The advance of technology in recent years has opened the door to casinos and iGaming sites. The Internet is more widely available, with mobile Internet speeds that rival those of fixed landline connections. Computers and laptops have become more affordable. So, too, have mobile devices, which have also become more capable.
This has led to a rise in iGaming websites with more advanced features which, in turn, has seen the popularity of online casinos and gambling websites increase, encouraging governments to have to consider their regulatory frameworks or be left behind. Similarly, casinos and gambling companies have had to transition their products online.
iGaming Sites
iGaming sites include online poker and bingo, as well as casino websites like tg casino, which are able to offer more games, improved bonuses, and better odds than retail casinos because of lower overheads. Many of these sites have also introduced new features, recently, that include live dealer games, VR gaming, and cryptocurrency payments. Mobile apps have made it easier for players to get online and have seen more people able to partake in online gambling which means government bodies have had to address existing regulatory frameworks.
Big Data
Big data isn’t a new innovation, but it plays a critical part in iGaming and other forms of betting. It can also be used by regulators to determine betting patterns and help identify areas where players might need support and protection.
It can also be used to forecast betting market size. One reason why a lot of countries are considering the introduction of iGaming legislation is to capture tax revenue from bets. Although not impossible, it is more difficult to capture tax levies from offshore casinos offering their services to players.
Michigan, in the US, is one of only 7 states that has regulated iGaming and it generated tax revenue of more than $350 million in 2023. Michigan is the 10th most populous state, suggesting there is an opportunity for other states to raise similar funds.
AI
Big data combines especially well with the use of AI and machine learning. Using these technological tools, online casinos can use algorithms to set more accurate odds. They also use these tools to help create customized offers and bonuses for clients.
Improved Internet
Around two-thirds of the world has regular access to the Internet, with more than half of the global population having mobile Internet access. With the advent of 5G, mobile Internet connections have gotten better, and this has not only led to more people being able to access mobile casinos but it has seen the casinos themselves being able to offer more advanced games and developed features. Live dealer games have become increasingly commonplace. VR casinos have also started to hit the market. Standard games have become more advanced with crash games, which feature live betting, proving popular.
5G’s rollout continues to pick up pace, too, which means these features are only going to continue to increase in the coming years.
For regulators, the further reach of high-speed Internet means more and more people will use online casinos, rather than retail casinos and government bodies will need to react to this by introducing or updating iGaming legislation.
Mobile Convenience
Mobile casinos are incredibly convenient. Players can access games from home or anywhere else they have an Internet connection on their mobile device. This makes it possible to play while commuting, while on vacation, or even while on a break from work.
Responsible gambling regulations are required, and many governments have already introduced these. Some, like the UK government, have taken steps to further finetune their regulations.
Blockchain
Another area where we are seeing advances and development is in the integration of blockchain technology. A blockchain network is a digital ledger that stores transactions and can be used to initiate and complete smart contracts, which are automated agreements between two or more parties. Its best-known use is in cryptocurrency.
Cryptocurrency facilitates faster and less costly transactions, benefiting the player and the casino. It is also pseudonymous, making it more difficult for governments and agencies to track. Asset and financial regulators have been relatively slow out of the blocks, often relying on existing regulations that are closely tied to fiat currencies, rather than modern, digital currencies.
Further crypto regulations are incoming, and we can also expect to see crypto considerations in upcoming iGaming regulations.
Regulatory Changes
Some countries, like the UK, have embraced iGaming and introduced extensive regulatory frameworks. Other countries, like the US and Canada, are slowly catching up. Only seven states in the US and one territory in Canada currently has fully regulated online casinos, but this is expected to grow in the coming months and years.
Conclusion
iGaming has seen a lot of growth in recent years, but it still has huge potential for further expansion. The emergence of blockchain and cryptocurrency, the continued spread of 5G mobile Internet, and the continued improvement of online and digital technology means more and more casinos and casino apps will come online and regulators will need to introduce new legislation to counter this.