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As with 2023, there is no doubt that the online expansion of the gambling industry is the main thing to watch in 2024. More and more people are changing from physical casinos to places like real money online casino sites and betting apps.
What Role Will Technology Play In The 2024 Gambling Industry?
Blockchain technology is one of the biggest technological advancements that is certain to grow even more in 2024. This technology is the current future because it is designed to speed up the rate at which information is delivered. Blockchain works by using a shared ledger that processes and records transactions and tracks assets within a business. Essentially, it makes the whole process more efficient, cheaper, and reduces risks within a network. This is particularly vital for secure payments made by customers in the gambling industry.
Within the gambling industry blockchain technology can be used to record transactions from start to finish, which is then stored as a data block. The block can record a desired set of information, such as who, where and value for example. The blocks are then linked together to form a blockchain, that cannot be altered through tampering or malicious behaviour. Each block connects to the block both before it and after it. This is what creates the chain of blocks, hence ‘blockchain‘. The benefits of blockchain technology seems positive, if even just because of the security, trust, and efficiency that it will provide within the gambling industry.
Will Physical Casinos Regain Some Traction In The Gambling Industry?
Based on recent trends, physical casinos do seem to be maintaining some form of regular business. However, if they are to not only survive, but thrive in 2024, then brick-and-mortar casinos really need to adapt to the changing gambling market.
The continued rise of online gambling and esports betting is not going away, so physical casinos need to make sure they are doing the right things to keep customers coming through the doors too. Relying on age-old games such as blackjack and poker, plus the well-loved slots may not be enough to keep people enticed by face-to-face gambling options. It is likely that bringing in new slots, as well as expanding operations to include more challenging and exciting games for the public is necessary. Relying on historically popular games is no guarantee that they will continue to maintain popularity going forward.
Also, the demographic of gamblers needs to be understood. The younger generations are struggling financially in the modern world, so there’s less disposable income in general. It could be argued that this may actually lead more people to gamble, on the off chance that they win big. However, realistically it’s more likely that customers who have financial constraints won’t be spending what little money they do have on entertainment, including the gambling industry.
Why The Shift In The Gambling Industry Scene Over The Last Few Years?
The pandemic changed the gambling industry scene dramatically. It’s unlikely people have forgotten the images of an empty Las Vegas, perhaps the heartland of global gambling. People were unable to enter gaming establishments and this caused a massive shift to online betting establishments so that people could get their fix.
Furthermore, people seem to like the ease with which they can bet online nowadays. Having an app or access to an online platform is now easier than ever, with people being able to login from their phone to check or place bets. There’s no need to have access to either a physical computer or a physical casino. You can just gamble and check your bets online from wherever you are.
So it makes sense that going into 2024, the online gambling trend will continue into 2024 and beyond.