What is the metaverse Gambling?

Metaverse gambling is becoming a significant opportunity for future growth of all I-Gaming sectors. Some I-Gaming experts say there is more hype around metaverse gambling, but others see it as the future and the only way I-Gaming can catch up with the latest technologies and user expectations. Let’s try to understand which is a more likely use of Metaverse for Gambling.

Beginning of Metaverse.

Not long ago, Facebook announced that it had changed its name to Meta. In one day, Meta shares increased their value by 2%. But what sent the ripples across all I-Gaming sectors was the Meta announcement of building the project in a virtual reality called Horizon Worlds. 

Loots of software companies providing I-Gaming, Casino, and Sportsbetting solutions jumped in on the idea to participate and started planning of building their Metaverses. Even a technology giant Baidu joined the metaverse bandwagon by running a “Land of Hope” conference. A search began for the companies with enough expertise to take upon Virtual Reality related projects. Developers, even with little knowledge about VR, became hard to find. Many investors started to think Metaverses offered a gold mine opportunity.

Marketing divisions of online Sportsbetting and Casino companies began capitalizing on the hype almost instantly. Metaverse gambling-related content started selling like hot pies. Metaverse software development projects began to grow.

To understand how Technology Companies involved in the Gambling Industry can benefit from being involved in Metaverse Gambling, one needs to study the roots of Metaverse.

Metaverse idea started from private networks.

In reality, some of the older and more experienced developers I spoke to regarding Metaverses point out that creating a computer network closed world type of games is not a new idea. The idea of closed spaces was popular a long time ago. Some examples are America Online, Prodigy, or Compuserve commercial networks which tried to compete with global internet networks back in the 1980s. Those closed corporate or private networks were full of exciting content. People could read the news, listen to music, and even watch shows.

The primary purpose of creating private networks was to get more user attention and lure the User away from the internet. So how did it go? Did corporations manage to make their loyal fans and keep them in? As we know, they lost the war of building fences. Eventually, even America Online became one of the biggest internet service providers.

From networks to portals.

Private and corporate Networks morphed into Portals. Gambling projects tried to integrate their services and provide them as Portal widgets via API integration. We all know such portals as AOL, Yandex, Mail.ru, and many others. The idea of creating user ecosystems that may be used to exploit the User’s time and attention via monetization through bringing Users to the Portal marketplaces is still alive. But while the companies focused exclusively on portal-creation tasks, they forgot about the User’s needs. Most of the available Portal links led to internal marketplaces, internal chats, or internal content. With the growing number of portals, the User did not want to stay tied up to any particular one but rather enjoy the best and most exciting options across all Portals. Each portal started to look like a very small Metaverse, but none of the companies seemed to provide everything under one hood. And that’s when Google came into play.

Google – to rule them all.

Corporations learned the lessons and stopped putting the boundaries for the users. The users desperately wanted something which could deliver honest search results and find the information they needed. Google came at the right time. Besides becoming hugely popular as a Search Engine, Google became a focal point for every gambling company. Technology Companies and operators started using clever tricks to optimize their content for specific Google keywords. They also desperately tried to improve their organic search results. But Google does not treat Gambling well. With the Google restrictions that are hard to fight, Gambling operators and Gambling software providers turned their attention to the social networks, video platforms, and messengers.

Social Platforms as a congregation point. 

Facebook’s rapid growth was not accidental. Users grew tired of portals. With more and more people joining the internet and sharing content, portals could not keep up with users’ expectations for diversity, novelty, and relevance. On the other hand, Facebook found a way to assign a content creation task to users, making himself the most significant Player. Facebook became a universal platform for hosting all users’ metaverses. B2B gambling providers utilized Facebook’s tools for getting the message across to operators, while Instagram became one of the most used alternatives for B2C Gambling operators.

Technology brings not only new projects but builds more delivery channels. Users’ attention is getting limited. To keep up with all exciting projects, users spend less time on each of them. Even though Gambling and especially Gambling in Metaverse can be pretty addictive, the younger generation’s attention span is getting shorter and shorter. TikTok, Roblox, and other newcomers to the market realized that the game now is not about perfection. It’s about frequency and relevance.

No Perfection required – TikTok.

A new era began with the Platforms that realized it and implemented it into their flow. TikTok, Like, Roblox are much more addictive than Facebook or Instagram could ever hope to become. The scariest thing about these new attention-grabbing platforms is that their users do not have any pressing need to exit them. The younger generation does not go to Facebook to like their parents’ posts or Instagram to appreciate other people’s photos. They go to Roblox or TikTok to upgrade their pets, trade their stuff, and sign up to new accounts. Now it is about “them” and not “others.” Perfection is not a required attribute here. Simple design and frequently updated content that does not take a long time to watch are more critical.

2021 – Metaverse reserection. 

So can Mark Zuckerberg and Satya Nadella sit and wait as they are losing customers? What would be a solution to hold the customers while engaging them in content creation?

The answer was simple: Let’s do what we have done, but we will do it better this time!

Can Gaming and especially Gambling transform its Marketing Approach as fast as technologies change? Can Metaverse gambling become real? Certainly.

The answer we hear from most big corporations is quite simple: let’s improve the graphic, add more features, add more products and empower the sales team. That’s one of the reasons the resurrection of the Metaverse and using Metaverse for Gambling became so popular. But it’s an old-new idea – bring the users in and put a lock on the doors.

Metaverse for Gambling.

In reality, the term Metaverse for Gambling is extensive. It encompasses loads of different ideas. But the main idea is that Metaverse is a space populated by users who can participate in various activities and competitions. 

A lot of effort is spent making hardware that Metaverse users can use. The main goal of the Metaverse hardware and software is to make the Metaverse world feel as accurate as possible. Metaverse gambling should substitute real-world brick and mortar casinos, horse racing courses, and stadiums. Just imagine that all the Player needs to do to go from Las Vegas Casino to Macau Casino is press the button on their Oculus Device. There is no limit to how many times the Player can switch casinos, go from Casino to Football Stadium or other places. 

Concept of Ownership.

What if we think of one fundamental idea of Metaverse Gambling? A basic concept of Metaverse gambling is not gaming or even Gambling. The fundamental concept of Metaverse is a concept of Ownership. 

What if someone doesn’t want to be just a player but become a casino owner, run a racecourse, or establish its football league? If one looks at Metaverse gambling from the perspective of Ownership, the Metaverse idea becomes a lot more interesting. 

The problem with Gaming and Gambling Metaverse is that still, most operators think of it as something they can use to attract Players. The idea of providing ownership rights does not cross their minds. Funnily it’s a concept of Ownership and not gaming or Gambling, which can bring most revenues to the I-Gaming software providers engaged in Metaverse projects. 

Just think of how many more revenue growth opportunities are available to the B2B Company selling Metaverse casinos versus White Lable Betting Platform providers. Those Ownership related opportunities are virtually endless. They range from Virtual Real Estate Management to Development, Architecture, and Design. 

Let’s take just one example of Casino hardware manufacturers. Casino hardware manufacturers need to spend thousands of Euros to produce casino tables, Roulettes, Slot Machines, and lots of other equipment. In Gambling Metaverse, their possibilities become virtually endless. The craziest and boldest ideas can be implemented, tested, and sold within days rather than months. Suddenly, a Metaverse Casino provider becomes a Virtuals Casino Machines designer client. Companies like Microgaming and EGT can sell their Metaverse software to the Metaverse Casino provider. And the products they are going to sell will be much more exciting and engaging than the ones used on online gambling platforms. Is there a software development company that can take upon those projects? 

Metaverse – Congregation place.

There is another important concept of Metaverse Gambling. It’s called Congregation. Metaverse Universe can quickly bring people together in the virtual space. Watching sporting events or taking part in the group sporting activities in the Virtual Space is just another way to share emotions and become closer to your sporting heroes. Just think of the Software company which offers Metaverse Virtual Team creation to major football clubs! How much Chelsea or Barcelona would pay a Technology Company for that? Can there be a limit to their success if they do the job right? 

What about if instead of playing SportRadar virtual sports on one of the gaming platforms, a Player could immerse himself in the virtual environment and watch the game with other fans on the Webley Stadium? Wouldnt SportRadar jump on that idea if they had a team capable of building that software for them?

What if you could join a real football game in the virtual stadium? UEFA would undoubtedly love this idea. But who can do it for them?

Landbased Betting.

Landbased Sportsbetting is very popular. We are not a long time away before Metaverse Gambling technology can produce a digital version of the person, verify its identity, and offer betting services currently available in land-based brick and mortar points of sale. Such an option will provide unlimited customer personalization and customization opportunities. The main difference between land-based and Meta-verse betting is that Metaverse offers 24/7 access to the Player. Any marketing activities and special offers are not limited by time.

Metaverse gambling – entry threshold.

It is still the early days of Metaverse Gambling technology. But even now, Baidu claims that their “Land of Hope” Metaverse will be capable of managing more than 100 000 concurrent users even though it may take more than six years to complete the project.

Hardware and software are catching up with our imagination. Facebook’s Oculus 2 device is a fantastic piece of Technology. The entry threshold for gaming and gambling software providers to the Oculus platform is very low. Facebook and other Metaverse creators realize that the more apps they can host on their platform, more chances they have to succeed. On the other hand, the pricing model for Oculus players is probably the most attractive one amongst any gaming platform. To give an example – an average game in the Oculus store costs only 10 USD compared to the 50 USD for the new PS5 game. But the developers who can develop the VR Oculus apps and games are in short supply. Anyone who enters this market now will succeed.

BigTech and Metaverse gambling.

Big tech companies will benefit most. The truth is that even the largest Betting and Gambling companies have enough resources to create their Metaverse Gambling universes. There will probably be 3-4 large Metaverses, and the Big Tech will run them all. Some of them, if not all, will be open to Gambling. Initially, the cost of entering any of them will stay low, but as they develop and grow in size, BigTech will find ways to monetize it. There is a high chance that the winners of this Metaverse race will not be the companies that started the race. There is no doubt that the Metaverse growth will change I-Gaming and Gambling industries beyond their current state. It will set new standards for innovation, and the Player will benefit from it.