It should not come as a surprise that Grand View Research thinks the online casino industry has already exceeded the $17.13 billion. And as if that’s not enough, the institution expects the industry will continue growing by a CAGR of about 12.4% in the next few years. Of course, this industry has often been known for welcoming innovations, which could be the reason for this growth.
Let’s take bonuses, for instance. For a long time, the sector has been popular for its many bonuses, which operators have been using to attract and retain players. As such, players can now explore numerous trusted online casino bonus offers and claim them for different games, making the gameplay more engaging.
However, beyond these multiple bonus variations, operators have been turning to engaging technologies like AI to stay ahead. And since you may want to know how this technology might affect the future of the casino industry, why don’t you hang around?
The popularity of AI in the industry
Is it even possible to think of just one industry where AI is not making waves? Well, the most obvious answer is no. And in the casino industry, things don’t seem to be different. In fact, considering the broader iGaming industry, Market Research Future thinks that AI accounts for about $32.5 billion.
AI, as you may know it, boasts unusual computational ability. In fact, that’s its main advantage. It can gather and assess huge data files and provide insightful information within seconds – which is not possible with traditional systems. Remember that data has become the contemporary gold; any business seeking long-term success can’t afford to ignore it.
Looking at the numbers, experts predict that about two-thirds of businesses will be making data-based decisions by 2026. This already means more competition for an industry like casinos, where acquiring and retaining customers has become extremely expensive. And as a result, more operators could yield to this pressure as they seek to become relevant.
The age of personalization
Have you ever had an experience where you tapped YouTube Music or your favorite streaming platform and found a curated playlist that perfectly aligned with your preferences? You most probably loved the experience. Well, if you’re nodding in agreement, you are actually part of 81% of customers who Forbes believes love such experiences.
More operators are taking advantage of the increased availability of data to understand their customers more and tailor experiences that match their preferences. This is actually the magic of online platforms. Who could think that accessing information about player preferences and habits would ever be possible? And even though this was quite unimaginable in the early days of the casino industry, it’s actually possible today.
And do you know what? Given that 73% of customers want businesses to understand them more, personalizing experiences can really help operators advance. Plus, Contentful suggests that personalization can lower consumer acquisition and retention costs by up to 28%. And have we even mentioned that more than 62% of business leaders agree this modern trend helped them improve customer retention?
You can actually agree that no casino can be willing to miss out on such benefits. With the industry becoming more competitive by the day, maybe more casino companies will turn to AI to help them improve their personalization efforts. Sometimes, finding a suitable game to play out of the thousands of variations can be quite challenging. But with customization, players will be able to save the time they would have otherwise spent finding suitable titles, improving engagement.
The growing emphasis on online security
No one wants to participate in space they know could compromise their safety. This is even more serious in the casino industry, where cyberattacks are really increasing. By the way, are you actually aware that, according to experts, more than 70% of online casinos endured cyberattacks in 2023 alone? You can imagine what things will be like in the coming years now that cybercriminals keep reinventing themselves.
The more people join the casino industry daily, the more customer data. As a result, this draws the attention of cyber attackers who are always seeking opportunities to steal and compromise personal information. Therefore, a brand that ignores this is only positioning itself for failure.
Thankfully, advanced technologies like AI have emerged to help operators stay ahead of threat actors. Let’s take its real-time monitoring ability, for instance. Since the number of players visiting just one platform can even be upwards of millions, manually detecting suspicious activities in real time can be challenging. But that’s not so with artificial intelligence.
As we already noted, this technology can assess large amounts of data and provide meaningful insights instantly. This allows operators to detect and respond to fraud in real time, thereby reducing the risks of exposure. And now that online security is becoming a significant competitive advantage, we could see more operators adopt AI-based security measures to improve their brand perception.
What is our final word?
As you can actually see, artificial intelligence promises a really bright future for online casinos. At an age when personalization seems to be the order of the day, using this technology to tailor experiences promises an exciting frontier for this industry.
And as gamblers become more security conscious, AI will really help online casinos appeal to such preferences. Remember, we are just at the early stages, and you may want to remain attentive to see the trajectory things may take in the coming days.
