The gambling market has always worked with a cut-edge approach by constantly developing and thinking outside the box. 2022 will not be the year that throws tradition to the ground, especially as new challenges and opportunities are to be faced for the global market.
The entire world is currently in a transformative state, with plenty of current events to shake and break the rhythm of everyday life. When it comes to online gambling, transformative environments have been and continues to be critical to the market’s development. Below we will discuss some of the greatest transformative trends that the online gambling market may be facing this year.
While advertisement is perhaps not the first thing that comes to mind when one thinks of gambling, it is the factor that sets the bar and may lower the threshold for old and new customers alike. However, during the past couple of years, more and more gambling marketing restrictions have been on the tables of politicians worldwide.
The objective of advertising often comes down to one of two things: 1) to generate customers by spreading effective bonus campaigns such as $1 deposit bonus, or 2) creating at least artificial trust in gambling companies by using the familiar faces of celebrities. During the last year, several regions have discussed or implemented bans on the use of celebrities in gambling ads. Similarly, several major sports leagues, such as the British soccer Premier League, have discussed or implemented bans on gambling companies as main sponsors for teams.
The world of advertising now faces critical decisions regarding how to change their approach to the market in light of these new regulations. Furthermore, the advertisement needs to provide for a post-pandemic society.
The post-pandemic society is a challenge for many business sectors as restrictions are loosened. For the gambling market, this means full returns to both fully operating sports games as well as people returning to the competing brick-and-mortar gambling institutions.
There is no denying that the online gambling community gained new customers due to the sudden pandemic-influenced removal of arenas such as traditional sports wagering and physical casinos. In the post-pandemic era, however, the online market needs to find new approaches to maintain their new market width.
Online betting market
Further adding to the new markets available, the online sports wagering market has seen a drastic increase as the market is rapidly expanding in the United States. During the last year, several states have come to legalize online wagering, including power state New York. California, the most populous US state, is currently putting bills on the table that would enable online gambling for this winter’s election.
The expanded US market will affect the entire world as the gambling companies expand their activities and approaches. Furthermore, the wagering on US specific sports and leagues may ramp up as a consequence, therefore affecting popular betting opportunities such as the NHL and the MLB.
A growing market in itself, crypto currency has begun to enter the gambling scene as well over the past few years. Crypto casinos, sometimes called interchangeably with the misguiding title ‘bitcoin casinos’, are online gambling platforms that accept deposits and withdrawals made in the crypto currency choice of the customer. The approach has generally been seen as safer and quicker for customers due to the independent blockchain function of transactions, which has garnered the market much attention.
The crypto currency trend does not seem to be slowing, which most likely implies that the crypto casino market is not ceasing either. While crypto casinos are increasing in numbers, not a lot of national governing bodies have accepted them as mainstream gambling options. Thus, the market is pregnant with potential.
Another transformative opportunity that the gambling market could make use of is the rekindled global passion for climate questions. Earlier this year, the Intergovernmental Panel on Climate Change, or IPCC, released their sixth report on climate change. The report confirmed suspicions that the global community is not on track to meet the demands set in the groundbreaking 2015 Paris Agreement.
The online gambling community could use this discussion as leverage and inspiration to set an example by developing more energy-friendly systems as well as use game developments to spread information on climate issues. Though the likelihood is small due to its political identity, it is a transformative opportunity to consider nonetheless for a market that wants to continue expanding at the forefront of ideas.
Honorable mention: Artificial Intelligence
For a few years now, market predictors have listed artificial intelligence, or AI for short, as a large opportunity for the gambling market. The post-pandemic environment might be the optimum moment for the AI casinos to get their breakthrough, as it will fill the potential advertising holes discussed earlier in this text. Furthermore, upcoming digital cooperation strategies such as the metaverse cater to similar concepts, thus creating a seamless connection.