The VR Gambling Market Will Soon Take over The Betting Industry
According to a new report from Technavio, VR Gambling is set to be the next biggest craze in the online betting industry as the value is predicted to rise. It is among a wave of new handheld technologies that can be effortlessly incorporated into many mainstream video gaming and communication activities. The online gambling aspect of VR is fascinating to follow, and despite not being fully fleshed out, the concepts alone are enough to get excited about. There will be a large wave of VR sportsbooks in the future, and users will be able to access a completely different side to their favorite platforms.
Technavio’s new report has revealed some key insight into the future of VR and the gambling industry as a whole. Virtual reality is one of the most exciting developments in modern technology, and its wide variety of uses only boosts its adaptability and usefulness. Due to the ongoing wave of new technology in Europe, Technavio believes that the betting industry’s most useful aspect is VR. ©Starkvisuals/Pixabay
Virtual reality is here to stay, and many betting firms are already exploring the potential adaptability of the technical wonder. While it has existed for a few years already, namely the Oculus Rift, which provided the initial excitement, it has come from a beta test phase to a fully-fledged piece of hardware. The undeniable prowess and precision of both craftmanship and programming is why so many people are invested in the future of virtual reality. The gambling industry is set to take the reigns and become the latest sector to incorporate the technology into their service.
Technavio’s report is fascinating for many reasons. The report details the industry’s potential growth, stating that VR will grow by over $1.74bn in the next five years, which has caused a massive spark in interest across the sector. Online sportsbooks pay close attention to understanding the technology’s future and comprehending how it can be fitted into their online services. Plenty of examples already exist; from a social aspect, games like VR Chat have proven the hardware’s social value, and many firms have decided to pursue a route with the use of virtual reality.
The report also identified the scaling market growth of the hardware set to inflate by over 53.4% during the forecast period they work with. When put into context, it is an unbelievable figure, and many online firms are struggling to grasp the true capability of virtual reality and what it can offer them as a company. Many sportsbooks are sceptical at the practicality of the technology and claim that it cannot be incorporated into a live casino setting. Only time will tell, but many are backing VR to become the latest craze in the online betting industry.
Virtual Reality and the Metaverse
Perhaps the most thrown around buzzword of 2021, Metaverse, is a term that surpasses definition and has many different meanings already. Depending on your interpretation, it might be a virtual world for socialising and games similar to the previously mentioned VR chat, and others may refer to it as an online hub for cryptocurrency and NFT’s. While all of these could technically be true, the clear definition of the Metaverse is still unknown as projects associated with the label are still in development and beta phases.
Many believe that the Metaverse and VR are the next biggest milestone on the internet and online culture as a whole. In 30 years, the online space has come a long way, and back in 1991, no one would’ve believed the rapid expansion of technology that has taken place since the beginning of the 21st century. Online betting firms are now trying to comprehend the uses of VR and the possibilities for the future are endless. While it is exciting, investment in new technology is also risky, and firms must be sure if they can adapt their current service before plunging into the deep end.
