TORONTO, May 19, 2022 /PRNewswire/ – Info-Tech Research Group published a new industry trends report on the future of casinos and their need for digitality Transformation. The report is timely as the impact of the pandemic on casino operators is still evident, particularly with a labor and skilled workforce shortage, health and safety concerns and the importance of online gambling and its impact on brick-and-mortar casino floors.
Info-Tech’s findings show that the casino industry is on the brink of significant change. Operators must take into account what is happening in the external environment, which has a direct impact on what changes need to be made within the four walls of the casino.
“Many casinos go through a slow rate of progress and rate of change,” he says Larry Fretz, Vice President of Gaming and Hospitality Research at Info-Tech Research Group. “As many casinos face the challenges of the pandemic and meet consumer expectations, the goal for operators is to create the casino floor of the future and embrace the many opportunities that will increase revenue and share of wallet could maximize.”
The new report describes three external environments that have a direct impact on casinos. These changes are:
Demographic change – Operators have their sights set on the future, and the future lies with the younger demographic. As Gen X and Baby Boomers age, casinos need to consider different audiences and enhance the land-based casino gaming experience to appeal to this new generation of customers. Strategic planning and investing in young bettors, their expectations and their needs is a beneficial forward-looking approach.
Digital consumer lifestyle – Sports betting and iGaming are incredibly important attributes in the decisions casinos should be making in terms of players and assets. This apparent increase in revenue has helped casinos weather the pandemic. Operators need to ensure they deliver an omnichannel experience that takes these revenue streams into account.
Health and Safety Customs – Casino operators should consider high-tech/low-touch solutions as manufacturers increasingly focus on innovative products and platforms for health and safety thinking. During the reopening phase, the focus has been on barriers, social distancing and cleaning investments. Now, the advent of innovations related to high-end technologies has fueled the need and desire for digital transformation and adoption.
“As digital transformation progresses, casinos need to understand what innovative products and solutions are on the horizon that will enable operations to expand and the industry to survive,” explains Fretz. “IT’s role is to support their casino as they adopt technology with an eye on long-term technical and business impact.”
Six key trends from info-techs Casino as Platform Report:
As casinos integrate new technological innovations, they need to remember that hospitality has always been and always will be about the people. A casino-as-platform strategy starts with the needs of the operator but ends with creating and enhancing a player-centric experience.
Info-Tech recommends focusing on an analyst’s strategic foresight study. This methodology helps the IT department and business processes what is happening in the organization’s external environment to guide ideation and opportunity identification.
As a methodology, Strategic Foresight flows from identifying signals to aggregating the signals to form trends and uncover what is driving the trends to determine which strategic initiatives are most likely to lead to success at the industry level.
The following six trends outlined in Info-Tech’s report should be top priorities for IT leaders in the casino and gaming industry as they navigate the new landscape:
Brick&Click – Mobile integration will lead casinos to an omnichannel approach, opening the doors to an integrated and holistic iGaming and sports betting experience. Now is the time to think more seriously about diversifying into the digital world based on relevance, comparative strength, revenue growth and resilience.
Intangible Value Creation – Cryptocurrency and NFTs enable the play-to-earn model, a modern crypto approach that can be used to incentivize gambling in the casino space. As casinos host gift days and create unique and collectible chips and cards, NFTs could be the next iteration of this concept. For this to work, casinos and game makers must consider designing and implementing a blockchain-powered slot machine that enables the play-to-earn model, improves loyalty and retention, increases time on device, and increases revenue.
Hyperpersonalization 2.0 – Casino marketing is antiquated. It has historically focused on a direct mail approach, with promotions and bonuses typically being sent out via email or printed materials weeks after the player has left the floor. Casinos should use behavioral attributes and real-time data to tailor offer messages in the moment.
Smart pit – In terms of features and improvements, slots have received more attention and have rich data sets to analyze. 4K Resolution, 4D immersion and large signage. Table games have become outlaws due to the slow pace of change of many operators and are excluded from the benefits of technological innovation. Due to the effects of the pandemic, more and more casinos have started using the elements of the smart pit, but it has yet to gain a foothold in the industry.
consumer adaptive – Unconventionally, the casino floor is beginning to adapt to the player and their desire for convenience through technology. Casinos need to meet consumer tech expectations and expand options while reducing physical touchpoints, hardware and interfaces.
Ready, Player Z – The pandemic amplified the cultural transition from Millennials to Gen-Z. The industry is studying which investments will successfully attract this sociable and experience-loving demographic of the future.
For each of the trends featured, the report provides case studies and actionable recommendations that IT leaders in the gaming and casino industry can implement immediately.
The comprehensive report is now available. To learn more about each trend, Download and read the full report on the future of Casino-as-a-Platform.
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About the Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading information technology research and consulting firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely and informed decisions. For 25 years, Info-Tech has worked closely with IT teams to provide everything they need, from actionable tools to analyst guidance, to ensure they deliver measurable results for their organizations.
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SOURCE Info-Tech Research Group