In recent times, the term “Metaverse” has been circulating the internet quite fiercely. Although it’s not a new term, the fact that Facebook changed its name to “Meta” gave the fire the breathing room it needed.
We don’t plan to go into too much detail about what the Metaverse is. It’s a very complex concept and it’s still too early to dictate exactly what it is. As Wired famously said, it’s like trying to explain what the internet is in 1970. We all it’s coming but we don’t know what it is.
Instead, we’re going to try and understand how the online gambling industry in India and across the world might be impacted. To project the thoughts in a more coherent manner, let’s get you up to speed with a little background on what the Metaverse is though.
What is the Metaverse?
Apparently, the term was first used in a 1992 novel by Neal Stephenson, Snow Crash. It’s a combination of two terms, “Meta” and “Universe”.
In laymen’s terms, the Metaverse is a complete universe where you can do your everyday chores digitally. From going to school to socializing in a bar, everything is possible in the Metaverse. The gateway to that world, as we know it now, is going to be virtual reality (VR).
If you’ve watched the 2018 sci-fi movie “Ready Player One” by Steven Spielberg, you should have an idea of what the Metaverse might look like. If you haven’t, it’s something you should consider. The movie is a very enjoyable experience nonetheless.
Interestingly, India’s first Metaverse wedding took place a few days ago and more than 3, 000 people showed up in that virtual universe! So, you can’t discard the idea entirely.
How Will the Metaverse Affect Online Gambling?
Coming to the main discussion of this post, the impact of Metaverse in online gambling. Well, considering the upward growth of the industry in India in relation to the Metaverse wedding news, it’s safe to assume that something interesting is coming.
If you want the background of online gambling in India before you move any further, you can check it out here.
No More Sitting Down
Online casinos and sportsbooks have certainly made gambling a lot more convenient than it ever was. You don’t have to step a foot outside the comfort of your home anymore. Not to mention, gambling online opened up many opportunities that would otherwise be missing in physical casinos. For instance, welcome bonuses!
However, if you enjoy betting a lot, you might be sitting in front of a screen for hours. It’s common knowledge that too much exposure to screen and sitting down for long hours is not a healthy practice.
If the online casinos are adapted into the Metaverse, you won’t have to sit down in one place anymore. You can log into your account, put on your headset, and it’ll feel as if you’re on a real casino floor. Think of it as a visual simulation!
Of course, you may not find real human holographic reflections just yet, but you’ll certainly find the avatars just like you exploring the casino floor. You’ll be able to socialize with them, talk to the dealers directly, and enjoy other amenities a casino may offer.
Another great benefit would be the ability to read other players’ body language. The same goes for those players as well. Especially for games like poker, you need to see what the other players are projecting. Metaverse can make that happen.
Seamless Payments
Payments have been a major pain point for online casino players. Due to different types of regulations in different jurisdictions, payments are limited to a few methods.
If the online gambling trend is adapted into the Metaverse, it’s almost obvious that the currency would be cryptocurrency. Because to date, there’s no better cross-border payment method. It’s safe, it’s fast, it’s decentralized, and it’s reliable.
As a result, you’ll not only find real-life casino feels inside the Metaverse but also get to pay all casinos seamlessly.
Conclusion
The world as we know it now is changing very rapidly. The Metaverse is one of the many building blocks of the future and from what we can tell, it’s going to be one of the most impactful. In fact, Garter predicts that about 25% of people in the world will spend at least 1 hour every day in the Metaverse.
Although it’s quite a stretch, once the building blocks are ready, a huge chunk of the world’s population along with the economy will migrate. As a prominent part of the economy, we’ve discussed the impacts in this post.