Driven by several breakthrough technological advancements such as AR & VR, Europe online gambling market has been riding a strong growth wave over the past decade. The entertainment industry was one of the hardest hit industries by the latest COVID-19 pandemic. Due to crowd restrictions, numerous athletic events were postponed or cancelled, which had a negative impact on the gambling sector. These events, however, paved the way for a steady expansion of the online gambling market: an emerging trend, that is here to stay.
People who were confined to their homes were looking for methods to keep themselves engaged, so online casinos were driving activity. According to a University of Bristol study, during the lockdown in the U.K., male gamblers were more likely to gamble online than other means, than their previously stated gambling tendencies. The same report also stated that poker, bingo, and casino games, recorded sixfold growth in usage among regular gamblers.
As such, online gambling performed exceptionally well in 2020. Illustrated below are the factors contributing to the growth trajectory of Europe online gambling market through 2022 and beyond:
- Increased access to high-speed Internet connectivity
Accessibility is one of the elements that has substantially aided the expansion of online casinos. With a stable internet connection, players are free to play games at any time and from any location. When it comes to land-based casinos, this level of ease is not possible. Owing to the vast expanse of urbanization and improved standard of living, the number of people having access to the internet has significantly increased.
According to the International Telecommunication Union, roughly 63% of the world's population was utilizing the Internet in 2021. The advent of 5G and other standardized networks, which enable devices to safely transfer huge data, has enabled users to enjoy a high-quality gaming experience. For example, players with a stable internet connection can wager on Tulosveto anytime and wherever they wish.
- The role of virtual reality (VR) in strengthening customer engagement
When it comes to gambling, virtual reality (VR) technology looks to have the potential to disrupt the business with extremely immersive games, requiring casinos to adapt to new technologies to compete. Capitalizing on the potential of VR, companies such as iGaming business have jumped on board to produce a range of virtual reality casino games, attracting new customers.
The most intriguing aspect of VR technology is its capacity to simulate the sense of being at a physical location. With a VR headset, players can enjoy an engaging lifelike casino experience at a VR enabled iGambling platform. That is, gamers may play games and interact with dealers in real time, just as at a live casino online. Whatgadget.net estimates that there are 171 million VR users globally. This number is expected to rise, with companies aiming to improve their interactions with customers and launching immersive VR-enabled platforms.
- Innovative metaverse cassino games: Digital currency payments ensure safety
Blockchain technology has spawned a slew of innovative technologies since its inception, influencing the online gambling industry in Europe. Bitcoin was unquestionably the first breakthrough to arise from blockchain technology, although now payments are being made through other cryptocurrencies such as Litecoin and Ethereum.
A multitude of decentralized finance protocols have since emerged in the market, including NFTs, GameFi, and Decentraland. Decentralized casino games are one of the most prominent metaverse initiatives, determining the future of online gambling. These are safer and more secured than traditional gambling, as the likelihood of scams is very low, with no individual government controlling these platforms.
Decentral games are a secure platform that debuted in 2021, providing a range of games like as poker, backgammon, roulette, slots, and blackjack. The $DG token, which can be used on the Metaverse casino, is used to determine profit rates and rewards. The decentral segment attracts a significant number of players with unique NFT features. For example, their ICE Poker program is free to use for anybody who possesses an ICE Wearable NFT and may also receive genuine cryptocurrency incentives.
With a growing number of online gambling sites, brands and companies are competing for the attention of gamers. As a result, online slots have evolved through time to become increasingly immersive. They frequently feature distinct themes as well as recognized branding. In an increasingly digital world, more young participants across Italy, Germany, and the U.K. will explore the domain for the excitement that real prizes bring.