A report issued earlier in February via PRNewswire.com says that the global gambling market will shoot from the $466 billion value in 2020 to $516 billion in 2021. That’s a remarkable 50 billion forecasted growth in just a year, and the ideal question should be ‘what’s the probable cause, Web 3.0?’
The report largely owes the development to a comeback from the Covid-19 impacts that occasioned operational challenges in the industry.
The gambling market encompasses an array of gambling facilities, including lotteries, casinos, video gaming terminals, and sports betting, to name a few. All these involve committing money or other valuable assets with the hope of a positive outcome to win more value.
The industry is forecasted to grow at a compounded annual growth rate of around 10% in 2021, and the web 3.0 innovations could have more to do with it than the post-Covid-19 recovery.
What Is Web 3.0?
You probably may have heard about web 3.0, and if so, you know it’s rather hard to give a solid definition of what it is. However, it is right to term it an upgrade from the interactive web 2.0 supporting the internet world for a long time now.
Web 2.0 was also an upgrade from the static web 1.0. It took over a decade to transition from web 1.0 to web 2.0, so even though web 3.0 is here with us, it could take even longer to implement fully.
Web 3.0 is the third generation internet for websites and apps that focuses on machine intelligence to provide users with a data-driven and semantic web. It is built on the cores of artificial intelligence, decentralized data networks, and edge computing while focusing on delivering a trustless, permission-less, and open-source web.
Web 3.0 In the Gambling Industry
Although web 3.0 is yet to get fully implemented, its encompassing technologies are being used and impacting industries. The world is transitioning to the internet of things and wireless networks technology.
However, virtual reality and Blockchain are the impactful web 3.0 technologies in the gambling industry. Casinos, for instance, which are one of the most popular gambling activities, could soon get replaced by Metaverse.
The Metaverse Gaming Technology
Metaverse is a virtual reality space that allows users to connect and interact with a virtual or computer-generated environment and other users. Virtual reality casinos are fast-rising, and some support a plat-to-earn environment where participants can earn more than a doctor’s salary in some countries.
There are a host of Metaverse games in the gambling industry already, with some like Epic Games’ Fortnite multiplayer game that has over 300 million subscribers worldwide.
In the wake of the coronavirus pandemic, more people seek entertainment opportunities from the comfort of their homes. Metaverse has been monumental in delivering these desires, and even Tim Sweeny, the Fortnite founder, admits that the technology is going places.
Decentral Games, one of the prominent beneficiaries of the Metaverse technology, is expanding virtual experiences to the nightlife space. The virtual land governance DAO buys land in virtual places like Decentraland and starts digital enterprises.
The casinos integrate cryptocurrencies in that they are powered by $DG and allow gamers to use cryptocurrencies like ETH and DAI. Gamers earn $DG for playing games. There are liquidity providers who earn $DG for providing liquidity, and $DG holders earn from participating in the house fund treasury governance.
Blockchain and Cryptocurrency in Gambling
Metaverse like Decentral Games already introduced blockchain technology in gambling. The technology presents a decentralized gambling application that is different from conventional gambling casinos. Gamers stake using cryptocurrencies, and the casino game codes are also on public distributed ledgers.
Players’ transactions remain on the Blockchain, which introduces anonymity. Even though land-based casino booths accepting cash payments are still present in cities like Vegas, they will quickly fade after the new technologies. The Covid-19 pandemic occasions need a cashless economy, which will further accelerate the need and adoption for virtual casinos.
Blockchain security is also indispensable as the technology is now powering secure payments in casinos. Many online casinos have cryptocurrency wallets to allow users to benefit from secure online payments under blockchain systems.
Today, the gambling sector demands facilities that go beyond staking and rewards. The aspects of leisure, comfort, and security are preferable, and web 3.0 seems to be the real-world solution.
Modern technologies such as VR and Blockchain are part of web 3.0, and they seem to deliver unimaginable experiences in the gambling industry despite being in their infancy.
The beginnings have already taken shape and generated impressive experiences and revenues among users, and it’s inarguable the gambling industry is in a whole new era.
For the better part of its existence, Blockchain technology faced challenges ranging from scalability, interoperability, governance, adoption, and sustainability. However, the rise of Blockchain 3.0 as part of web 3.0 proves to be an innovative solution that will make Blockchain and web 3.0, in general, the futuristic technology for all industries and especially the gambling sector.