New Tech to Drive VR Gambling Forwards
Posted on by Sean Williamson
Advances in technology, players’ expectations, and innovations within the iGaming industry are expected to be among the driving forces behind a massive surge in virtual reality gaming over the next few years.
A recent survey has predicted that by 2022 (in just four years’ time) the VR gambling market will have displayed a compound annual growth rate of over 55%.
According to analytics firm Technavio’s Global VR Gambling Market 2018-2022 report, incremental growth for the market will be valued at around $360 million in the four-year period outlined above.
VR Adoption to Speed Up by 2022
Technavio explained in the report that while iGaming operators like William Hill and 888 have already begun to offer certain VR gambling services, players are still uncertain about the new technology. This, the company said, is why casinos have yet to adopt VR gaming software on an industry-wide scale.
With that said, the company’s analysts expect this trend to change within just a few years as operators begin to embrace new innovations and iGaming tech. VR is expected to be increasingly important for both the land-based and online gambling sectors, whose companies are on the lookout for ways to appeal to Millennials and keep their offerings modern and fresh.
New Ways to Appeal to Millennials
A spokesperson from Technavio recently noted to an iGaming news outlet that with the addition of in-game gamification modules, both physical and online casinos are trying to make conventional gambling formats more appealing to the Millennial generation – players between the ages of 18 and 30, that is.
This spokesperson added that casinos are quickly adopting VR gaming technology, which allows players to compete against each other for real cash prizes in exciting VR tournaments. An example of this would be Boyd Gaming’s Virtual Zone, which was developed in partnership with software expert IGT and mobile giant HTC.
Technavio believes that well-established gaming markets like that of the UK will become pioneers in this field. The company further added that technological adoption could also bring other markets to a new level of maturity, with a rapid uptake of VR expected in China due to its being the world’s biggest consumer base for virtual reality headsets.
The analytics firm has also revealed that in compiling its VR report, it discovered evidence that VR could pose a possible cure for gambling addiction. It noted that there are cases where addiction therapists are given approval to supply gambling addicts with a VR environment to cater to their rehabilitation needs.