From 2021 to 2026, the global gross revenue of $142 billion for the online gambling sector is expected to grow at a rate of around 11.82% year on year. Fuelling the growth of online casinos is the massive demand for mobile gambling and the evolution of the Web and its underlying technologies.

From the early days of static information to the interactivity of Web 2.0, live casinos online have seen significant changes. Online casino games such as online slot machines have all evolved into richer experiences with a multitude of ways to win – all accessible from the palm of your hand.

The next step in this evolution is Web 3.0, which brings with it new technologies, a decentralization of the experience and a whole new virtual immersion that could rival today’s physical casinos.

Find out what Web 3.0 is, how it will impact your gaming experience and why it’s set to take the industry to a whole new level.

What is Web 3.0?

For most of us, Web 3.0 is a catchphrase used by technophiles who watch way too many sci-fi movies while laughing knowingly at the rest of us.

In reality, though, the concept is not that complicated. In the early days of the internet, websites were static repositories of information that you visited instead of going to the library. The static nature of content was the defining characteristic of Web 1.0.

Fast forward a decade or so to when websites became interactive. Users were able to actively participate in creating and sharing content while consuming dynamic content that could change at a rapid rate. Think of live blogs about a sporting event.

Web 2.0 was characterized by dynamism and interactivity as well as the advent of mobile internet access. The advent of social platforms such as Facebook, Twitter, YouTube and WhatsApp drew millions more users to using the Internet as an everyday tool.

Another key characteristic of Web 2.0 was the monetization of web content and the participation of large corporations that centralized control to make huge profits from your personal data and online activity.

Web 3.0 is almost a global rejection of the corporatization associated with Web 2.0. It represents a kind of democratization of the Internet in which control and ownership of data and creation is decentralized, payments are not controlled by large banks or financial institutions. Users determine where, how and with whom they want to interact and do business.

Blockchain and online casinos

So, where does the humble online gambler fit into this utopian ideal of the internet? Will it make your life better or deprive you of your favorite live casino online game?

Truth be told, Web 3.0 is still in its infancy. It’s yet to be fully implemented and adopted by the majority of internet users. A typical example of this is the slow adoption of key technologies that define Web 3.0, such as blockchain and cryptocurrency.

Blockchain is simply a clever and safe way of recording and organizing millions of transactions into blocks on a distributed ledger (across millions of computers). A block is created every time cryptocurrency is transferred from one person to another.

Each block contains information about the sender, the receiver, the amount

being transferred and a unique identifier for the transaction itself. This

unique identifier, called a hash, is a sequence of numbers and letters that

changes should any information, such as the amount, change.

The most important aspect of this cryptography (the crypto part of cryptocurrency),

is that each block also carries the hash from the previous block, linking each transaction to the one that came before in order to form a chain. Hence “blockchain.”

Sensational stories of overnight billionaires and crypto trading might skew your perception of reality, though. The average Joe is yet to truly move from playing casino games for real money to playing for cryptocurrencies. What’s more, the resource-heavy nature of cryptocurrency mining acts as a significant deterrent, as the megatonnes of silicon waste produced during the process has a massively negative impact on the environment.

Online gambling, however, is one area where many believe Web 3.0 will have a fundamental impact.

Using cryptocurrency and blockchain, gamers are safer from fraudulent transactions and disputes with gambling establishments. Game transactions, winnings and stakes are all stored in the distributed ledgers which makes it difficult for any one party to defraud another. Players can also check if there has been any manipulation by the casino.

With transactions recorded on the blockchain, players can remain anonymous while also providing fast cross-border transactions, which may also change the nature of online gambling regulation. Technology is also constantly evolving, which allows us to hope for cryptocurrency mining to become an environmentally friendly process.

Gambling in the metaverse

Another key – yet vague – aspect of Web 3.0 which is expected to transform the online gambling experience is the metaverse.

The metaverse isn’t a specific type of technology, but rather a new way of experiencing the internet and future technology. 

We have all read books and watched movies about a virtual world lived inside computers and the internet. Think back to Tron or that 80s philosophical comic book in which Iron Man miniaturized himself to enter “cyberspace.”

The metaverse brings those fantasies closer to reality. In most cases, metaverse can be used interchangeably with virtual reality, where people will interact with each other using their digital identities across the internet in a virtual world replete with its own economy and digital assets.

It stands to reason then that you will eventually play your favorite casino table games from the comfort of your home in a virtual casino set in a fantastical destination with artificially intelligent live dealers and using cryptocurrency. 

Be part of the online casino revolution with Borgata

It won’t be long before you’ll be able to buy a digital cocktail in a virtual casino while your friends hang out around the corner playing live dealer casino games online. Until then, register with Borgata Online and get the next best thing.