Published on August 31st, 2020 | by Bibhuranjan0
Exploring Challenges of IoT in the iGame Industry
The iGaming industry has exploded in recent years and it is thanks in large parts to the increased connectivity that IoT has brought to the masses.
The popularity of IoT in enterprises isn’t without its reason. Multiple connected devices in a single chain has led to marginally greater efficiency and streamlined communications. As a result, it has directly impacted the QOS for the end customer and also reduced operational costs for enterprises.
Now while IoT has managed to make things a lot more efficient and easier for a lot of enterprises and people, its biggest achievement can be seen in the online Gambling industry, especially in mobile iGaming platforms like SofoBet Casino, where more connected devices has led to a literal explosion in the number of participants on thee platforms, coming in at a staggering
Furthermore it is estimated that the overall gambling market will grow to a staggering 1 Trillion USD by 2022 according to some sources. This monumental leap is of course all thanks to the massive increment in IoT devices, which is expected to grow to 20 Billion devices by 2020.
While this is indeed impressive, it also brings with it a new set of problems, previously not faced by the Gambling industry, which has been mostly operating from brick and mortar establishments. Let’s take a look at it in more detail.
Unique challenges bought in by IoT developments to the Gambling industry
The monumental leap of online Gambling platforms bought about by connected devices is nothing short of staggering.
On the face of it, the virtual gambling industry is largely operated via hand-held devices like Tablets or Smartphones or via personal computers. So the only personnel involved are the app developers and the code that runs at the background on a server. This does mean that legacy laws and legislation that control the traditional brick and mortar gambling establishments will be less effective, given the different platform. This brings us onto the first of many challenges that the iGaming industry is faced with :
- Beholden to a new set of laws: A new platform means a whole new set of laws that not only govern how the platform behaves but also how individual players perceive the whole experience to be. In short, regulations relating to virtual casino betting caps, net capital security and player involvement are being enforced on various levels by a lot of countries. In addition older sets of laws are also being revised to adapt to the new platforms, which may level the playing field. This can be good or bad news depending on the implementation, as too many restrictions may put off potential players and investors, while laws that are too relaxed may create an unfair playing field.
- Creating fair algorithms: This is yet another challenge, and a big one at that, which virtual gambling establishments need to tackle. While traditional brick and mortar Casino’s operate on pure random chance, the same needs to be true for its virtual counterpart. Backend components such as number generators need to be very reliable and at the same time needs to be free from unfair manipulation from the establishment or 3rd parties. This is often easier than it sounds, as the source engine has to be able to cope with multiple unique requests at the same time and still remain fair to the end user.
- Data security: This is a fairly old problem, just manifesting in a new way for these gambling platforms. Cyber threats and malicious online practices are nothing new on the internet. Every single device is vulnerable, that is a fact. There is no perfect code. What it means for the iGaming industry is that, there needs to be more online security measures to protect the money as well as the player from external threats that might put any party in jeopardy. While this won’t necessarily be an issue for bigger and more established establishments, who can usually spend on state of art online security systems. But the upstarts are usually the ones that are the most lucrative targets.
- Data Corruption: Another fairly rudimentary challenge for any online casino can come in the form of good old data corruption and bugs. This is mostly a developer end issue so depending on the individual or group skill of the developers, this can or can’t really manifest to the end user. Faulty code is also a major concern when it comes to security of the platform, as it just makes it easier for 3rd parties like Hackers to exploit the code and gain an unfair advantage.
- Establishing itself a reputable Player: A verified platform will attract more customers – Fact. This can take a long amount of time, depending on the user following that it can gather during its operation. While a lot of external factors like 3rd party reviews, user experience, SEO, amount of bonuses do impact the reputability of an online iGaming platform, but on the face of there is no guarantee. This is why sticking to secure platforms, like SofoBet Casino, is usually the best bet when it comes to a decent experience and rewards.
The iGaming industry does hold a bright future, if current estimates are anything to go by. Furthermore, the ongoing incursion of the Human Malware may be slowing down the growth a bit, but it will soon be on track. That being said, the challenges faced by the iGaming industry doesn’t really end here. There are yet more problems that are too complicated to pen down and some even undiscovered. However as IoT adoption reaches new peaks, the overall technology will get better with it, leading to more secure and fair platforms. With that being said, here’s ending on a quote
“”I do not fear computers. I fear lack of them.”
— Isaac Asimov
Cover Photo by Morning Brew on Unsplash