions that let gamblers access online slot games and tables from anywhere in the world with just a few taps.
Online gambling platforms also provide themed slots and live dealer games, among other revolutionary improvements such as blockchain payments. Moving forward to 2022, the gambling industry is expected to accept cryptocurrencies as payment methods and provide customers with a better gambling experience through the use of virtual reality and augmented reality.
Given these developments, the market size and income generated by this industry will undoubtedly increase dramatically. Let’s take a look towards the future.
1. Updated Online Gambling Regulations
Online gaming is gaining popularity, but it is not without limitations. Even though it is supervised by the same authorities as banks and financial institutions, the gaming industry does not have enough anti-money laundering safeguards in place. Casinos lost huge quantities of money in 2021 as a result of multiple money laundering occurrences, with reports of $1 billion being laundered annually through Australia’s clubs.
In light of the current state of financial crime in the gaming industry, more rigorous rules are planned to be implemented in 2022 to limit such operations. Due to the rigorous laws, online casino platform providers are required to take the appropriate steps to prevent unlawful activity by validating players’ identities.
2. The Rise of Mobile Gambling
Despite the fact that the online gambling industry has grown in popularity, it appears that there is still more to learn. In recent years, social and mobile gaming has been a big contributor to the gambling industry’s growth. Because of the rising use of smartphones and tablets, online service providers are now offering slot games that are quickly accessible. Paid adverts within the games and other features keep the firm afloat, despite the fact that this technique does not directly generate income.
Developers of mobile gambling apps have also stepped up their efforts to improve the user experience and outperform their competition. As a result, visuals in 2021 increased to match the incredible screen resolutions supplied by smartphone behemoths. According to forecasts, these improvements in graphic quality will continue in 2022, as developers strive to deliver the finest gambling experience and meet the growing demands of gamers.
3. Cryptocurrency, The Growing Payment Mode
Despite the fact that cryptocurrency has been used in bitcoin casinos for some time, 2022 is expected to see broad acceptance of bitcoin exchanges as more and more betting and gaming businesses realise the benefits it gives. To secure their consumers’ transactions, gambling service providers will prefer the higher level of secrecy and transparency given by cryptocurrencies. Experts believe that cryptocurrency will eventually replace traditional payment methods because it reduces the danger of identity fraud and builds trust among participants.
Processing transactions with Bitcoin, Ethereum, Solana and other digital currencies is expected to be faster and more convenient for both service providers and bettors.Using credit cards for online gambling, for example, puts players at danger of giving thieves their financial information. Crypto payments, on the other hand, will not require gamers to provide any banking information, preventing them from becoming victims of data breaches.
4. Online Gambling and Virtual Reality
Virtual reality (VR) is not a novel concept in and of itself, but it has proven to be a game-changer in the world of online gambling. Players can now have a far more engaging online gambling experience thanks to advances in virtual reality technology. As the number of VR devices accessible on the market grows, gaming service providers take advantage of this technology since it appeals to gamers.
Virtual reality delivers a realistic gaming experience, giving players the feeling of being in a real casino while playing from the comfort of their own homes. Virtual reality gambling is already being offered by companies like NetEnt, Microgaming, and NextGen.
Artificial intelligence will be used to boost the online gaming market, in addition to developments in VR technology (AI). AI helps gambling service providers not only with improved data analytics and trend-based customer care, but also with security by detecting fraudulent transactions. Shufti Pro’s AI-powered identity verification system detects phoney online gamers and protects gambling platforms from fraud in a similar way.
5. Minors’ Protection Regulations
According to the Gaming Commission, 450,000 minors between the ages of 11 and 16 use gambling platforms on a regular basis. This worrisome statistic, as well as a slew of other incidents of children accessing age-restricted content, has prompted regulatory organisations around the world to enact new rules to curtail such behaviour.
The UK government announced last month that it intends to enact new age verification legislation to protect youngsters from adult content. According to the Children’s Commissioner’s remarks, online gambling platforms and other age-restricted service providers must provide rigorous age verification systems that eliminate the possibility of children accessing such websites.
Important Points to Remember
The online gaming industry has undergone significant technological and market value developments during the last two decades. Money laundering charges and compliance penalties against casinos, on the other hand, have been on the rise. When looking ahead to 2022, it’s clear that online gambling’s growing popularity and convenience will draw not only legitimate gamers, but also money launderers. Fraud prevention methods are becoming increasingly important in online gaming platforms to combat financial crime.
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