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Many believe that industries such as Finance, Retail or even Insurance are the leaders when it comes to providing excellent digital customer experiences. Whether it’s KYC practices, omnichannel experiences, or even customer personalisation, the opportunities offered by emerging technologies in these sectors are seemingly boundless. But what about iGaming?
Suren Khachatryan, Founder and CEO of Technamin, an innovative iGaming and Sports Betting solutions provider, spoke to us regarding the current levels of innovation in our industry and how we compare to other business sectors which think and act outside the box. We asked him if we’re still playing catch-up or are we moving with the times?
What are the latest, most exciting innovations in the iGaming market?
“It seems the past two years have been instrumental in getting the creative juices flowing within iGaming, regardless of the global tensions caused by COVID-19 and its aftermath. We are seeing more and more operators who are open to the new possibilities within our industry, such as cryptocurrencies. Crypto casinos and crypto payments are certainly part of this innovation wave that we are also riding at Technamin.
“Crypto removes barriers when it comes to operations on a global scale. Regular currencies differ from country to country, and local payment integration must take place per currency, which increases transaction and exchange costs, as well as being more time-consuming. With crypto, this issue is resolved to a great extent. However, fluctuation in crypto is a common issue, as is the anonymity and fraud when it comes to these currencies. The good thing is that both of these issues can be resolved, with the first one being possible with single-stable coins, and the latter using innovative technology. This technology analyses risk factors and shady transactions, providing detailed reports and history. By implementing careful protocols, the true potential of crypto can be unlocked and fully leveraged.
“Another interesting addition to this innovative trend within our industry is the emergence of NFTs. These non-fungible tokens can act as authorisation elements, proving credibility and offering new digital alternatives to accessing accounts, loyalty programme membership access, and as virtual “keys” that players can use to access special casino memberships. Several casinos have already adopted NFTs and this certainly is a future prospect that will develop. We are also working with NFTs and will soon announce our own particular spin on this trend.”
Are we as an industry making the most of what’s available? Are we forward-thinking enough?
“We have to be forward-thinking as standing still is not an option. Recent global events have served as a wake-up call to our industry that it’s time to revamp things. With land-based casinos shutting down, many realised that having an online presence is essential in ensuring that businesses thrive. The changes that we have seen are likely to be permanent, and we must be on top of them. Luckily, we have the tools and knowledge available at hand. All we need is to get our innovative instincts to kick in.”
“Speaking of tools, we cannot underestimate the effect that machine learning has had on our industry. AI tools and machine learning are becoming more easily available as third-party services and we are beginning to see more businesses use them for analysing player behaviour and offering personalised experiences to players.
“Another key area in which machine learning has been very effective is responsible gaming. AI allows a less rigid approach to this, which is a concept that is essential to uphold in our industry. At Technamin, we approach behaviour analysis in two ways: analysing the individual and analysing external factors. By combining the two, we can offer a fully customised experience. Instead of pigeonholing the player, machine learning tools can instead offer a more relaxed approach to responsible gaming, ensuring that they have a safe and personalised experience at the same time.”
How is Technamin leveraging new, innovative technologies to benefit their customers who operate in regulated markets?
“We started Technamin with innovation and adaptation as our cornerstones. As a rule, our team always strives to use the latest technology in order to further develop our business and offer our clients innovative alternatives in the industry. Our company is fully cloud-based, which gives us huge flexibility, with a complete lack of downtime during releases being a particularly noticeable advantage. This is a great benefit for clients who want their platforms up and running in short periods of time. The same case goes for integrations. Technamin is also not dependent on local internet providers, and our mobile internet allows our employees to work remotely and deliver client expectations in a time-efficient manner.
“Moreover, there seems to be an increasing demand for variety in games, both in Sportsbook and Casino, as well as customisation possibilities. The Technamin Casino is equipped with a high variety of games that cater to different customers (all of which are fully customisable), and the Technamin Sportsbook embraces the latest online sports trends, including virtual sports and fantasy sports.”
What impact will these tech innovations have on the future of regulated igaming if properly embraced?
“As you mentioned, the key phrase here is “properly embraced.” As some of these technologies are very new, many are still hesitant to fully embrace them. Crypto, for example, is cause for concern due to its decentralised nature. However, if we could potentially bring these non-regulated cryptocurrencies to a transparent platform and apply “crypto regulations” such as open ledger audit concepts, crypto will be regulated without losing the freedom for which it is known.
“Given proper thought and used correctly, all of these new technologies (most of which are being offered as third-party services) can greatly benefit the online gaming industry. They will also usher in a new era for both seasoned veterans and entrepreneurs who are set out to breathe fresh air into this marketplace. Technology is here to stay and serve as a betterment to everyone, and Technamin is right on track with this concept.”
From Speaking with Suren, it’s clear that, as an industry, we are making great strides ahead with technology and its application with concepts such as AI or machine learning.
However, many operators are still hesitant to take the full leap and are restricting themselves from the true growth potential available in the market.
If ‘properly embraced’, innovative technology can greatly benefit the online gaming sector as a whole and help to usher in a new era. It’s so exciting to see new companies like Technamin leading the way on this in the market and we’re looking forward to seeing how the industry can be positively affected going forward.