How Online Businesses Are Embracing Modern Technology
Online gambling companies continue to enhance their business models by embracing modern, innovative technologies, showing their consumers that look to grow and expand their product offerings. In the United Kingdom, we have seen dozens of online gambling businesses implement technologies like live-streaming and digital wallets to attract and retain customers. These digital platform technologies have allowed gambling companies in the UK that offer remote gaming and wagering to grow at exponential rates over the last ten years. Because of this, we will look at some of these technologies in depth.
Live Streaming Technology
Reports suggest the live streaming market will be worth nearly $4.3 billion by 2028, and as a result, many industries and organisations have tried to leverage this technology. For example, in January 2022, the video technology company Theo Technologies rolled out a live streaming low latency platform for its customers. Online gambling businesses have also embraced HD live streaming technologies by launching live games, including roulette, blackjack, and baccarat. When people play live casino games, they interact with a real-life dealer through a monitor and live chat interface. In some games, the dealer can hear the players. Either way, the use of this technology by online gambling businesses helps recreate the traditional casino experience for players, even though they’re playing from home or on the road. Live casino games also let players sit at multiple tables (usually three at one time), which is a unique feature.
Versatility is key in business, which is why we’re continuously seeing online casino sites optimised for mobile devices. Since this shift, mobile wagering has become one of the preferred methods for gambling and betting, since iOS and Android players have more flexibility and convenience. This is because people carry their phones everywhere. Mobile apps also tend to offer better user interfaces and more personalisation. In countries like the United States, mobile wagering is the preferred method for sports betting; in October 2021, sports bets placed by mobile devices beat retail betting (84% vs 16%).
Like live streaming technology, digital wallets are increasing in popularity, and industry experts predict that over half of the world’s population will use digital wallets by 2025. This is important since online gambling companies are well known for accepting online payment systems, including PayPal, Neteller, and Skrill. Getting ahead of the competition is crucial for any company; when it comes to businesses that accept electronic payments, the online gambling industry has cemented itself at the top of the leaderboard alongside the eCommerce market. Gamblers appreciate the speed of deposits and withdrawals when they use digital wallets like PayPal, similar to how they appreciate the social interaction that comes with playing live games.
When the casino industry transitioned online, that was enough evidence that the market was keeping up to date with evolving trends. Such a move proved incredibly successful, but online casino operators aren’t satisfied. They continuously update their software, game selections and technology to keep players on their toes. It will be interesting to see where the market goes in the future since live streaming, digital wallets, and mobile optimisation are only the beginning.