Blockchain technology allows casino operators to use features that are not always available in traditional casinos. For example, crypto casinos can operate with reduced costs, have better safety measures, and have faster withdrawal speeds, to name a few.
However, the greatest part about crypto gambling is that there is a ton of untapped potential in blockchain technology. In other words, the best is yet to come.
Of course, while we may make educated guesses based on the data presented to us, nobody can tell with 100% certainty what the future holds for crypto gambling or how long it may take until we get there.
What we do know, however, is that there are a few key points that can potentially shape the future of crypto gambling.
In this article, I’ll focus mainly on three emerging trends:
- Gambling NFTs
- Metaverse Gambling
- AI-Implementation at Crypto Casinos
1. Gambling NFTs
NFTs are the talk of the town in the crypto world, especially when it comes to online gambling. In fact, did you know that crypto casinos like BC.Game and Rollbit have already embraced NFTs?
Not only that, but many NFT-friendly crypto casinos are continuously looking for new ways to use non-fungible tokens to improve transparency and enhance user experience.
At the moment, NFTs are mostly used as a means of play. For example, at BC.Game casino, players can use NFTs to make deposits. On the other hand, Rollbit has its own collections of NFTs, which you can buy, trade, and sell on the market.
NFTs also serve as access passes in Decentraland. While you can freely roam and explore Decentraland, you need a special NFT wearable to participate in gambling games. But, there’s much more you can do with NFT wearables.
For example, crypto casinos are often criticized for not always complying with regulatory laws or having a lax KYC check. With the help of NFT wearables, casino operators can easily identify minors and prevent them from gambling. At the same time, the same NFT wearables can be used to provide better self-exclusion programs.
Crypto casinos can also use NFTs as VIP rewards that are reserved for the most loyal players. Whenever a player reaches a new VIP tier, the casino can award them with a more valuable NFT that the player can then use to access exclusive games, win member-only jackpots, and much more.
Sounds exciting, doesn’t it? You’re in luck—BC-Game is already investing in a concept called Degenpass that does precisely that.
Of course, those are just a few examples and ideas crypto casinos are working on right now. In reality, NFTs have hundreds of applications, many of which we have yet to discover.
However, when it’s all said and done, one thing’s for certain—NFTs are here to stay and will more than likely affect the future of cryptocurrency gambling.
2. Metaverse Gambling
Metaverse is a massive network of virtual worlds that mimic the aspects of the physical world. By using a VR headset, players can enter the Metaverse and explore everything the digital world you connect to has to offer and even play in virtual casinos.
For example, casino operators can buy digital land and then establish a casino within the Metaverse. In fact, Decentral Games did precisely that more than two years ago when the company acquired digital property in Decentraland and launched the ICE Poker virtual casino.
The casino had around 6,000 daily users and made over $7.5 million in just three months.
The biggest problem with Metaverse is that the worlds in the Metaverse often lack players. The main reason for that? Both VR and blockchain technology are far from reaching mass adoption.
Blockchain is still a big unknown for millions of players around the world. In addition, a VR headset can cost you up to $1,000, while the hardware required for a smooth VR experience can add up the price to a few thousand dollars.
In contrast, virtually everyone has a smartphone, and players generally don’t have to go out of their way to access a gambling site.
Despite its downsides, Metaverse has unlimited potential and will eventually allow players to enjoy an immersive and realistic gambling experience. By relying on blockchain and VR technology, casino players can finally bridge the gap between online and land-based casinos.
In an ideal (digital) world, players can potentially walk down the digital Strip, explore casinos and digital stores, and play casino games with thousands of other players.
3. AI and ML at Crypto Casinos
I have the most recent SOFTSWISS report to thank for bringing this trend to my attention. AI and machine learning (ML) implementation is by no means limited to blockchain casinos, but these systems are taking the crypto gambling scene by storm all the same – so they deserve a mention in this piece.
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According to the report, AI and ML technology will affect the crypto iGaming landscape in four core areas:
1. Marketing
It should come as no surprise that AI and ML tech have been optimizing marketing strategies in hundreds of industries for some time now. The crypto gambling scene is no exception. In particular, AI and ML have been increasingly used to analyze player behavior to tailor promotions and advertisements.
How many times have you received a pop-up or an email from your favorite crypto gambling site showcasing a new bonus or reward that seems perfectly tailored to your favorite games or preferred playing strategy?
If you haven’t experienced this, chances are you will in the very near future. These techniques fall part of what Softswiss explains as:
- Predictive Analytics: More and more casinos are using AI and ML-powered predictive analytics to anticipate player behavior to customize promotions.
- Player Segmentation: AI is helping casinos categorize players according to their preferences, so they can create highly specific marketing campaigns.
The main concern here is casinos becoming increasingly pushy with these campaigns and promotions. I believe that maintaining a balance between offering real value and convenience to players as opposed to spammy communication will separate the best from the rest in 2024.
2. Personalized Experience
Players craving a personalized experience is one of the main reasons casino loyalty programs are so popular. So, it makes sense for casinos to use AI and ML to create a tailored experience for players where they can.
Over the past year, I’ve seen more crypto casino platforms recommend games to me based on my previous choices. This is a prime example of how AI and ML technology is being used in real time.
As these technologies develop, we’ll start to see more relevant recommendations. Currently, most casinos simply recommend games by theme or provider. But I’d like to see these platforms wielding the software to suggest similar games with similar RTPs to those I usually play, for example.
4. Improved Chatbots and Virtual Assistants
Customer service can make or break a crypto casino. If you’ve ever been in the heat of an intense poker game and you’re unable to top up your bankroll for some reason, customer services are the first place you go to, for example.
Any good crypto casino has a well-established 24/7 live chat feature. It’s quite easy to tell when a casino is using an outdated chatbot, and frustrating isn’t quite the right word to describe how it feels when your questions go unanswered or you’re given vague instructions.
But you’ll be happy to know that as AI is further integrated into crypto casinos, you won’t have to wait for a human assistant to get back to you. Chatbots will be able to tackle nitty-gritty questions about transactions and bonus queries.
Next up, you’ll also start to see virtual AI assistants pop up within game screens to offer tips and tricks while you play. This should be particularly helpful for new players who are just starting to test the waters and who may be unfamiliar with the game rules. Whether or not this will work in the casino’s favor is unclear, but at least we’ll be benefiting as players!
4. Fraud Detection
Would-be fraudsters, watch out! AI will be making it easier for crypto gambling sites to detect mischief. How? Unlike trained personnel, AI-powered systems can oversee and examine enormous amounts of data in real time. It will be easier than ever for casinos to detect fraudulent activity.
These AI-wielding systems will be able to identify suspicious transactions and autonomously take action like blocking accounts or payments to prevent losses.
Softswiss provides a real-world example in their report:
We already see AI in use during the KYC process through biometric verification. For example, submitting your KYC documents and ID to casinos like Stake takes only minutes for your identity to be confirmed.
Make no mistake, it’s rarely a human employee sitting at a desk and scanning through your information. Some casinos still use this method, which is why you’ll see thousands of complaints on forums like Bitcointalk and Reddit on the matter of lengthy KYC checks.
Now, speaking of regulations…
How Will New Laws and Regulations Affect Crypto Gambling?
The crypto gambling market is currently mostly unregulated, and many countries don’t have laws that specifically prohibit or allow crypto gambling.
However, with millions of dollars worth of cryptocurrencies that regularly exchange hands in crypto casinos, it is only a matter of time before governments seek to regulate the crypto gambling market and tax crypto casinos.
While there are some potential downsides to it, regulating crypto gambling can be extremely beneficial for a lot of crypto gamblers.
For example, regulated markets will allow licensed crypto casinos to operate legally in more jurisdictions. That way, millions of new players will be able to join crypto casinos without the fear of repercussions from the government or without having to worry about having their funds seized by the casino.
While it may sound like a big and somewhat scary change, most crypto casinos are already licensed. The only inconvenience a regulated casino brings to the players is the fact that you will eventually have to go through a KYC check, which is mainly done to prevent money laundering or stop any minors from gambling.
Granted, while players may not be able to remain entirely anonymous, especially when it comes to payments, a license from a reputable governing body will significantly boost licensed casinos’ trustworthiness and fairness. Furthermore, licensed casinos take responsible gambling much more seriously and place a big emphasis on protecting the players.
By having a mutual agreement with governments across the world, crypto casinos will be able to flourish much faster than before, and players will benefit the most from regulated markets.
Final Thoughts
Wrapping things up, it’s clear that crypto gambling is in for some serious upgrades in 2024 and beyond. We’re at an exciting place where we’re lucky enough to see firsthand the convergence of cutting-edge technologies and what they’ll do to the industry.
From the integration of NFTs (that can literally turn your wins into digital masterpieces) to the introduction of a more personalized gambling experience thanks to developing AI and ML tech, we’re heading into a dynamic era of note.
