With the pace at which technology evolves today, industries of all kinds face a constant need to innovate, or else be left in the past. This is a concept that’s been particularly challenging for the casino industry. Businesses in this category are used to long-standing ways of doing things and have been so profitable over the decades they’ve had little incentive to adapt very much. Lately, however, the casino industry has been facing a more pressing need to modernize. Between waning interest from younger generations and now the need to react to the coronavirus pandemic, casinos are struggling more than they’re used to.
This is a big and multi-faceted problem, and will thus require a lot of different solutions. Among these solutions, however, there are a number of modern and emerging products with the potential to help casinos modernize and attract fresh business.
1 – Cryptocurrencies
Crypto and blockchain have been buzzwords within many industries in recent years. Casinos can use these digital currencies as a deposit to promote contactless payments in a post-COVID world, as well as modernize their system. Our past article on Bitcoin and other cryptocurrencies highlights that many other establishments, from fashion retailers to restaurants, are accepting digital coins as payment. Not only will this be able to attract a wider audience of players, but the fluctuating value of cryptocurrencies can mean that you will be able to make a profit if you cash in when their prices are high. Integrating crypto into a casino’s operations will help them prepare for the future when digital currencies become the official norm.
2 – AI 3D Sensors
AI 3D sensors could be used for just about anything these days. With regard to casino improvements, however, we’re specifically referring to the idea of using devices like these to analyze and perfect floor plans. VentureBeat ran an article on this concept earlier this year and revealed that researchers have developed sensors that are able to “infer whole floor plans from short video clips.” Devices like these can be used to monitor activity in a large facility, and in doing so recognize inefficiencies. As an example, casino management using such sensors may recognize that one poker table is doing significantly more activity than another simply because foot traffic flows more easily to it. Through insights like these, casinos can optimize their own floor layouts and provide better customer experiences (without the customers necessarily even realizing what’s gotten better!).
3 – Mobile Strategy Apps
These are products that can help customers who want to build their skills in the different games found on the casino floor. For example, apps like Pocket Poker Odds allow players to understand if they have a winning hand or not. Poker.org explains that it is important for players to know when to bet and when to fold because this will increase the likelihood of winning. They will be able to understand the hand that they are given, their implied odds, the pot odds, and whether or not it is worth betting on. If casinos utilize this kind of technology, it could encourage amateur players to try and participate in playing games they may not have considered. It will give them a needed confidence boost while also utilizing already available technology.
4 – Cryptocurrency Chip Exchanges
This is another idea that appears to be close to being put into practice. This past spring, a Las Vegas Review-Journal piece revealed that Resorts World Las Vegas — the newest casino resort in Vegas — intends to be a “cryptocurrency-friendly property.” We’ll see in time exactly what this entails. One thing casinos should be well on their way to implementing however is a means for players to quickly exchange cryptocurrency for poker chips and other gaming tokens. It’s something that would solve the cash withdrawal and exchange delays (and fees) in casinos, as well as a move that would appeal largely to younger demographics.
5 – Arcade Machines
Arcade machines, of course, are not new products. It’s become increasingly clear however that casinos may need to figure out how to build new gaming machines in order to attract younger gamers. These machines will have to combine conventional, popular video games with betting mechanisms. They may have to house several games in one, or else embrace cloud gaming technology that would allow players to immediately access games that aren’t locally hosted. Whatever the specifics though, new arcade machines need to be developed and put to use.
Casinos have a lot of work to do in order to appeal to younger and post-pandemic crowds. These products and innovations, however, would constitute a good start.