AR/VR and Covid-19 technologies
Slotegrator outlines the effects of covid-19 on AR/VR and how it impacts the decision for operators to open online casino platforms.
For many years, the gambling industry has been demonstrating steady growth. Before you open your gambling project online, it is important to study the legislation and the segment. However, this is not enough – you now need to follow the latest news and updates in the gambling industry, be able to analyse what is happening, and predict the situation on the market.
What are competitors doing?
According to Statista, between 2019 and 2026, the gambling industry will show an average annual growth rate of 7.91%. At the end of 2020, the market volume was $66.7 billion, and by 2023 this figure is expected to reach $92.9 billion. Gambling is a profitable and rapidly developing segment, which attracts the attention of entrepreneurs. Every year there are more and more people who want to start a business in the gambling industry.
But the following questions are likely to be overlooked:
- How is your company different from others?
- Why did you decide that these are competitive advantages?
- What impact do they have on customer choice?
Professionalism, years of experience in the industry, optimal quality at a favorable price — the standard answer to the first question. To answer the rest, you need to know about the latest competitors’ development. What product you launched, with whom you signed a partnership agreement and what new market you have mastered. You need to know this in order to build a unique strategy for your company.
How is COVID-19 changing the world?
Due to the “pandemic crisis”, many business segments began to show disappointing performance indicators — falling or slow growth. The gambling industry has bypassed this. Widespread lockdowns, the transition to a remote work system — people started spending more time at home. As a result, they began to surf the internet more than industry players took advantage of. The influx of new customers and constant support of the existing base allows gambling projects to develop and scale.
In the future, the online segment will be the key growth driver for the gambling industry. Therefore, it is important for real and potential online casino operators to keep abreast of the latest developments related to Covid-19.
What innovations are there in the industry?
Experts predict that digitised companies will be driving customer experiences and sustainable operating models by 2024 shifting 70% of all spending to technology.
AR and VR technologies are rapidly changing the gambling industry. Artificial intelligence is at the forefront of many technological developments, and augmented and virtual reality applications are becoming trends and positively affecting the player experience. The main goal of VR and AR is to improve the user experience. AR has the same function as VR, but it is player-centric technology that provides information about jackpots, casino features, bonuses, and promotions.
Creating an online casino using AR and VR technologies requires significant resources, in particular, financial ones. Accordingly, software should have wide functionality and the ability to work smoothly even with high traffic.
What has changed in regulation?
Having decided to open an online casino, an entrepreneur must first of all take care of purchasing a license for the gambling project. To register an online casino or sportsbook online, you need to choose a European country or an offshore zone with a reliable reputation. Regulation of the gambling business differs from country to country.
Permitted areas and states traditionally include: Curacao, Malta, Great Britain, Gibraltar, Belgium, Denmark, Estonia, Italy, Costa Rica, Kahnawake, Isle of Man, Antigua and Barbuda.
News about changes in the legislation of countries that could be of interest to you appears in the media space from time to time. For example, in March 2020, the Prime Ministers of the Federal States of Germany ratified the new Gambling Treaty, which will enter into force in July 2021 and will allow issuing online casino licenses throughout the country, and not just in the federal state of Schleswig-Holstein.
Stay updated on the latest changes and additions to the legislation of the country where you want to register a business, study all the nuances, the rules for acquiring a license, and only after that, act.