Online casinos have dominated the global casino and esports games industry. Betting online with a computer, smartphone, or tablet is more convenient for gamers. Esports Canada is so popular that 61% of adults in the country actively participate. It is easier to wager on and follow major sports online than spend hours at a brick-and-mortar location. Online casinos are continually evolving, as is the internet. These factors make the industry’s future look promising.
Of course, online casinos can not operate without the strength of the internet. Most people assume the speed of 4G and 5G is the only significant difference in today’s technology. That assumption is incorrect. The online gaming field uses some of the most significant and cutting-edge technology in the world. Some of the technology that is used in 2022 include:
- Advanced Artificial Intelligence
- AI collects consumer information and demographics. It helps identify the games people enjoy and which leave them frustrated. Advances in this field help identify people who may have a gambling problem, and it will keep them from hitting the bottom of the barrel.
- Hyper-automation allows the computer to translate multiple languages instantly. It uses collected data to deliver the documents needed. As automation is used for more duties, it removes the need for continual human interaction.
- Virtual and Augmented Reality
- These tools do a lot for the online casino industry. They give the user the feeling of being in a physical location. The dealers, games, and players look real, and the experience feels real. This is a fast-growing field and one that will improve the industry even in 2022.
- Cryptocurrency adoption
- Everything is going digital. This includes the currency used for payment. The invention of blockchain technology makes the use of cyber currency safe to use. Some online casinos have already begun accepting cyber currency, and soon everyone will. Because cryptocurrency is easily deposited in the player’s cyber wallet, it takes less time to get paid. There is no currency exchange program to cause delays.
Legal and Taxes
Most European countries allow online casinos to operate if they follow the rules. They must be licensed by the appropriate agency in the country of choice and follow any taxation laws. In the United Kingdom, the licensing and regulations are provided by the Gambling Commission. Some online casino companies provide services in more than one country, so more than one license may be required.
One of the most coveted online gaming licenses comes from the Curaçao Gaming Control Board. The primary reason for this is their license covers all online facilities, and no further license is required. They have a fair taxation policy, and the regulations are standard for the industry.
Gibraltar is the home of many large casino operations, including the majority of online casinos in Europe. Obtaining a license from Gibraltar Gambling Commission is not easy. They are very strict about the operations of online casinos and have a specific protocol. Besides the fact that the fees for the licenses are quite expensive, there is a variety of documentation that must be submitted for approval. This includes:
- Business plan
- Investment plan
- License from another jurisdiction
- An open bank account in Gibraltar
- An impeccable reputation
- Proven experience in the field
The countries that allow online gambling are ever-changing. Currently, they are legal in most European countries, including (but not limited to):
- Canada (betting with offshore betting companies is legal but unregulated in Canada)
- United Kingdom
- Sri Lanka
- United States (in some states)
Live Dealers and support
Thanks to a technology known as Optical character recognition (OCR) technology, live dealers are able to interact with people. This brings them the experience of the land-based casino combined with the convenience of online gaming. As online casinos move into the future, you will probably see more human interaction. This can come in the form of customer service, winnings processing, and social gatherings for players. The more online gaming matures, the more physical attributes it gains.
Esports has a huge social following. They have a lot of support in mainstream social media, and with platforms like Twitch and YouTube they are growing at a rapid pace. Tournament prize packages are growing at a rate of 42% annually. In the coming years we can expect more people to fall into the career of professional gamers. Organizing the games, brands, and teams is already lucrative.
Online casinos, gaming platforms, and esporting events have experienced rapid growth in the past few years. The reception they receive from the public lets us know this is not a passing trend. In a society where we want everything fast and simple, online casinos fit into our world. The development of the equipment needed to fuel this industry provides jobs and economic stimulation. We can expect this to continue. The growth we will see in the coming years will be staggering. We cannot imagine what technology is on the horizon. While it is not likely online casinos and esports will completely replace land-based casinos, they certainly will claim their share of the pie. The eyes of the world are set on this industry, and we can hardly wait to see what happens next.