iGaming, Cryptocurrency and NFTs are Critical to Casino Industry’s Post-Pandemic Future, Says Research Group Info-Tech
TORONTO, May 19, 2022 /PRNewswire/ – Info-Tech Research Group has released a new industry trends report on the future of casinos and their need for digital transformation. The report comes at a good time, as the effects of the pandemic are still apparent for casino operators, including labor and skilled labor shortages, health and safety issues, and the importance of online games and their effects on physical casinos. floors.
Info-Tech’s findings reveal that the casino industry is on the verge of significant change. Operators need to consider what is happening in the external environment which directly influences the changes that will need to be made within the four walls of the casino.
“Many casinos are experiencing a slow pace of growth and change,” says Larry Fretz, vice president of gaming and hospitality research at Info-Tech Research Group. “As many casinos face the challenges of the pandemic and meet consumer expectations, the goal is for operators to achieve the Casino Floor of the Future, taking advantage of the many opportunities that could increase revenue and maximize share. wallet.”
The new report details three external environments that have a direct influence on casinos. These changes are:
Demographic transition – Operators have an eye on the future, and the future belongs to young people. With the aging of Generation X and baby boomers, casinos need to accommodate a different audience, improving the gaming experience of land-based casinos to influence this new generation of customers. Planning and investing strategically in young punters, their expectations and their needs is a beneficial approach for the future.
Digital consumer lifestyle – Sports betting and iGaming are extremely important attributes for the decisions casinos have to make regarding players and assets. This obvious increase in revenue has helped casinos through the pandemic. Carriers need to ensure they offer an omnichannel experience that takes into account these revenue streams.
Health and safety habits – Casino operators should consider high-tech/low-touch solutions as manufacturers increasingly focus on innovative health and safety products and platforms. In the reopening phase, the focus was on barriers, social distancing and cleaning investments. Today, the emergence of high-end technological innovations has driven the need and desire for digital transformation and adoption.
“With digital transformation in mind, casinos need to understand what innovative products and solutions are on the horizon that will enable the expansion of operations and the survival of the industry,” says Fretz. “It’s IT’s role to help their casino adopt technology with consideration for the long-term technical and business impacts.”
Six Empowering Info-Tech Trends Report on the casino as a platform:
As casinos incorporate new technological innovations, they must remember that hospitality has always been, and always will be, a people business. A casino strategy as a platform begins with the needs of the operator but ends with creating and improving a player-centric experience.
Info-Tech recommends focusing on an analyst’s investigation of strategic foresight. This methodology helps IT and the business process track what is happening in the organization’s external environment to guide ideation and opportunity identification.
As a methodology, strategic foresight stems from identifying signals to group signals together to form trends and uncovering what drives trends to determine which strategic initiatives are most likely to lead to company-level success. industry.
The following six trends outlined in Info-Tech’s report should be a priority for casino and gaming industry IT leaders as they navigate the new landscape:
Brick and click – Mobile integration will steer casinos towards an omnichannel approach that opens the doors to an integrated and holistic iGaming and sports betting experience. Now is the time to take a more serious look at diversifying into the digital world for relevance, comparative strength, revenue growth and resilience.
Creation of intangible value – Cryptocurrency and NFTs enable the play-to-earn model, a modern crypto approach that can be leveraged to incentivize play in the casino. With casinos hosting giveaway days and creating unique and collectible chips and cards, NFTs could be the next iteration of this concept. For this to work, casinos and game makers should consider designing and implementing a blockchain-powered gaming machine that enables the game model to win, improving loyalty and retention, increasing time spent on device and increasing revenue.
Hyper-personalization 2.0 – Casino marketing is outdated. It has historically focused on a direct mail approach, typically sending out promotions and bonuses via email or printed materials weeks after the player has already left the field. Casinos should leverage behavioral attributes and real-time data to personalize in-the-moment offer messages.
smart pit – In terms of features and improvements, slot machines have received more attention, offering rich datasets to analyze, 4K resolution, 4D immersion and large signage. Table games have become outlaws, excluded from the benefits of technological innovation due to the slow evolution of many operators. Due to the impacts of the pandemic, more and more casinos have started to adopt the elements of the Smart Pit, but it has yet to gain popularity in the industry.
Consumer Responsive – In an unconventional way, the casino floor begins to accommodate the player and their desire for convenience through technology. Casinos need to meet consumer technology expectations and expand options while reducing physical touchpoints, hardware, and interfaces.
Player Z Loan – The pandemic has accelerated the cultural transition from Millennials to Gen Z. The industry is exploring investments that will successfully attract this sociable, experience-hungry population of the future.
For each of the trends presented, the report provides case studies and practical recommendations that IT managers in the gaming and casino industry can implement immediately.
The full report is now available. To learn more about each trend, download and read the full report on the future of casino as a platform.
To learn more about Info-Tech Research Group and to download the latest research, visit infotech.com and connect via LinkedIn, Twitterand Facebook.
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About the Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading information technology research and consulting companies, proudly serving more than 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT managers make strategic, timely and well-informed decisions. For 25 years, Info-Tech has worked closely with IT teams to deliver everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
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SOURCE Info-Tech Research Group