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The potential impact of internet of things on gambling industry
Description of technology and industry
Gambling is one of the most addictive game which has been attracting people across the world. The market size of the industry has been growing every year out which many gambling organizations are making revenue in billions. In 2016, only the global land based casino gross win reached around 450 billion USD. The online industry has also been on the path of growth with market size growing to $4 billion. (Statistic,2018)With increase in the internet population it is expected to achieve exponential growth in coming years. This also brings a lucrative market to invest as changing technology can bring big changes to this industry. The numbers are huge even when country wise data is considered. In a research done, it was found that around 65% of the population are involved in one or another form of gambling as people enjoy doing it. This proved the huge market potential that lies in this industry which is tough to ignore for anyone. (ABB,2018)
Internet of things has been among the most talked technology which has proven to bring tremendous changes in the way of running business. This has been the case due to increase in internet users around the world. IOT is the next step in the internet era where it connects the things around by various internet connected sensors. The tracking of person activity using smartphone, cars connected with internet etc are some of the examples that has been achieved by IOT. The number of devices connected with internet is expected to increase in the next 5 years which will make use IOT inevitable in our lives. By 2020, the number is expected to reach 50 billion which shows how integrated IOT has become with the upcoming technologies. (Duffy, 2013) The positivity about this evolution is new opportunities will be created in terms of creation of new business model, encourage global visibility, making the operations efficient etc.
3 ways IOT can disrupt Gambling industry
IOT can help in benefiting online gambling platforms in various ways. This is because of larger access to information like entertainment due to more number of connected devices. As a result, profits can be increased by making updates according to compatibility of customers. (Darji,2016).
There might be a possibility of access to online gambling using devices like Google Glass,...