NEW TECHNOLOGY AND REGULATION
February 4, 2020
Mario Ovcharov takes a big-picture overview of technology and innovation in the iGaming sector.
One of the main reasons that the gambling industry keeps expanding with every passing year is its willingness to move with both new technologies and regulations. This manifests itself in numerous ways, such as the fact that gambling companies were among the first to realize the potential of engaging customers on their mobile devices, as well as integrating diversified verticals that are of high interest to the next generation of bettors.
We are now entering into a new stage of online betting, where technology changes much faster than before, and players’ interests shift towards skills or knowledge-based gambling. In order to prevent technology from being used irresponsibly, we must seek and improve the regulation in our industry. Going towards new regulated jurisdictions was a normal step to the further development of the gambling industry where the segment has been a proven winner.
However, each country has seized an opportunity to firstly make profits out of it and secondly to control the market and the offered products to the end-user.
Regulation can cause both positive and negative outcomes. For example, small-sized companies with innovative concepts can find it hard to succeed where their big competitors can outgrow them faster and easier. Everything revolves around – and depends upon – regulation. It leads to many positives for providers and operators as well as consumers, such as responsible gambling, transparency, mutual trust, and last but not least, companies offering tangible products and services.
Besides technology and regulation, we see that traditional sectors of gambling are now moving or joining forces with the hottest trends on the market now. This synergy will continue to grow and gain popularity all around the globe. Emerging markets will open towards unexplored areas and core markets will strengthen positions with the advantages of many of the cutting-edge technological solutions offer to players, such as esports, AI, virtual sports, live betting products, and many more.
DRIVERS OF INNOVATION
A central part of UltraPlay’s business approach is our flexibility and adaptability, and the feedback we collect from our clients. It’s the cornerstone of building and
maintaining a world-class product that stands for its name and reputation on the market. Following our mission over our 10 years in the iGaming industry, we outline customers’ feedback as vital to sustaining a trusted brand. Moreover, that’s how we made several breakthroughs in our offering to end-users, by giving them many new wagering opportunities – for instance, to bet with Bitcoins. When we started this in 2012 it was quite new and risky. Now we see the trend
expanding among many online operators, who allow their players to enjoy more ways of wagering through this new technology.
Giving a customized solution to a specific audience is also vital. We are big believers in personalization and how the overall look and feel of a website should be
transmitted to its key audience. User experience and user interface play a significant role in today’s product development.
Esports is relatively new gambling vertical, and the difference compared to a traditional sportsbook is clear. Esports cannot be offered the same way as other
sports. Brands need to provide the features that esports punters are used to and the design they’ll feel excited about. Users give their feedback all the time, and providers and operators should carefully listen, then select and AB test what’s going to work best. It’s the right communication we all need in order to stay relevant in the market, grasp the strongest ideas and turn them into profitable products.
A CULTURE OF PROGRESS
Innovations are definitely born from perseverance and full commitment to develop them further. Organizations in our industry should definitely be willing to cultivate a culture of innovation which drives the business towards new heights and sets the tone in many areas of the industry, and in numerous markets and fields. This, combined with setting the right time for bringing it on, is what we at UltraPlay see as the main factor for success. As the future holds many opportunities for end-users and their entertainment, the gambling industry should lead the way by offering new and exciting ways of betting on sports, esports, virtuals and innovative online casino concepts, as well as the thrills of in-play betting.
At the end of the day, companies should be champions of their craft, warriors for their growth and guardians of the product. That’s how the future of gaming will keep on expanding to the highest possible quality of products at any given time, as well as the ultimate entertainment needed by end-users.
This article has been published in iGB January/February issue