Monday, November 28, 2022

Crypto, NFT’s and Online Gambling Future of Casinos

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Info-Tech Research Group has published a new industry trends report about crypto, NFT’s, and online gambling, and how they effect the future of casinos and their need for digital transformation. The report is timely, as the effects of the pandemic are still apparent to casino operators, most notably with a shortage of labor and skilled labor, health and safety concerns, and the prominence of online gaming and its effects on brick-and-mortar casino floors.

Info-Tech’s findings reveal that the casino industry is at the precipice of significant change. Operators need to consider what is happening in the external environment that directly influences what changes will need to be made within the four walls of the casino.

“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.”

Operators have an eye on the future, and the future lies with the younger demographics. With Gen X and Baby Boomers aging out, casinos must consider a different audience, enhancing the land-based casino gaming experience to sway this new generation of customers. Strategically planning and investing in young bettors, their expectations, and their needs is an advantageous future-forward approach.

Sports betting and online gambling are incredibly important attributes to the decisions casinos should make around players and assets. This evidential increase in revenue has helped casinos get through the pandemic. Operators must make sure they provide an omni channel experience that factors in these revenue streams.

Casino operators should consider high-tech/low-touch solutions such as online gambling, with manufacturers becoming increasingly focused on innovating products and platforms for the health and safety mindset. In the reopening phase, there was an emphasis on barriers, social distancing, and cleaning investments. Now, the emergence of higher-end technology-related innovations has induced the need and desire for digital transformation and adoption.

“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,” explains Fretz. “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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