To Bet or Not to Bet…on Digital Transformation: 3 Trends Reshaping the Gambling Industry
Many industries are driving better customer experience and customer satisfaction via digital transformation. The gambling industry should be no exception. Improved customer experience for betters and gamblers is what keeps them coming back. That’s why the gambling industry needs to bet on digital transformation.
The modern gambling industry was born in 1961 with the first legal betting shops opening. Since then, the industry has evolved fast. Digital betting terminals and computerized race courses now provide enhanced experiences to players. What are the main technology trends reshaping betting organizations? How are betting organizations competing in the fast-developing digital world?
Online Betting and Gambling
Online betting has generated billions of dollars over the past several decades. According to Coherent Market Insights, the increase in the global online gambling and betting market will be the equivalent of a compound annual growth rate of 11.4 % over 2018-2026 due to increased digitalization, growth of mobile phone usage, and secure online payment alternatives. In addition to physical casinos and betting facilities, there has been a rise of online betting applications that can be accessed on mobile devices, tablets, and desktops allowing players to bet anytime, anywhere. This trend brings big competition to casinos who need now to define their digital strategy to keep up. Betting shops and casinos are introducing touch screen betting kiosks that run high-volume complex computing for booking odds, betting configurations, and supplemental content/entertainment. So, as virtual betting demand grows, betting shops provide their customers with a mobile gambling experience by introducing secure digital betting kiosks, customized to current needs.
Security Technology Advancements
Fraud prevention has always been a primary concern for casinos and betting shops, as it is essential to prosecute cheaters and avoid security threats. With artificial intelligence (AI) used in security cameras, it becomes possible to track suspicious players’ behavior and prevent any unfair practices from occurring. With Bluetooth sensors, facial recognition devices, and RFID chips, gambling organizations guarantee security by tracking cards or chips, determining how players are betting. Security is also very important with online gambling, especially when it concerns money transfers. The wager can be securely deposited with the help of blockchain technology (cryptocurrency) or Visa cards.
Big Data Solutions
Big data solutions allow casinos and betting organizations to compete with online gaming through loyalty programs. Casino customers provide casinos with data, such as personal information, money and time spent, dates visited, and even their favorite games or bets to place. Casinos, after collecting all this information, are able to introduce loyalty programs based on customers’ behavior, suggesting discounts and targeting a specific audience. Big data can also be used by online gaming organizations. They can then collect data in real-time and offer a better gaming experience. In addition, big data can also be a great resource for security by collecting and tracking money transactions and potential cheaters, along with identifying the abnormal activity of customers.
There are many more technology trends in the gambling industry that are just starting to emerge. For example, VR/AR technology will be able to create digital casinos close to reality, enabling people to be involved in the gambling experience, placing bets, finding poker seats, and enjoying the gaming atmosphere. Predictive analytics will allow gambling organizations to learn more about their customers’ habits, preferences, and behavior. Neural networks will increase online gaming performance, processing numerous betting requests from around the world at the same time.
Exadel has made its own contributions to technological advances in the gaming industry. For instance, we have helped betting organizations centralize control of a large array of gambling displays. We have also developed web applications to review bets being made in real-time, assisted with content management systems, and improved gaming experiences on tablets and smartphones by developing and testing Live Casino on mobile devices.
If you want to learn more about Exadel expertise in Digital Transformation for the gambling industry, check out our website and see why Exadel was named an Agile Software Service Provider Leader in the 2019 Forrester Agile Wave — download the report here.