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Big Data and the Metaverse: Pushing the Boundaries of Online GamblingJoin us as we take a deeper look at Big Data and the Metaverse, what it is, how it is used, and the impact it has on the online casino gambling industry.
In recent years, there have been many changes and improvements made to the online gambling industry. Today players have access to a vast range of games with different themes and payout potential.
Big Data and the Metaverse are pushing the boundaries of online gambling, and we’re here to take a look at the technology, what it is, and the impact it has. Before we dive deeper, we’ll start with the basics exploring what exactly it is and how it is used in the iGaming industry.
What is the Metaverse?
The Metaverse is a new term you may be hearing a lot recently, while not everyone knows exactly what it is or what it means. The most accurate description of the Metaverse is that it’s a virtual reality (VR) world. As it is still a technology in development, the meaning behind it keeps changing.
In the Metaverse, there are avatars that represent humans. These avatars have the ability to acquire and own virtual items, spend currency, and even play casino games. One interesting thing about the Metaverse is that it isn’t just for those who own VR headsets. You also have the ability to access it via game consoles, computers, and your mobile device.
It’s believed that in the future, all virtual worlds will be interconnected, which will enable you to transfer items from one platform to another.
The Impact of the Metaverse
Here are a couple of ways the Metaverse has impacted the online gaming industry:
✓ The Use of Blockchain
One thing that has continuously been problematic in the gaming world is secure cross-border payments. Not all payment methods are reliable, some may even be fraudulent. Not to mention the high fees some methods charge for processing deposits or withdrawals.
With the Metaverse, the only payment mode is digital currencies like crypto, which eliminates the problem. Digital currencies are quickly adopted into the virtual world and allow for quick and secure deposits and withdrawals with low transaction fees.
✓ Human Interaction is Possible
A cause of much frustration for some when playing online casino games is the titles losing traditional characteristics. Things that are not possible are observing a fellow punter’s body movements or facial expression for any possible tells. This in itself can make reading the game for the best possible response impossible. However, the human interaction created by the Metaverse makes this a reality. You get to observe the behaviour of an opponent’s avatar, which enables you to make better plays.
✓ Better Game Selection
online casinos have plenty of games you can choose from, seeing as there is no physical space creating limits. And with casinos in the Metaverse, you will get access to a vast range of slots and table games. The biggest difference between the Metaverse and traditional casino games is the level of interaction offered. There are more possibilities and opportunities to interact with other players throughout your gameplay.
✓ Even Better Posture
The constant sitting in front of a computer takes quite a toll on the body, especially if you don’t have an ergonomic chair. The Metaverse aims to change this by providing a different experience via your virtual reality headset.
You no longer have to remain seated or unmoving in one spot to play. Instead, you have the opportunity to move around and interact with the virtual world. Your avatar is controlled through your body movement, allowing for a more immersive gaming experience.
What is Big Data?
Big Data can be defined by three major characteristics, namely Velocity, Volume, and Variety.
➀ Velocity: Bigger brands have more data to handle that comes in at a faster pace.
➁ Volume: Data in the world is measured in Zetta bytes/270 bytes and was primarily generated over the past few years.
➂ Variety: This refers to data of all formats, from ID documents to emails and video files.
Big data needs to be handled more intently, and with the proper handling, it can be very beneficial for online gaming sites and sportsbooks. You get to go through plenty of data to identify strengths and weaknesses. Helping you prepare for improvement and future growth.
The Impact of Big Data
Here are a few quick ways Big Data improves the betting industry:
✓ Personalise the Experience
Big data enables casinos to create a more personalised experience for users, which may convert visitors into loyal depositing players.
Players are no longer satisfied with a blanket bonus meant for all. Every player wants to feel like they are valued, much like VIP programs tend to do. With big data, gambling sites get to learn more about players by tracking their activity. It enables them to see what punters enjoy and provide more options and opportunities.
✓ Fraud Prevention
Another perk of big data is to prevent things like bonus abuse and playing using different identities or VPNs. Big data enables sites to prohibit the same IP address from having multiple accounts. It also enables sites to analyse player behaviour and determine which betting patterns are linked to bonus abuse.
✓ Curbing Problem Gambling
Player protection is a top priority which is why the industry is placing more focus on responsible gaming and preventing problem gambling. Through the use of big data, sites have the ability to stop players registered to a self-exclusion database from registering or playing.
Most licensed sites will be required to have a self-exclusion plan in place. And data analysis on problem gambling will give insight on how to handle it. It can identify behaviours linked to problem gambling and provide a solution to help prevent problem betting behaviours before it’s even started. A system can be put in place to trigger alerts on players chasing losses after hours of losing game rounds.
✓ Identifying Security Issues
Big data also comes in handy in terms of security, helping sites identify which areas and aspects need to be improved. A focus area is security, where big data is used to identify any possible loopholes within their network security.
✓ Better Marketing
With as much data as possible available, sites have a better understanding of player requirements which enables them to implement better marketing tactics. It can be used to create the right bonus policies, website interface, or even game genres and colour schemes. All these play a big role in the success of a site, and utilising big data gives operators the opportunity to be a step ahead.
Vital to the Experience
Both Big Data and the Metaverse have impacted the online gambling industry in the best possible way by providing the needed information and opportunities for optimisation that enhance the player experience.
Big Data enables operators to make better decisions, while the Metaverse provides a more convenient and immersive gaming experience.
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