You will agree that gambling is one of the most open sectors to innovation. It rarely misses out on any tech innovation that emerges. Take the rise of websites in the late 20th century, for instance. When these online platforms came to the scene, the industry quickly welcomed them, launching the first online casino in 1994.
Many have been launched over the years, making the industry a global phenomenon. Looking at the statistics, Grand View Research values the global online market at $78.66 billion and expects it to hit $153.57 billion in the next few years. However, online platforms have not been the only innovation in the gambling industry.
Other contemporary trends, like crypto, are setting in. And you don’t need to look too far to know this is true; just a quick glance at the Bitcoin Casino Roobet will reveal how crypto is changing how casinos think about safety and seamless experiences. But will this technology be the new king in this sector?
Remaining relevant in the age of instant payments
Standing out in an industry that could double in size within the next few years is not a joke. You will need to adapt to shifting trends; otherwise, you may soon be pushed out of the market. And this is where adopting instant payments comes into play. Just recently, Fortune Business Insights projected that global real-time payments could grow from $34.16 billion in 2025 to $284.89 billion by 2032. This would result in a 35.4% CAGR, highlighting how almost everyone is welcoming these payments.
Of course, you don’t expect a different trend in the gambling sector, where instant gratification is a thing. Players want to deposit funds, engage in the games and cash out in no time. Frustrating this expectation by delaying payments can hurt your brand reputation and give competitors an edge. Remember, acquiring new players has become super expensive. Some studies suggest that you may need at least five times more resources than retaining existing ones.
This explains why strategies that help improve customer retention, like adopting instant payments, are usually welcomed. Thanks to crypto, players no longer need to wait days to receive funds. It improves transaction speed by eliminating intermediaries who often lengthen the payment processes. And even when it comes to scalability, robust networks like Solana ensure gamblers receive consistent experiences with minimal or no lag. Solana alone can process about 65,000 transactions per second, keeping the gameplay engaging even when traffic is at its peak.
Security has become a big deal
Microsoft recently published a report claiming that over 600 million cyberattacks happen every day. Customer data has become like the new digital gold, and everyone, including threat actors, now eyes it. It’s no wonder that sectors with large followers are usually prime targets. Gambling, also, has not been exempted, given that over four billion people gamble at least once per year.
But again, many gamblers have grown wise to the fact that cybercriminals are after them, making them even more security-conscious. Before signing up for a platform, they will often inspect it to check whether it has proper security measures. If it doesn’t, it might discourage a good number from further exploration.
Interestingly, crypto-based infrastructures can help improve appeal to this population. Through decentralization, crypto-based technologies eliminate centralized data management, which reduces the likelihood of single-point failures. Cryptographic hashing links transactions to their predecessors, denying single entities the opportunity to alter data without consensus from the rest of the network. Such secure environments boost player confidence and can be excellent tools for keeping players connected for longer durations.
Reaching wider audiences
According to Exploding Topics, the number of crypto owners has already hit one billion. This is not the climax since more individuals could welcome it, mainly because primary tokens like Bitcoin have been performing well in the past few months. As the number of crypto owners continues to increase, many of them may want to use it for transactions.
That shouldn’t be surprising because, according to CoinLaw, 82% of blockchain gamers in the US alone are interested in using it for in-game purchases. Imagine the pain of missing out on such a population just because your gambling platform didn’t cater to their need for blockchain-based experiences. You definitely wouldn’t want such an experience for your brand, explaining why some companies have already implemented crypto.
Also, the globe is not 100% financially inclusive. There are some communities where potential gamblers still don’t have access to official bank accounts. Others have trouble accessing financial services because of the absence of institutions like banks. If you’re seeking to dominate the global industry, you must implement ways of reaching this audience. Thankfully, with crypto, a player only needs a wallet address, and they are good to go.
The burden of providing a lot of personal details is also eliminated. And the less available personal data is, the less the chances of being breached. Players also won’t need to worry about unnecessary costs required in currency conversions, as they can directly transact using digital currencies.
Customer-centricity can be magical
As much as being forward-thinking and money-minded is important, casino companies focusing solely on driving revenue often fall short of sustaining long-lasting growth. After all, gamblers want to remain loyal to brands that prioritize them. So, if you don’t focus on improving retention by providing customer-focused experiences, you may soon be out of business.
Gamblers don’t just visit platforms to flip cards or spin the reels in their favorite slot games. They want great surrounding experiences if they are to become returning customers. And that’s why, before engaging, some will consider whether platforms allow instant payments. Interestingly, Testlio says you could discourage up to 70% if your payment methods take more than 2 seconds to process. Further delays could be devastating and reduce conversions by up to 20%.
Before spinning the reels, gamblers also want to be sure that they are interacting in secure environments. Just a rumor that your brand was involved in a breach could discourage up to 21% from ever transacting with you. This is why paying attention to online security has become a distinguishing characteristic.
Good enough, crypto technology can help cater to all these modern preferences. For instance, digital currencies don’t need intermediaries to be processed, improving payment speed. They are also more secure than many traditional methods, ensuring security-conscious players can engage with peace of mind. In other words, implementing crypto can give the perception that a gambling company is customer-centric, which may lead to better business performance. Since this is every company’s dream, it makes sense to expect digital currencies to dominate the gambling industry in the next few years.
