Gambling in the Metaverse

Friday, 1 December 2023

I told you earlier this year in an article called Trends in Online Gambling in 2023, that more and more casinos are starting to operate in the Metaverse and that there are more and more customers who, through the interplay of avatar and Virtual Reality, are starting to have fun online.

What is the Metaverse?

In short, the Metaverse is a digital place created on the internet, online, where things that exist in real life find a counterpart in the virtual world. People in real life can have another life in the Metaverse using avatars. In general, Metaverse projects are created using Web3 technology.

Metaverse and casinos

Casinos in the Metaverse offer a fully integrated experience that cannot be matched in the real world. Players as mentioned earlier, can create their own avatar and customize it to their liking. The avatar is how players are seen by other metaverse users. In the Metaverse you can socialise with other users, both in text and audio format.

Many Metaverse casinos operate on decentralized networks, such as Ethereum Towers. This means that gaming transactions are conducted on a peer-to-peer basis.

What does this mean? It means that those in the community allow each other access to computers and related peripherals, with each computer acting as a server for the others, allowing shared access to files without the need for a central server. The benefit of this is that the “house” is eliminated, allowing for a fair and more transparent casino experience.

Another very interesting thing for Metaverse casinos is that they can be accessed using Virtual Reality and Augmented Reality devices, something we have discussed in the pages of our magazine in the past, pointing it out as one of the future trends in our field. Basically, this means that players can experience the services of a land-based casino without having to leave the comfort of home.

Many of the casinos use blockchain technology and offer thousands of casino games, from blackjack, dice, roulette, slots to video poker. An advantage of blockchain technology is that payouts are instant and customers can keep their total privacy without being processed by KYC (Know Your Customer) software.

How do casinos work in the Metaverse?

The casino experience in the Metaverse is an exclusively online, virtual one. There are several main platforms in the Metaverse. You connect to these, buy virtual land and then you can start building your desired casino.

To play casino games in the Metaverse, players need a (digital) wallet with cryptocurrencies and some digital tokens. Players connect the digital wallet to the Metaverse and bet with its native token. Every casino game in Metaverse is backed by blockchain technology. This means that game results are fair, random and transparent. When a player wins, digital tokens will be added to the player’s digital wallet that they have linked to Metaverse.

What the casino experience is like in Metaverse and what games you can play

The casino experience on Metaverse is much more involved from the participants. Let’s take a live game for example, say roulette. Here each player’s avatar is involved in the game at a virtual table as it would be in real life, has impressive graphics that can duplicate reality, and the dealers can be real. The casino can let players interact at the table as they would in real life for added socialization.

As for the betting area, the casinos here can offer a portfolio of events and betting types like you find in land-based casinos or online casinos (mobile or desktop), so in that respect you can rest easy. You have what to bet on and how to bet.

One of the features of gambling on Metaverse is that it is customary to host slot tournaments and interactive gaming contests here which further enhance the overall gaming experience and at the same time increase players’ chances of winning.

Just like in real life and in Metaverse the casinos here offer a wide variety of bonuses that are offered to you when you register or when you play, you get free spins or free bets.

Casino development in the Metaverse can introduce gaming mechanisms that are not feasible in physical environments. For example, they may incorporate video game elements or much greater game play than in the usual online environment to keep players more engaged and having more and better fun.

Virtual casinos can project stunning visuals and customisable themes, making the gaming experience more visually appealing. These immersive settings can cater to various preferences and create a unique atmosphere for every player. The level of customisation increases player engagement and enjoyment. So the gaming experience is far superior.

Virtual casinos can ease your anxiety compared to traditional casinos if you are a beginner player. For example, for this type of player, Metaverse casinos offer a pressure-free environment to learn to play various games without the intimidation of a physical casino. Another example of lack of anxiety is that in these types of casinos discretion is extremely high and no one knows who you are, whether you are rich or poor, whether you are ugly or handsome, fat or thin. The avatar protects you from all these indiscretions and (pre)judgements.

Conclusion

What stands in the way of the development of virtual casinos in the Metaverse? Well, on the one hand we have a legislative ambiguity (we will address this in another article), but also a technological and even financial insufficiency. Virtual casinos could become more accessible on a wide range of devices if the commercialization of VR headsets and other reality-enhancing technologies becomes much cheaper and easier for many people to purchase. In addition, for added mobility the technologies will need to contain hardware that is not only cheaper but also more miniaturised than it is today. This flexibility would allow players to enjoy the virtual casino experience wherever they are.

Sources: techopedia.com, cryptonews.com, medium.com





Author: Editor

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