Casinos Need to Consider Promoting Real Money Video Games

Lets face it, out of all the industries growing and expanding into new territories the most prominent one on the market seems to be stuck in its old ways. We are referring to of course, the online casino industry.

 

This industry is a multi-billion dollar market that prides itself on online casino games that can be played for real money, and was reported to have brought in nearly $45 billion globally in revenues during 2014. That number is increasing but is expected to see only slight growth to $50 billion in 2015, compared to a much larger jump from $35 billion in 2013. The trend could reflect a turn in the economy, as many European nations that gamble as well as host online casinos have seen the effects of a weaker Euro both in terms of revenues generated and new players created, but it could also likely reflect the industry’s lack of developments for bringing about new games.

 

Creating a new casino game that people are not aware of may not be the smartest bet, as there would be lack of transparency in the market and more eyebrows raised as to the potential for making money from it. There are, however, many other options to consider for applications that have been well known among people through other platforms and could easily translate into real money making experiences, one of which has a huge market. The answer to that are video games.

 

Industry statistics have stated the video game market reached $92 billion in 2014 and is expected to reach $111 billion in 2015 largely driven by the influx of new devices that support games such as smartphones and tablets, coupled with new wearable devices such as virtual reality and augmented reality units. Apps are easily downloaded, which is contributing to this development and gaming consoles are becoming increasingly lifelike, prompting more and more younger and older generations to invest in related technologies.

 

The biggest downside to this gaming development is that very few of the players are making money from their video game playtime. If we see one trend in the market it is the empowerment of individuals to make money from their interests or the assets they already have in hand such as the case with Uber and AirBNB, but what about gaming consoles? Shouldn’t those be able to transfer games into real money playing?

 

The casino industry in fact could pair with video game makers and develop platforms in which players can have the option to partake in real money tournaments provided they are against one another and scheduled through a smart system that aligns peoples’ schedules, payment methods and game of choice that two or more individuals agree upon. In doing so, people can play against one another all over the world and put forth their own money in which they can easily deposit and withdraw, turning their passion into something profitable. Gaming developers meanwhile can take a cut and act as a liaison for these gamers, kind of like PayPal does for transactions between individuals and their banks.

 

The downside to all of this is the amount of grey areas that exist in the industry in terms of gambling regulations. The US, for example, is very tricky in this regard due to its differentiating laws on the federal and state levels for what kind of gambling is accepted and how it will be reported. There is a lack of standard and in some cases it can be highly illegal, thus pushing away vendors and software developers to push forth this idea. The industry would have to comply with these laws and some how monitor who can access these, bringing about no shortage of headaches. However, casino vendors do this already and are aware of the challenges, hence they make great candidates for monitoring and pushing forth this idea.

 

In other countries such as Canada, online gambling is legal and there are no restrictions in terms of casino games or sport betting. Thus, casino vendors have no problem promoting online games there provided they are regulated, and Canucks have been using them for years, with many turning their online casino game experiences into profitable ones. The UK and Australia also fall into these categories.

 

The gaming industry has an upper hand though in pushing forth legalization for this, however, if it is not human against machines that have a random number generator built in. Competition is not frowned upon and if there is money involved there are many loopholes in which the industry could seep through to make this a possibility. We hope that it will come soon and that everyone who spends time playing games will find some sort of way to make money from their gaming interest other than the current methods restricted to reviewing and testing out new games.

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