It’s a safe bet (pun intended) that no industry is unaffected by the wave of digital transformation going on around the world today. Much of the impetus behind this digital evolution is the demand for a better customer experience. And few industries are more focused on customer satisfaction than the gambling business. Keeping players happy, so they’ll keep coming back, is job one for casinos and online gambling sites. Their very livelihood depends on it.
The growing acceptance of online gaming has opened the door to tremendous opportunity throughout the industry. According to a recent report, the online gambling and betting market is expected to reach nearly $95 billion globally by 2024, growing at a CAGR of approximately 11 percent. And with the recent U.S. Supreme Court ruling, which effectively eliminated the Professional and Amateur Sports Protection Act (PASPA) - leaving it up to states to regulate gambling within their borders - online sports betting will significantly add to market growth and acceptance.
In fact, USA Today reports that nearly 8-in-10 Americans say they support legalizing online sports betting in their state. For this reason, many local legislatures are considering relaxing gambling restrictions.
One of the critical challenges the industry faces is effectively managing an increasing complex technology ecosystem at the point of sale. Consumers expect casinos and online gambling sites to offer a broad range of payment methods providing frictionless commerce across all channels and devices. At the same time, industry stakeholders need payment processing solutions that help reduce the cost of acceptance and optimize interchange pricing.
Data is also playing an increasingly important role in delivering a superior customer experience. More and more industry players are looking to leverage analytics in order to track customer behavior and create personalized offers delivered in real-time when they are most relevant.
In the case of online gaming, ensuring that international customers have the choice to pay in their own currency is vital. Putting in place a credit card processing solution that supports a broad number of currencies is imperative to meet this goal. And of course, security and fraud prevention are big concerns for customers and companies alike. Casinos and online gambling sites are beginning to avail themselves of state-of-the-art encryption and tokenization technologies that safeguard sensitive customer card-payment data throughout the entire transaction.
As the industry transforms, new forms of technology are promising to change the gaming experience itself. The introduction of virtual reality software is enabling players to become completely immersed in the thrills of the casino experience, while remaining in the comfort of their own homes. Advanced technology is enhancing the connections between players, their own devices, and land-based casinos, resulting in more cross-platform games – creating higher levels of engagement and incremental revenue opportunities.
Beyond virtual reality, the gaming industry is also exploring increasing use of mobile platforms, as well as the adoption of block chain and cryptocurrencies to meet the evolving needs of consumers.
These transformative changes are creating a very bright future for the industry and a bet well worth taking.
Learn more about First Data’s Gaming Solutions.