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How Web3 will transform iGaming in 2024
Evgeniy Babitsyn, CMO of Bets.io, shared the below words with us.
The iGaming sector will be transformed by Web3 technologies. From blockchain applications to AI, NFTs and cryptocurrencies, iGaming platforms are already exploring how Web3 can not only improve their ways of working, but provide an exceptional standard of user experiences.
However, there is still a knowledge gap within the industry when it comes to understanding just how Web3 can be integrated into existing services. The discussion has been dominated by bold thinking on how Web3 will forever transform society. While this has created an exciting public discourse, it can sometimes overshadow the more practical ways that companies across all sectors can already start using Web3 to their advantage.
There are plenty of other considerations as well. These range from the limitations of certain early-stage technologies through to regulatory compliance and risk management. Hastily embracing Web3 without consideration of these issues can leave an entity exposed to a host of challenges which could undermine their relationship with their clients and services. Conversely, taking a risk averse approach which ignores Web3 will ultimately result in organizations being left behind.
Bets.io has been at the helm of research and development to understand how Web3 is revolutionizing the iGaming sector. Already, new initiatives are underway which will result in the rollout of Web3-enabled services and products throughout 2024, tailored to the needs of our clients.
Through our research, we have identified two key ways that Web3 will transform iGaming in 2024.
Speed, transparency and security
The benefits of Web3 revolve around three core principles of speed, transparency and security. Collectively, these principles are directly relatable to the iGaming sector and are based on the process of decentralization i.e. where the activities of a gaming ecosystem or a gaming platform, like the ownership of gaming assets and decision-making in all aspects of gaming, are delegated away from a central authority. This leads to transparency and security advantages.
For example, smart contracts can be deployed to automate the rules and logic of particular online games, ranging from the rewards and penalties set, to the changing nature of the challenges that players face. These smart contracts act as self-executing agreements that run on a blockchain system, meaning that it is incredibly difficult for games to be manipulated or hacked by an outside party.
The use of peer-to-peer networks works in a similar way, promoting cross-play functionality and an international network of gamers. This also means less of a reliance on a centralized server or platform which could slow-down network work performance or limit certain regions and devices from connecting with other players.
Tailored fun for all
Alongside the technical conversation on Web3, we should not forget the fun and engaging elements involved in iGaming and how this can be enhanced. The iGaming sector is global in nature and scope, bringing together players from a diverse collection of communities and regions. This makes the interests of players diverse. Rather than relying on one award system and one style of game, Web3 technologies allow iGaming platforms to deliver a bespoke experience for each individual player.
To understand how this would work in practice, we can consider the reward systems in place. Linking rewards with tokenization is one example of this, most prominently demonstrated through non-fungible tokens (NFTs) that directly correlate to the interests of a player. NFTs can be integrated into iGaming to create unique, tradable, and collectible items that can be won or traded between players. It creates an added value to the player and another avenue to encourage engagement.
Adaptive and tailored gameplay can also be produced through the combination of AI and blockchain data. The different gaming systems can learn from a player’s behavior and preferences to adjust difficulty levels, storyline progression, and in-game events in real-time. Limits can be set and the individual can play games on a difficulty level which is tailored to their skill-level.
2024 will be a defining year for the iGaming sector, and its progress will be led by the integration and use of Web3 technologies. The success of this will depend on iGaming platforms readily exploring how Web3 can be used, with the player experience guiding all the decisions made. Bets.io is already making strides in this space and we look forward to providing future updates shortly.
A recent survey has confirmed that almost two out of three (63%) of Illinois residents support legalizing online casinos.
The survey, created by casino bonus and online casino review site BonusFinder.com, asked 1,000 Illinois residents their take regarding legalizing online casinos. The focus group covered voters across a variety of political backgrounds, age groups, and different geos.
Despite online casinos currently being illegal in Illinois, and the only way to access them is illegally, the survey found that one in four residents (26%) admitted to having played at an online casino.
According to a separate analysis, which delved into how much US States could be missing out on in online casino tax revenue, it revealed that Illinois could be missing out on up to $788m. Instead of going to the State, this potential tax money is being funneled to unregulated offshore gambling platforms.
When questioned, hypothetically, how residents would prefer the tax revenue to be spent they prioritized: public education (61.4%), mental health and addiction services (54.8%) and improvements in infrastructure (44%).
Other services that were still important, but less of a priority, to those questioned in the survey were: affordable housing (38%), crime prevention (33.1%), community programs (26.2%) and environmental initiatives (22.7%).
“These findings show that Illinoisans are ready for online casinos, as long as it’s done responsibly,” commented Luciano Passavanti, Vice President at BonusFinder.com.
“The message from voters is clear – they want safe, transparent platforms and strict oversight.
“They also want to know that tax revenue from online casinos will directly benefit their communities; whether that’s through education, healthcare, or local infrastructure.
“Illinois is already a major gaming market. Legalizing online casinos is the next logical step.”
While the majority of voters were in favor (63%), 19% were against legalization and 17.5% remained unsure.
The largest age group supporters of legalizing online casinos was the 45-54 age group, with 68.8% being in favor. However, the age group whose least in favor of legalization remained to be those aged 65 and over – with 51.2% being in favor of legalizing online casinos in Illinois.
The second-largest age group in favor of legalizing iCasinos are those aged 35-44 (64.1%), the third-largest group stood to be those in the 18-34 age bracket with 63.7% of voters supporting legalization.
When it comes to the battle of the sexes, men were found to be significantly more open to the idea of legalization, with 70.5% of men in support. However, in comparison, just 58.3% of women were found to be in support of legalizing online casinos in the State.
Furthermore, a variety of correspondents across different political views were also questioned; with findings revealing that Republican voters were slightly more in favor (65.4%) of legalization compared to Democrat voters (63.3%).
The post Online Casino Legalization in Illinois: Study Finds Two-Thirds of Voters in Favor appeared first on European Gaming Industry News.
The number of people using safer gambling tools increased during the Safer Gambling Week 2024, according to the new figures released by the Betting and Gaming Council (BGC).
Analysis of last year’s successful campaign confirmed over 1.5m unique accounts used a safer gambling tool during Safer Gambling Week, a massive 22% year-on-year increase.
Meanwhile, the number of deposit limits set during the campaign increased by 14% compared to the previous year’s Safer Gambling Week, with 47% of players setting deposit limits for the first time.
Safer Gambling Week 2024 – which ran from November 18 to 24 – also delivered an astonishing 7.2m safer gambling messages to punters across the week, a 10% rise on 2023.
New records were set on social media too, with the campaign generating over 60 million impressions across major platforms X, Facebook, LinkedIn and Instagram, a huge 21% increase on Safer Gambling Week 2023.
BGC CEO Grainne Hurst said: “Safer Gambling Week has proved its worth once again by making a real impact encouraging even more punters to make the most of the broad range of safer gambling tools only available in the regulated sector.
“These new figures are a testament to its ongoing success, and this industry’s commitment to raising standards and ensuring the millions of customers who enjoy a regular flutter, do so in a safe and responsible environment.
“Our members promote safer gambling every day of the year, but a single dedicated week, bringing together the whole sector with support from MPs, peers, the regulator and other stakeholders, promotes that work in a uniquely powerful way.”
The aim of Safer Gambling Week is to kickstart a national conversation between staff, customers and their friends and family, about safer gambling, as well as highlight the range of tools that are available to help people stay in control of their betting.
The campaign also generated over half a million visits to the Safer Gambling Week website, which signposts help and advice for those who may be struggling, as well as offering advice on safer gambling tools like deposit limits and time outs.
The post Use of Safer Gambling Tools Increases 22% During Safer Gambling Week 2024 appeared first on European Gaming Industry News.
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Danish Gambling Authority Publishes the Annual Report “The Gambling Market in Numbers 2024”
The Danish Gambling Authority has published the annual report “The Gambling Market in Numbers 2024”, which summarises the year that has passed on the gambling market in Denmark.
The report shows that Denmark’s total gambling spend in 2024 amounted to DKK 11.0 billion. This is an increase of 5.6% compared to 2023. At the same time, “The Gambling Market in Numbers” shows that an increasing share of online gambling takes place at operators with a licence to offer gambling in Denmark. Thus, the channelisation rate in 2024 rose to 91.5% from 90.8% in 2023, placing Denmark in fifth place over the countries, with the largest share of online gambling taking place on the regulated gambling market.
Tables and figures also describe the development of all gambling categories: charity lotteries, land-based casinos, monopoly lotteries, online casinos, gaming machines and betting. The overall trend remains that the share of gambling spend that comes from online gambling is increasing while the share of land-based gambling is decreasing accordingly.
One theme in this year’s edition of “The Gambling Market in Numbers” is the Men’s Euro, which took place in the summer of 2024. The betting activity during the period clearly showed that the Danes play when Denmark plays.
In addition to statistics for the gambling market, the report also delves into key figures for ROFUS (Register of Self-Excluded Players) and StopSpillet, the Gambling Authority’s helpline on gambling addiction and responsible gambling.
The post Danish Gambling Authority Publishes the Annual Report “The Gambling Market in Numbers 2024” appeared first on European Gaming Industry News.
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