Over the last 14 months or so, the world has undergone some quite severe changes.
We have seen regular industry decimated across Europe because of the pandemic and many businesses weakened by the uncertainty of Brexit. Equally, virtual companies have thrived, experiencing a new wave of customers unable to visit physical shops or entertainment venues, instead finding solace in the online world.
This is typified by the gaming industry, where the EGBA reports physical casinos have taken a revenue hit over 2020, but online providers have gone from strength to strength. While physical locations being closed is one definite catalyst for the figures, the evolving industry is one to keep an eye on, especially for cryptocurrency observers.
Firstly, why are online providers doing so well? The new influx of customers is an obvious place to start, but they must retain those customers in the future, which is highly likely. Online gaming providers do this in several ways, not least by their flexibility and variety of games. One online provider is Gala Spins, and a cursory glance at their game offering underlines what the industry does to keep customers. They have slot games featuring popular brands such as Cluedo, and different game types, such as Slingo Deal or No Deal, a hybrid of slots and bingo. With such variety, providers ensure there is something for any kind of player to enjoy, something seen across the industry.
These providers also react quickly to the latest technology, embracing live games that replicate a casino experience from the comfort of your sofa. You can participate in live quiz show style games, and it will not be long before AR and VR impact the industry. Whether it is online poker variants, a massive selection of slots or even live games (which we will come to in a minute), the iGaming industry is ready to adapt to consumer demands and ensure strong customer retention. That means the industry will continue to grow, and with providers also embracing cryptocurrency, it ensures the eyes of investors should be cast towards the iGaming industry.
Crypto in gaming is not new; many providers are styled as ‘crypto casinos’ because they only accept cryptocurrency as payment. It has plenty of benefits for gamers and providers alike, including lower overheads, increased safety and anonymity for both parties. While blockchain’s nature makes it inherently safe, it is confidential rather than anonymous, but it also offers a natural protection to those wishing to remain unseen during their gaming.
As more providers come on board with accepting crypto, it could help drive up the values of their chosen types, such as ETH or BTC. Any emerging trends could well point investors towards the next boom currency. BTC rose and fell at the start of 2021, and Dogecoin seems to be in vogue at present, but it is a market that changes rapidly. When an industry believed to be worth €54bn begins to adopt certain currencies, it could quickly affect the broader market.
The fortunes of crypto and iGaming are not necessarily entwined. Still, one could seriously affect the other, and any investor keen to get ahead in the market should pay close attention to developing trends within the iGaming sector.
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