News Americas, NEW YORK, NY, Tues. July 12, 2022: The global gambling industry is thriving and is set to be worth more than $90 billion dollars by the year 2023. It is particularly popular in the western world, with places such as the United Kingdom and Europe having more relaxed attitudes in regards to gambling laws.
In the United States, online and offline gambling is controlled at a federal and state level, with states like Indiana and Colorado allowing regulated casino gaming, while states such as Utah and Hawaii taking a prohibitive stance.
Many people in Latin America also like to play a casino game or two during their free time.
The popularity of casino games that can be played online (iGaming) has grown rapidly in the last couple of decades as access to high speed internet and smartphone devices has increased.
Some Latin American countries permit and regulate the different forms of gambling while others either have prohibitive laws or outdated laws that do not apply to online gaming.
In Argentina, gambling is legal and there is a thriving iGaming industry. States in the country have the power to enact their own legislation and at least 14 of 24 jurisdictions have legalized online betting. Similarly, in Uruguay individual states are able to manage their own gambling laws and despite this being the smallest South American country, the industry is worth an estimated $100 million.
Conversely, in Columbia all forms of gambling are currently prohibited. However, over the last couple of years there have been some movements towards legalization and international online casinos have taken an interest in accepting players from the country. Also, while in Mexico there are many casinos and gambling is legal, the online market is yet to be regulated.
iGaming is an industry that is constantly developing and adapting to the wants and needs of players. As technology advances, developers are able to create new, more immersive experiences. Here are some of the iGaming trends that are expected to emerge in Latin America over the next few years:
Future iGaming trends to expect in Latin America
Cryptocurrency transactions
Cryptocurrency is a digital currency that exists on computers, it uses transactions that are maintained and verified through a computer network rather than a centralized system such as a bank. The most well-known cryptocurrency is Bitcoin and over the next few years we can anticipate more gaming sites accepting this currency.
Some people prefer to use crypto to traditional banking methods, they may see it as an investment opportunity or enjoy the anonymity and security that this type of transaction offers. It isn’t commonly accepted as a transaction method in Latin America yet but this is beginning to change.
Some iGaming sites in the casino industry are accepting transactions in Bitcoin, there are even sites that operate entirely on cryptocurrency. They see the benefits, including reduced identity theft and risk of hacking, that crypto brings.
However, it is unlikely that cryptocurrency will ever replace traditional methods entirely, but it will become an additional option for those wishing to use it.
Virtual reality (also known as VR) is a computer-generated environment where, using a special headset or similar device, a player can interact with their virtual surroundings in a very real or life-like way.
A decade ago this technology was an exciting new development, now that VR headsets have made it onto the global market that are now very accessible and relatively affordable for gamers. VR options are now available in nearly all categories of gaming, including online casinos.
The first VR casino games, including slot games, are now online and open to players around the world.
In a VR casino, the player can use their handset to ‘walk around’ and explore a virtual casino that looks like a land based venue. They can visit the bar or lobby area, walk up to different gaming tables and interact with other players and non-playing characters (NPCs).
Virtual reality is one of the most immersive gaming experiences there is and so it is little surprise that iGaming developers are investing in bringing more VR gaming options to the market.
Live casino dealers
Many of the top online casinos offer live casino games with dealers that are streamed from a physical location in real time. These are usually games of poker or blackjack and the live option gives players the thrill they would experience in a land based venue but with the convenience of playing remotely.
As more countries move to legalizing and regulating gambling in Latin America, we can expect the number of live games accessible to players in the region to increase sharply.
Smartwatch gaming
Wearable technology has been popular for a number of years now and the industry is estimated to be worth almost $33 billion dollars globally. As the technology has been improving, smartwatch gaming options have also increased.
While gamers have been able to place wagers and play games from their smartphones and tablets for a long time now, doing this from a smartphone is a new and exciting option.
