GGRAsia – Metaverse to change iGaming business: Uplatform

Metaverse to change iGaming business: Uplatform

Jul 25, 2023 Newsdesk iGaming, Latest News

Sports betting and online casino operating platform Uplatform says that among “technical advances” with potential to further the gaming industry, the “metaverse is the one that can truly change the face of the iGaming business”.

The metaverse is a virtual world, a version of the Internet, connecting all sorts of digital environments. The technology is described as an online world where various technologies such as video games, virtual reality, augmented reality, streaming, cryptocurrency use, and social media activity can all be integrated.

According to a discussion paper from Uplatform, the metaverse will have an impact on the online gambling sector “because it opens up intriguing new methods for players and bookmakers to interact with one another”.

“The expansion of the metaverse market in recent years has provided opportunities for iGaming businesses seeking fresh revenue streams,” noted Uplatform.

“When more individuals gain access to technology and play games in this new digital reality, Internet gambling and sports betting have a promising future in the metaverse,” it stated. The paper added that for the first time, people utilising the metaverse had been able to “place bets on the 2022 World Cup” soccer tournament.

Uplatform also suggested that “new methods of attracting, retaining, and reactivating players are needed” for iGaming operators to remain relevant.

Recent studies have shown that younger generations “gamble less than their older counterparts,” remarked the iGaming technology supplier. “Many online sports betting operators are seeking novel approaches to entice younger players, many of whom are not familiar with more conventional online betting practices.”

Amid the entry of a new generation of players, “operators must compete with different media applications … for attention,” it stated.

“The ‘know your player’ strategy must now consider a new generation of wagerers with different ideas about iGaming,” it said, adding it was “crucial” for operators to “learn more about the growing trends in live sports betting, media, and entertainment”.

In terms of sports betting, live betting – also known as in-play betting – “is a popular and promising sports betting trend that has gained significant traction in recent years,” stated Uplatform. “Offering live betting has become important for operators to meet market demands.”

In recent years, the iGaming industry has also “witnessed a growing trend” towards diversification of subjects on which to bet.

“By offering bets on a variety of non-sports events, including politics, award shows like the Oscars, weather forecasts, and even TV series plots, operators can attract a wider range of players who are looking for entertainment as well as the thrill of online betting,” suggested Uplatform’s paper.

The social aspect of play was also becoming increasingly important in the iGaming sector.

“The best iGaming websites are heavily involved in the social media landscape,” said the paper. “Adding chat services and tools to a betting website can have a significant impact on user involvement and engagement.”