If we learned anything while attending the 2022 Global Gaming Expo, it’s that the future of gaming is digital
During last week’s Global Gaming Expo 2022, members of the gaming industry descended upon The Venetian Expo in Las Vegas for four days of exhibits, networking and education sessions. Leaders in the hospitality and gaming industry spoke on the latest trends in gaming, but one consistency was noticeable: the push towards digital. Whether it was digital payments, digital wallets or online sports betting, industry thought leaders all seemed to agree that the future of gaming is digital. Here are three key takeaways we learned while at this year’s G2E.
The Digital Payment Push
Like almost everything in today’s economy, the gaming industry has made a strong push towards cashless play in recent years. However, growth in digital payments has been stymied by a lack of consumer knowledge. Another stumbling block has been casinos’ lack of ability to bring value to the customer. From loyalty programs to reduced fees, casinos need to find the right way to drive digital or cashless payments. Some ways to do this that were discussed during G2E include eliminating the enrollment process and bringing customers to their money faster with a one-click option; using fees to incentivize guests; giving customers a true value to go cashless and to digitally transfer funds; creating loyalty programs that customers want to adopt; and moving toward digital with more vendor choices for the consumer.
Benefits of Digital Wallets
One key factor in the digital push for casinos has been digital wallets, which make it easier for customers to transfer funds on and off a game. While digital wallets, and digital payments in general, benefit casinos in many ways, including creating less currency to drop and less to count while easing cage operations, one stumbling point has been the concern of problem gambling. Casinos can avoid this issue by providing tools to set limits, spot problems and provide actionable data to enforce responsible-gaming standards.
The Increase in iGaming
Thought to be the best way to increase total gaming revenue, igaming has been a hot-button issue over the last decade as legalized sports betting is now allowed in 36 states. However, only five states have legalized online casino gaming. While some thought igaming would hurt physical casinos, many have found the opposite happening. Gene Johnson, executive vice president of Victor Strategies, moderated a panel during G2E where he shared that total gaming revenue in states with online gaming had increased, with igaming numbers rising more as states added sports betting. Another benefit? Melissa Blau, founder of iGaming Capital, said during the same session that igaming and sports betting has historically attracted customers who don’t normally visit physical casinos, including women and younger gamblers, ages 25–50 — where physical casino patrons are typically 60-plus years old.
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