The Blurred Lines Between Gaming And Gambling
Gaming and gambling are frequently used interchangeably but differ in the outcome. Gaming involves elements of skill while gambling involves elements of chance. With the rise of gambling-like gaming and gaming-like gambling, researchers have developed a framework to differentiate them. Gambling-like gaming includes mini-games in video games and loot boxes. Gaming-like gambling includes electronic gaming machines with skill-based elements. The convergence of gaming and gambling may increase participation and excitement.
Here’s how the industries overlap.
Types Of Games They Offer
The most apparent way the gaming and gambling industries have similarities is the kind of games that they offer. Both industries offer a number of different games, from card games and slots to roulette as well as craps. While the rules of these types of games may be different, the basic idea is the same: players place bets and try to win money.
For instance, games such as poker and blackjack are offered in land-based casinos as well as on online gaming sites. Many of the very same game developers create games for both of the industries. This means that the games you play at an online casino are frequently the same as the ones that you’d find in a brick-and-mortar gambling establishment.
A massive part of both gaming and gambling is the aspect of chance. Whether it’s the roll of the dice or the spin of the wheel, much of what takes place in these industries is based on luck. And while there is some sort of skill involved, luck is frequently the biggest factor in whether or not a player wins.
The Cryptocurrency Embrace
In recent years, both industries have started to accept and even embrace digital currencies like Bitcoin. This is a massive shift, as traditional casinos have always been cautious to adopt new technologies. However, the meteoric rise of cryptocurrency has made it far easier for players to gamble anonymously as well as without the need for a bank account.
As a result, more and more gaming and gambling sites are beginning to accept Bitcoin, for example, as a form of payment. There are even Bitcoin slot games that are becoming increasingly popular.
The Gaming And Gambling Industries Share A Demographic
There is considerable overlap in the customer base of the gaming and gambling industries. Typically, both industries appeal to individuals seeking excitement and the potential to earn money. Despite some minor differences, these groups tend to share similarities in terms of age, gender, and income.
What we’re seeing more and more is the fact that millennials are becoming a growing demographic when it comes to gambling – especially online gambling and Australian betting. They’ve grown up playing online games and not that they are in the workforce and earning money, they have the opportunity to try out online gambling.
The Immediacy Of Live Betting
Live online betting is an expanding area in the gambling industry, providing immediacy to players. Playfair, a gambling technology company, has developed live gambling solutions for several major companies. In April 2022, Playfair announced its collaboration with sports betting group Entain to create a bespoke live game show called “Well Well Well Live,” hosted by a real host in a dedicated studio in Riga, Latvia. This initiative is one of the most intricate live games to date, attracting the 58% of weekly gamblers who have viewed a live video stream.