Will VR & AI Drive The Next Big Wave Of Profit In The Casino Industry?
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The tech boom of the last thirty to forty years has been one of the strongest and most meteoric in any sector of all time. Some economists and historians have compared the amount of money, comparatively alongside the Golden Age of Capitalism after WW2, the Roaring Twenties, and China’s colossal rise to become an economic superpower since the mid-1990s, the tech boom rivals them all in terms of money generated. Although some tech companies have had to lay off some staff over the last twelve months, there are still a lot of projections from economists that believe the tech industry is still in the middle of this boom period. The rise of Artificial Intelligence and Virtual Reality are two key reasons why.
How The Casino Industry Implements Technological Innovation
For those in the technology sector, there has been fierce discussion about AI and how it will develop in the near future. It has the ability to enact similar changes we witnessed in society due to the internet. Still, it comes with stark warnings too, and it needs to be appropriately regulated to ensure that it does not result in improper use. While many experts have voiced trepidations about how profound some of these changes can be and how dangerous the technology could be in the wrong hands, there’s nothing to suggest this will be an issue within the casino gaming sector, which is one area that continually strives to innovate.
You only need to explore the milestones within the digital casino sector to appreciate how innovative companies within the industry continue pushing boundaries. In the early 2000s, when the internet was still new and something that hadn’t reached mainstream adoption, gambling companies were already thinking of ways to build their digital presence, with many of these companies now multi-million dollar businesses. In addition, digital casino providers have often stayed ahead of the curve, prioritizing mobile casinos and providing services to people who wish to use new and groundbreaking payment methods, such as cryptocurrency, to play their chosen game.
Bitcoin casinos are the latest in many remarkable ideas that the casino industry has started to use to generate even more significant profits. They are attracting a whole range of new customers who want to use their digital assets to place a bet. You can use cryptocurrency for any casino game you usually play with traditional Dollars, whether it is Bitcoin blackjack, poker, or roulette. One of the many advantages of playing those games with Bitcoin is that you only have to connect your wallet, you do not need to give any details (financial or personal), and you can begin to play immediately. As far as innovations within the casino industry are concerned, this is one of the most ingenious that’s impacted the sector in a long time.
How Virtual Reality & Artificial Intelligence Will Push Innovation
Artificial Intelligence is already used in many areas of the digital casino sector. If you play a virtual casino game, the technology that drives the game collects information about the numbers and your gambling patterns, etc., is all AI-driven. As AI becomes more advanced, with billions of dollars more investment piling into it, it might begin to impact other areas of the casino, such as detecting fraud more quickly and being able to assess much larger chunks of data in a far quicker fashion.
As this technology is so new, it’s hard to say precisely how it will impact the sector in the long run, but given how it is set to change several essential industries ranging from healthcare to finance to the law industry and dozens of other industries. Virtual Reality might play a more prominent role than AI – and it’s something that land-based casinos may be concerned about.
Despite the internet causing a considerable change in gambling companies’ operations, land-based casinos have been able to weather the storm because they offer a unique avenue of providing a building with an atmosphere and aura that can’t be replicated online.
Although Facebook (Meta) attempted to move into the VR realm with limited success, the fact that Apple, the world’s first $3 trillion company, has now moved into the sector is a sign that these companies are beginning to spend considerable time and inject considerable resources into this type of technology.
If a VR casino can effectively replicate the feel and aura of a casino without even having to leave your home, this could spell trouble for land-based casinos, which could see their profit margins dip due to such an innovative and landmark change. If Vision Pro headsets generate significant profit for Apple, then this will only accelerate the rate of change, which will inevitably see the rise of more VR casinos.
Conclusion
The casino industry doesn’t take its foot off the gas. It is continually looking for ways to generate profit, which will continue as we move further into the 2020s. Although VR and AI might not play a more significant role than some expect, they will inevitably impact the sector more as they begin to impact broader society. So while it is difficult to predict where the next big wave of profit will come from, the casino industry is still bracing itself for massive changes, irrespective of where they emerge from.
