Everything evolves: from biological beings to the best camera smartphones to gambling, and more specifically, online gambling. So, let’s see what online gambling is currently and what it will be in the not-so-distant future.
Online Gambling in the Present
Simply put, online gambling refers to any form of gambling conducted over the Internet. It encompasses a wide variety of games and activities, similar to what you might find in a traditional casino, but with the convenience and accessibility of playing from your computer or mobile device. It is important to note that online gambling comes in several forms, and they include the following:
Online casinos
Online casinos are virtual versions of traditional brick-and-mortar casinos, that typically operate using fiat currencies, although more recently, there’s been an upsurge of crypto casinos that allow players to gamble and wager using cryptocurrencies instead.
These online casinos allow you to gamble and play classic casino game favorites like slots, roulette, blackjack, poker (including video poker variations), baccarat, and craps, live dealer games where players experience the thrill of a real casino environment with live dealer games with real dealers operate games via a live video stream, allowing for interaction and a more immersive experience and other games beyond traditional casino offerings. This might include bingo, lottery-style games, arcade-style games, or even sports betting (depending on regulations).
Sports Betting/e-Sports Betting
Online sports betting allows players to wager money on the outcome of sporting events. This can include professional and amateur sports across various leagues and competitions.
E-Sports betting on the other hand is a growing area where players can bet on the outcome of professional esports tournaments, where video game teams compete against each other. Popular eSports titles include League of Legends, Counter Strike, DOTA 2, Apex Legends, PUBG Mobile, and Fortnite, to name a few.
Online Gambling: The Shortcomings
Online gambling is very popular. According to Statista, it is expected to generate $107.3 billion in revenue worldwide and reach a market volume of $138.1 billion by 2028. So it appears to be doing a lot right, reaching its target audiences while smashing records on the way. But it also loses out in some areas that make many people skeptical of participating in the industry. These shortcomings include but are not limited to the following:
Security
The internet is a fun place, it affords gamers convenience while bringing everyone together. But this convenience as accessibility can be detrimental in the hands of the wrong people. Because of the ease with which people can be united on the same platforms, it astronomically increases the chances of identity theft and financial fraud in the magnitude that is shown here.
The looming risk of being hacked still hangs over the heads of gamers and enthusiasts alike and continues to stagnate the growth of the industry.
Choice
Choice is a problem with online gambling but not in the way you’d think. There are too many outfits offering the same service that it can very quickly become overwhelming and difficult to separate the actors from the posers. With too many options, it becomes difficult to find service providers or gaming titles that interest people. More often than not, people spend most of their time sifting through the available options before losing interest and leaving the industry entirely.
The Future of Online Gambling
Online Gambling’s future is not just cosmetic, it aims to solve the problems that plague online gambling today. While the technologies to do so already exist, they are currently positioning themselves to better solve these problems as the future unfolds. Most prominent of these technologies are Artificial Intelligence, Augmented Reality and Virtual Reality, and Cryptocurrency.
Below are some of the ways these technologies aim to radically change the future of the online gambling industry:
Safety with cryptocurrency
The following are ways cryptocurrency would keep players who gamble online safe:
Cryptography: Cryptocurrencies rely on cryptography, a complex system of encryption that safeguards transactions and protects them from tampering. This makes it nearly impossible to counterfeit cryptocurrency or reverse transactions once completed.
Blockchain Technology: Most cryptocurrencies operate on a blockchain, a distributed ledger technology. This public ledger records all transactions chronologically and transparently, making it difficult to alter or manipulate historical data.
Decentralization: Unlike traditional currencies controlled by central banks, cryptocurrencies are decentralized. This means there’s no single entity overseeing them, potentially reducing the risk of manipulation or government interference.
The combination of these aspects of crypto would reduce the need for people to provide personal information and reduce the chances of having such information stolen.
AI Solving the Problem of Choice and Security
The following are some of the ways artificial intelligence helps players narrow down their choices and gamble safely:
Personalized Gaming: AI can analyze user data and behavior patterns to identify individuals’ online activity. This can be used to provide personalized gaming recommendations and predict which gaming platforms offer those services.
Cybersecurity: AI can analyze vast amounts of data on network traffic and user behavior to identify patterns and anomalies that might indicate cyberattacks, including novel or zero-day threats unseen before. This allows for proactive defense and mitigation of cyber threats.
