The world of gaming is adapting to a shifting landscape.
Writing in the July/August issue of Gambling Insider magazine, Iqbal Johal examines how the COVID-19 outbreak accelerated a swift technological shift and how the gaming industry is adjusting to this evolution, becoming more resilient in the process.
As the initial tremors of the pandemic diminish, we have an occasion to contemplate and determine the industry’s future trajectory.
We are all cognizant of the substantial impact it has had on both operators and providers, financially and in terms of personnel. The pandemic has severely affected the gaming sector, and indeed all of us.
Although we are far from a return to normalcy – whatever that may entail – this predicament has also presented a prospect, a chance for reevaluation and enhancement.
This is undoubtedly a sentiment I have encountered in discussions with, or observed from, numerous executives across the industry throughout this time, and there is a clear agreement on how we can rebound stronger: by expediting digital transformation.
While technology already held a vital function in our lives pre-pandemic, for the most part, we did not need to depend on its full potential in our daily routines. However, we find ourselves at a crossroads: in the coming years, we will inhabit a completely immersive technological realm, spearheaded by autonomous vehicles and virtual gatherings.
The times ahead are certainly upon us.
Our encounters, ranging from distant employment and virtual gatherings to weekend video conversations, have demonstrated that technology can propel us onward. We’ve welcomed the ease of grocery and meal deliveries, venturing to shops only when absolutely essential.
Perhaps we were destined to adopt a digital existence earlier, but considering the situation, we’ve adjusted swiftly, and there’s no justification to decelerate now.
As much as we all cherish interpersonal connections, we must acknowledge that regular in-person interactions might not be customary for the foreseeable future.
Our conduct patterns are transforming, and the interactive entertainment sector must evolve.
Luckily, our industry is digital and progressive. Numerous operators, providers, and partners have recognized the efficacy of extensive remote work strategies and are adhering to them.
The enforced transition to online operations, fueled by the postponement of live athletic competitions, also observed a surge in two highly digitized sectors: competitive gaming and simulated sports.
During a virtual gaming conference in May, a CEO reported an astounding 206% increase in virtual sports participation due to the global health crisis, as measured by average users.
During the same gathering, Tom Wade, a creator of the esports wagering platform Sickodds, emphasized the impressive fortyfold expansion observed in esports betting on games like FIFA and F1. He connected this surge to the simplicity with which these games shifted to entirely virtual formats.
These figures are a clear indicator: the sector is moving towards digitalization at an unprecedented rate, even surpassing many predictions. For providers in areas like Latin America and sections of the US who have been reluctant to fully adopt online activities, this serves as a powerful sign of the changing times. The SBC Digital Summit in April, which concentrated on the Latin American scene, stressed the necessity for the region to strengthen its online footprint.
The discussion concluded that areas heavily dependent on physical betting will need to adjust and embrace the digital realm to endure. This raises the inquiry: could this be the impetus required for nations like Brazil and Argentina, where gambling authorization remains unclear, to finally take action?
The circumstances in the US present a comparable scenario, with numerous states still opposed to internet gambling. Barry Pack, head of the Oregon Lottery, remarked at the same summit that post-pandemic revival depends on swift digital conversion within the sector.
This urgency might be the very factor that compels regions like the US and Latin America to hasten their online gaming regulations and maintain alignment with the evolving environment.
The COVID-19 outbreak has undeniably affected us all, but it has also provided a chance to learn, modify, and ultimately, advance.
The world of wagering finds itself swept up in the rapid currents of technological evolution. Evolve or face extinction – this is the harsh reality confronting it.
