The metaverse promises to totally transform our world from top to bottom in ways most of us can’t imagine right now.
And while some people hee-haw about the more “out there” claims of what the metaverse will eventually be capable of, the gambling industry is paying close attention.
And they aren’t laughing.
No, instead they are quickly building out the infrastructure necessary to jump on board and plug into the metaverse just as soon as it “goes live”.
Future of Gambling Industry in the Metaverse
Always an industry to try and spot the next big thing (and obviously not an industry nervous about big swings and big risk), should surprise no one that gambling is hoping to be fully integrated into the metaverse as more and more people come online.
Here’s a peek at what we think the future of the gambling industry could look like in the metaverse moving forward.
Legit Casinos and Bootleg Speakeasies
One of the most exciting things about the metaverse is that it really opens up an opportunity to create your own space, a public space that you share with the world or a private space that you locked down with more security than doors and padlocks could ever offer.
The “surface level” gambling world is obviously going to set up some incredible and elaborate VR casinos and digital resort experiences just like they do in the physical world. Nobody would be surprised if there’s a jaw-dropping Caesars built inside of the metaverse.
At the same time, though, folks might be surprised when they start hearing whispers about bootleg little speakeasies, smoky backroom games, and VIP only gambling opportunities that are locked away somewhere inside the ones and zeros of the metaverse.
Interestingly enough, many of these backroom style betting platforms are going to be both more accessible than ever before and harder to infiltrate, crackdown on, and shut down.
The Roaring 20s are coming back in a big way!
Crypto is going to be a huge piece of the metaverse puzzle, not just when it comes to traditional transactions (or retail and real estate transactions in the digital realm) but also when it comes to gambling, too.
Atari announced in August that it would be adding a cryptocurrency-based casino to its own metaverse, Decentraland. This casino would allow players to play slots, table games, and lottery-style games in virtual reality using crypto.
Atari stated that cryptocurrency is the ideal currency for virtual online gambling because the “system’s betting logic” will be stored in the blockchain to prevent scams and game-rigging.
The borderless nature of the metaverse is going to completely shake up the traditional landscape of casinos today.
State and federal level rules and regulations probably won’t have much impact on a digital plane that only exists in the electronic world, and that means there’s going to be a bit of a “wild west” kind of feeling to the metaverse – especially when it comes to heavily regulated industries like gambling.
Crypto casinos are going to allow people to bring their cold hard cash from the “real world” into the metaverse and gamble with it without having to worry about real-world consequences.
Blockchain tech handles the safety and security and a number of crypto options already in existence (as well as those that are sure to come along later) will handle the anonymity side of things.
Gambling with crypto – possibly even “house crypto” from the metaverse casinos themselves – will become the digital gold standard.
Borderless Gambling Community
One of the most exciting things about the potential of the metaverse is to break down all physical walls and barriers that restrict and insulate communities today.
Right now, fans of a specific sports team – let’s say the New England Patriots – are only going to be able to gather in person with one another to watch the game in their homes, at their local bar and pub, or at the stadium.
If they want to gamble at the same time they’re going to have to do so at a legitimate sportsbook or through their phones.
In the metaverse, though, they’ll be able to sit right on the 50 yard line (or maybe even slide into the eyes of their favorite quarterback) and watch the game unfold – all while having gambling tools and interfaces available at their fingertips every second of the game.
On top of that, everyone that wants to gamble on that game (as well as those that just want to watch the contest unfold) are going to be able to get in on the action together in the metaverse. There are no seating limits, there is no maximum capacity, and there’s no limitation to what can be done in these games inside of the digital realm.
A Whole New Regulatory Environment
At the end of the day, the “legacy world” is going to have to try and grapple with a civilization that moves closer and closer into the digital plane.
Traditional regulatory bodies really aren’t going to work in these digital environments. Not where the “rules” of the physical world just don’t exist any longer.
The odds are pretty good that these regulatory bodies aren’t just going to give up control of the gambling industry, though.
Expect pushback, expect big blunders and attempted stifling of the metaverse gambling world, and then expect and (of eventual) receding of these kinds of attempts in the face of a fast-moving, ever-changing, and always evolving metaverse environment.
When the metaverse gets widespread adaptation gambling (like everything else) will never be the same!