Understand New Technology to Harness the Benefits of iGaming Industry Growth
Published March 18, 2020 by Lee R
The added capabilities of emerging technologies indicate the power of iGaming to sustain growth and benefit investors and new market entrants.
New technology continues to drive iGaming industry growth.
Secrets of Success
Understanding how iGaming harnesses the benefits of technology for market expansion is key to future success in the industry.
Growth Curve
As far as the baseline for sheer growth of this relatively new industry, research reports that the online gambling industry will register CAGR of over 8.77% by 2024.
Blockchain Advantages and Challenges
The availability of blockchain technology and Bitcoin is credited with streamlining the globalisation of iGaming platforms, but still face specific challenges.
These challenges today revolve primarily around the uncertainly of the legal status of cryptocurrency across jurisdictions; the fluctuation of crypto prices due to volatility and prevalence of fraudulent casino platforms.
Integrating Tech
These issues of course overlap with the general challenges of the iGaming industry in adapting platforms online, as the nature of their popularity and also the inherent risks.
Trust-Building
To address these issues, one online cryptocurrency casino platform operators recommends online casino operators protect and enhance their reputations by maintaining a strong relationship with both stakeholders in their respective tech sectors of crypto and gambling communities.
Transferring Blockchain Characteristics
The online industry is currently concerned with enhancing technology in general through characteristics that blockchain technology has come to be synonymous with.
Blockchain-related Enhancements
This includes making technology that iGaming platforms are built on transparent and provably fair;
decentralizing game engines; and inclusion of support for stable coins.
The Stablecoin Advantage
Stablecoins are an important concept to understand, because they are blockchain-based cryptocurrencies tied to fiat values at a stable corresponding value, usually but not always 1 to 1.
This means that the currencies are not subject to volatile fluctuations in value and merely act as representations of real world (non-digital) fiat values—which translates to seamless and rapid online gaming transactions.
Future Value
The value of the industry's uninterrupted development would drive the value to some $90 billion by 2024, lifting the cumulative value of the entire gambling industry to over $600 billion.
Outlook
To get in on that action, iGaming stakeholders would do well to start businesses or invest in businesses in jurisdictions which are both friendly to blockchain technology and have advanced regulation models for iGaming. Fortunately for iGamers, a healthy percentage of regulating jurisdictions overlap among the two tech sectors.
