2023 Tech Forecast: NuxGame - Daniel Heywood
As we continue our tech forecast outlook series, we connected with Daniel Heywood, CEO of NuxGame, to gain his insights on the top technologies that will dominate the industry in 2023 and the online markets that operators will focus on. We'll also be taking a look at his thoughts on the evolution of Bet Builders and the impact of the FTX collapse on the usage of cryptocurrency in the gambling world.
GE) Which technologies do you feel will dominate the gambling industry in 2023?
DH) The gambling industry as a whole is always adapting and innovating, and I think one of the main changes this year will be the further popularisation of cryptocurrencies as a payment option for operators. Both cryptocurrency and blockchain technology have gained more traction in the gambling industry in recent years and cryptos prevalence among consumers will only exacerbate this growth. These technologies offer a high level of security, transparency and speed of transactions which can give more trust and reliability to online gambling platforms when compared to more traditional processes.
We will also likely see more use of artificial intelligence in the gambling industry in 2023, with it already becoming a critical part of CRM processes. As somebody who champions innovation, I can only imagine this will increase further and slowly become the norm within the industry as other sectors outside of gambling have already integrated AI into their businesses.
GE) What online markets are going to be the focus for operators in 2023 and what technical challenges will this face in gaining market share?
DH) It's difficult to say which online markets will be the focus for operators in 2023 as the situation is constantly evolving and can be affected by various factors such as government regulations, technological advancements, and shifts in consumer preferences. However, it is likely that the Latin American market (LATAM) will continue to be a focus for operators, we’ve already witnessed many larger companies starting to expand their services there.
One of the main technical challenges that operators will face in gaining more market share in LATAM is the lack of standardised regulations across the region. Different countries across the continent have varying rules and regulations regarding online commerce, and this can make it difficult for operators to navigate and comply with. Additionally, the Brazilian government is discussing new regulation processes that will change taxes and local licenses and this could affect operator’s entry or subsequent sustainability in the market.
Another challenge that operators may face is the limited infrastructure and connectivity in some parts of the region which can make it difficult to provide fast and reliable services to customers. The limited access to digital technologies in some areas can also limit the potential market for operators.
GE) How do you see Bet Builders evolving throughout 2023?
DH) Bet Builders are a feature that allows players to create custom bets by combining outcomes from different events. They have been growing in popularity in recent years, especially during the Qatar World Cup and I expect them to continue to develop throughout 2023.
Some of the ways that Bet Builders may evolve in the future include increased sophistication with more options and advanced features such as player statistics and weather conditions becoming available across more types of sports and events. As mentioned previously, incorporating artificial intelligence and machine learning to bet builders and generating recommended, personalised and effective bets to players could also prove popular throughout the year ahead.
GE) Do you think that the FTX collapse will have an impact on operators' outlook towards crypto during 2023?
DH) The collapse of a large exchange like FTX can certainly have an impact on the interpretation operators have towards crypto and the use of digital assets in the gambling industry. The collapse can cause a lack of trust and confidence among operators, especially if users were unable to recover their funds.
It's also important to note that the collapse of a single exchange does not indicate a failure of the entire crypto industry which continues to grow in popularity. There are many other reputable exchanges and platforms that operate and provide a secure and reliable service to their users. The overall crypto market is still relatively new and innovating quickly, therefore it can be difficult to predict the future with certainty, but it could be possible that more regulations and safer options will be put in place to protect users and investors.
About our contributor
Daniel Heywood is an experienced entrepreneur with nearly a decade of expertise in the iGaming industry. He has worked on a wide range of projects covering iGaming development, web development, and artificial intelligence. In 2018, together with a like-minded team, he founded NuxGame, a company specialising in iGaming business solutions and AI-driven interactive experiences. Visit https://nuxgame.com/