As ways of life progress, the realm of gaming follows suit.
Iqbal Johal investigates how the COVID-19 crisis sped up our shift to digital and how the gaming area is adjusting to become more robust than before. This piece was initially published in the July/August issue of Gambling Insider magazine.
With the immediate effects of the COVID-19 crisis diminishing, now is an ideal moment to contemplate and anticipate the industry’s trajectory.
We all observed the impact it had on operators and providers, financially and in terms of personnel, as the pandemic affected not only the gambling sector but everyone on a profoundly individual basis.
Although we are still on the road to a complete return to normalcy, the crisis did present a chance to reevaluate and enhance, whatever this “new normal” may entail.
This was undoubtedly a recurring theme I encountered in discussions with numerous industry leaders during this time, and it was evident that a shared understanding had emerged: by expediting the digital shift, we can reemerge even stronger.
While technology held a crucial role in our lives before the pandemic, we weren’t entirely dependent on it for our daily routines. Nevertheless, we find ourselves at a pivotal juncture: the coming years will see us inhabiting a completely digital realm, where autonomous vehicles and remote gatherings are commonplace.
The times ahead are upon us, or so it seems.
This entire epoch has revolved around utilizing technology to maintain momentum, encompassing remote employment, Zoom conferences, and even simply connecting with loved ones through FaceTime. We’ve become accustomed to having provisions and meals delivered directly to our homes, only venturing into brick-and-mortar establishments when absolutely unavoidable.
A completely digitized existence might still be a handful of years away, but we’ve significantly accelerated that trajectory, and there’s no basis to assume it won’t persist. While face-to-face engagement holds significance for us all, we must acknowledge that it might not be something we can partake in frequently for a considerable duration.
Our patterns of behavior are evolving, and the gaming sector must adjust accordingly.
Fortunately, we operate within a digitally-oriented industry, and numerous operators, providers, and partners are recognizing that their transition to predominantly remote work arrangements is proving successful and likely to endure.
The compulsory shift to the online realm, propelled by the halt of live sporting events, also witnessed esports and virtual sports, both digitally inherent verticals, experience an absolute surge in popularity.
During the AffiliateCon Virtually Live gathering in May, Golden Race Chief Executive Officer Martin Wachter highlighted that the typical count of participants in virtual sports had escalated by 206% as a result of the global health crisis.
At a recent gathering, Tom Wade, a creator of the esports wagering platform Sickodds, emphasized the astonishing fortyfold expansion seen in esports betting on games like FIFA and F1. This rapid increase is largely due to the simplicity with which these competitions shifted to entirely virtual formats.
These figures clearly demonstrate a swift movement toward a digital-primary framework within the sector, occurring much quicker than anyone predicted.
For providers in areas hesitant to adopt the online realm, particularly in Latin America and the United States, this development should be a stark warning. The SBC Digital Summit held in April concentrated on the Latin American market, stressing the critical need for the region to strengthen its online footprint.
The assembly of specialists emphasized that areas heavily dependent on physical gambling will be compelled to turn to the internet to maintain operations. Considering the ambiguity surrounding online wagering legislation in Brazil and Argentina, could this be the impetus required to initiate progress?
A comparable situation is unfolding in the US, where multiple states remain opposed to online gaming. During the same summit, Barry Pack, head of the Oregon Lottery, highlighted that post-pandemic recuperation depends on swift digital adaptation within the sector.
This urgency might leave nations like the US and those in Latin America with no alternative but to hasten their digitalization endeavors and keep pace with the changing times.
The COVID-19 pandemic has affected everyone, but that doesn’t mean we cannot extract lessons from it and emerge more resilient.
The world of wagering cannot solely rely on chance for its future. To flourish in this era of technology, it must fully embrace a digital evolution.
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