The use of cutting-edge technology for the gaming industry has become absolutely essential, not only in retaining a competitive edge, but improving in-house efficiency and assuring compliance. This top panel at the ASEAN Gaming Summit delves into the adoption of new technologies, with 113 East Limited CEO Chris Rogers moderating, accompanied by PremierChain CEO Nick Hill and The Kyprock Group’s Managing Partner Jonathan Pettemerides.
The speakers highlight how the adoption of new tech, including AI and blockchain, is transforming the way gambling operations are managed, emphasizing the importance of customer engagement and responsible gaming practices. Moreover, they discuss the challenges that come with integrating these technologies, including regulatory hurdles and the necessity for a data-driven approach to ensure successful implementation.
The conversation also delves into the importance of collaboration among technology providers for creating comprehensive solutions and the ongoing need for the gaming industry to cater to a younger, tech-savvy demographic through innovative services that enhance the overall gambling experience.
Highlights
- Technological Convergence: The convergence of various technologies is transforming the gaming industry, enabling operators to create seamless customer experiences and embrace cashless solutions.
- Fragmented Supply Chain: Modern operators must navigate a fragmented technology landscape, as no single supplier can deliver an all-encompassing solution, requiring collaboration among multiple vendors.
- Focus on Customer Needs: Operators are advised to identify customer needs and preferences and work backwards in their technology strategy, inviting ongoing dialogue with end-users.
- Player Protection: Technology must incorporate measures for responsible gaming and player protection, using algorithms to identify harmful behavior in real-time and engage with players proactively.
- Multi-Channel Value: Multi-channel customers tend to contribute significantly more revenue, underlining the benefits of a cohesive online-offline customer strategy.
- Regulatory Flexibility: Regions with more progressive regulatory environments, such as the Philippines, are seen as models for future growth, allowing for innovation without stifling potential.
- The Importance of Data: Clean, organized data is essential for businesses transitioning from land-based to online operations, enabling the effective use of technology to enhance player experiences and interactions.
Key Insights
- Adapting to New Technology is Essential: The discussion stresses that embracing new technologies, such as AI and blockchain, is fundamental for operators to optimize performance and meet customer demands. The gaming sector traditionally lags behind other industries in adopting technological innovations; thus, staying updated with cutting-edge solutions is crucial for maintaining competitiveness and enhancing operational efficiency.
- Collaboration Over Competition: An important theme is that collaboration among technology suppliers has intensified, as individual providers often cannot meet all operational needs. This encourages a cooperative approach where different companies work together to create integrated solutions that can address multifaceted challenges in the gaming environment.
- The Woeful State of Preparedness Regarding Regulation: As operators consider implementing new technologies, the conversation highlights an alarming gap between the fast-paced nature of tech development and the ability of regulators to keep up with changes. Operators need to be proactive in understanding and navigating regulatory landscapes while simultaneously pushing for more flexible regulations that allow for innovation.
- The Push for Player Protection: Emphasis is placed on automating player protection measures through technology. Monitoring player behavior with algorithms can help identify issues before they escalate, signaling the need for responsible approaches to gaming that not only adhere to regulations but also foster a healthier gambling environment.
- Data as the Central Commodity: The necessity for a robust data strategy is underscored, given the importance of data in driving customer engagement and tailoring experiences. Without clean and efficiently managed data, operators will struggle to adopt innovative solutions that enhance customer service and operational efficiency.
- Future-Proofing Operators: The urgency to future-proof business models is apparent, especially as competition intensifies. Operators are encouraged to integrate new technologies into their cores, such as adopting cashless transaction methods and creating engaging customer experiences, to retain relevancy in an ever-evolving market.
- A Need for Younger Demographics: The conversation reveals a collective industry concern about attracting younger players, emphasizing the necessity for innovation to capture the interest of a generation that is more accustomed to digital interaction and immersive customer experiences than traditional gaming methods. By integrating technology into their services, operators can create enticing environments for younger audiences, paralleling the social experiences that modern consumers seek.
The discussion encapsulates a dynamic era marked by rapid technological evolution in the gaming industry. Achieving the right balance between technology, customer engagement, regulatory compliance, and player protection will dictate the success of gaming operators as they navigate the challenges of this competitive landscape. The call for collaboration among vendors and operators to adapt successfully to these changes underscores a structural shift in the industry’s approach to modernization and customer service.
