Technology and The Future of Gambling Globally

22 Oct

Gambling has existed long since history was chronicled. Even if it may or may not be a moral transgression, splashing out on gambling is something that some people are looking forward to.

Staking your money on something isn’t what it used to be. Almost two decades ago, one had to dress up and pay a visit to a casino if you want to try your luck. There was also not much of a progress in technology back then. The most up to date technological innovation during those years was a big and heavy computer equipped with a floppy disk drive. But today, you can do almost anything using only your smartphone. Thanks to the Internet, we can now reconnect with our families and friends, shop online, and even gamble through bookmaking services.

Evolution in Gambling

Industries today have gone digital and online. For instance, Forbes reported that the pharmaceutical industry is adopting the cloud technology and exploring how to streamline their operations using the Internet. Gambling has also shifted to online. In fact, online gambling is now a multibillion dollar industry. It is a big business, especially in Europe and North America. Data shows that online gambling in the United States has a projected net revenue of a whopping $7.4 billion by 2017.

Before all these numbers went this high, a study by the University of North Carolina showed that the online casino was first introduced in 1995. It only became a big hit two years later. By 1998, online gambling generated $800 million of profits.

Technological innovations greatly evolved traditional gambling. From a cash basis betting scheme, punters today make a wager on a cashless premise that is monitored electronically. Technology has also changed the way people make a bet. In the early 21st century, telephone betting was starting to transform the offshore betting practice. But today, anyone can try their luck with just one tap or swipe on their mobile devices.

Manually recording sports data and other game variables were very taxing and exhausting. Today, an overwhelming amount of algorithms guides the sports betting market. 

Moreover, online casino operators are now using analytics in monitoring player involvement. Data from analytics are used in maintaining the punters’ interests of the game through loyalty programs and whatnot.

Expectations in Online Gambling

Many punters are looking forward to a brighter online gambling industry. With increasing technological advancements, online gambling companies are introducing new ways on how to bring new punters into the fold. Virtual reality, digital money, the Internet and smartphones are all seen to contribute to make far-reaching changes in online gambling.