Predictions: Technology, innovation

As an example, consider Macau. After posting the lowest revenue figures in its history since 2002, the Special Administrative Region is just now beginning to see a brighter future.

The US was able to become the industry’s center point thanks to its casino sector’s revival and the rapid spread of sports betting. This is especially true as the online market became more frosty in Europe and Great Britain.

As the rate of state sports betting launches slows and economic conditions worsen operators are now looking further afield to find growth opportunities in Latin America and Africa. We have assembled local experts to help you plot the path of the evolution in gaming worldwide.

These insights are complemented by insight from subject matter experts in marketing, technology, and investment. On the supply side, Richard Brown, Gaming Innovation Group (GiG), talks about how he built a business that is competitive on multiple fronts in multiple markets. He also discusses how the future developments in the target markets and verticals of the company will affect him over the next 12 months.

GiG is very grateful for sponsoring this report and the iGB editorial staff for compiling our most complete set of predictions.

Interviewees

Jamie Mitchell, cofounder and CEO of Low6Sergio Muscat.

Eric Frank, founder of Odds On Compliance

What is the most significant technological trend in 2023?

Jamie Mitchell The metaverse has been circulating on buzzword bingo since 2022, and we have seen some intriguing ideas about what it could look like. As we enter a more immersive world, the web3’s underlying principles will be firmly established in the coming year. Blockchain will be a key technology and we’ll see NFTs used as practical value-adds.

Eric Frank – How the economy will affect the industry is a topic that we are still thinking about well into 2023. A slowdown in the economy could have serious consequences for sports betting and igaming.

In 2023, technology integration will be the biggest trend. In 2023, it will be crucial to compete by doing more with less and expanding jurisdictional reach while limiting costs.

Sergio Muscat Despite (or perhaps also partly because) of the ups and crashes, scandals and scandals surrounding cryptocurrency, it will still be a major focus in 2023. It has been a long process of de-hyping, maturing, and weeding out the junk that led to the crashes. Now, we might be able to see its true value and potential.

In 2023 and beyond, I think there will be a strong push towards regulation of this field. Whether that is good for the public or not is yet to be determined. This could potentially start to win some favor from the general population to make it safer to touch the space. Combining de-hyping, regulation effort, and innovation in a practical way will allow the technology to be integrated into other industries and offer new experiences.

Do you think that technology is overhyped or will not meet your expectations?

Jamie Mitchell: Virtual reality (VR). Although it is being promoted as part of the future metaverse I am not sure that this technology will be adopted widely in mass. Zuckerberg might disagree, but let’s not forget Facebook’s Horizon Workrooms. It’s pure novelty in virtual meeting software. To have a successful online meeting, I don’t have to wear a headset or have a mock-office space of 360 degrees. Zoom calls allow for more human interaction.

Eric Frank – As a technology company it is difficult to be too critical. However, trying and failing can lead to new ideas and more innovation. This is what we keep in mind when we see downtrends or upticks in technology in general.

Sergio Muscat – I must say that although we have already seen clear signs, we may still see social media and the metaverse as a disappointment. Already, we have seen massive investments in social media development and Meta’s shift to pushing for the metaverse.

There is a lot of noise, but very little action. It is not likely that social media will disappear. Instead, it may evolve and change in ways we are not expecting. For a while, I believe that the metaverse will enter hibernation. It will eventually emerge as a tool for gaming and possibly igaming. But we are still a few years away, I think.

How should businesses think about their relationship with technology in 2023.

Jamie Mitchell Leaders must think holistically about their tech strategy. Particularly businesses that are established in the “physical realm” first and foremost. Although they may have launched an online store, I see many instances of tech advances being siloed to the physical world. It should not be all about clicks and bricks. What can we do to improve the customer experience using technology?

Eric Frank : A company that doesn’t continuously evaluate its technology use – both internally and externally – will struggle to compete. Odds On Compliance’s team develops and builds tools out of necessity in order to increase efficiency in the industry. This will help those who are keen on technology win by 2023.

Sergio Muscat : Technology should be seen more as a tool than a solution. This is a fact that has not changed. I believe that all the fluctuations we have witnessed over the years were due to technology being seen as the solution and ignoring the human factor.

Net zero is the goal. This drive is evident and must be considered in any relationship that you have with technology. This is not a problem for any industry. It is a fundamental shift in human mindset that will impact every aspect of our lives.

In general, I believe technology will continue to be used in a way that is human-friendly, particularly through 2023. Technology’s job is to make your life easier.