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Report: iGaming, Crypto and NFTs Critical to Casino Industry's Post-Covid Future


bravenewcoin.com 20 May 2022 04:51, UTC
Reading time: ~2 m

A new industry trends report on the future of casinos and their need for digital transformation has been released by Info-Tech Research Group. The analysis is topical since the pandemic's consequences are still being felt by casino owners, including labour scarcity, health and safety concerns, and the rise of online and crypto gaming and its impact on brick-and-mortar casino floors.

The findings of the report show that the gaming business is on the verge of a major transformation.

"Many casinos are going through a slow rate of progress and pace of change," says Larry Fretz, vice president of Gaming and Hospitality Research at Info-Tech Research Group. "Since many casinos are faced with the challenges of the pandemic and meeting the expectations of consumers, the objective is for operators to accomplish the Casino Floor of the Future, taking advantage of the many opportunities that could increase revenue and maximize share of wallet."

According to the report, operators are looking to tech-savvy younger generations to grow their businesses. As the Baby Boomers and Generation X quit the gaming lifestyle, the research says that casinos must cater to a new generation of customers by improving the land-based casino gaming experience.

A beneficial future-forward approach is to strategically prepare and invest in young bettors, their expectations, and their requirements. To achieve this, operators must ensure that they present omnichannel experiences, with mobile and GameFi integrations a priority.

Interestingly, the integration of cryptocurrency and NFTs is seen as a must-have, with the report saying the digital assets will empower 'Intangible Value Creation'. For example, with the play-to-earn model, a modern crypto approach can be leveraged to incentivize play on the casino floor.

In terms of NFTs, with casinos already hosting gift days and creating unique and collectible chips and cards, the report says it makes sense that NFTs become the next iteration of this concept.

For this to work, Info-Tech Research says casinos and game makers must consider implementing a blockchain-powered gaming machine that enables the play-to-earn model, improving loyalty and retention, increasing time-on-device, and growing revenue.

"With digital transformation in mind, casinos must understand what innovative products and solutions are on the horizon that will allow for the expansion of operations and survival of the industry," Fretz says. "It is the role of IT to help their casino adopt technologies with an eye to long-term technical and business impacts."


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