We all know the famous nickname for Las Vegas is “The City That Never Sleeps”, but what about a world that never sleeps or turns off? Introducing the Metaverse, a virtual world of our own creation where almost anything is possible and nothing is too far out of reach. In this article we’ll dive into the concept of the Metaverse – what it is, how it can impact online gambling and its exciting future.

Data will be interconnected in a decentralized way, which would be a huge leap forward to our current generation of the internet (Web 2.0), where data is mostly stored in centralized repositories.

Read More: How Current Data Can Help Us Understand the Future of Responsible Gambling

What Exactly Is the Metaverse?

Mark Zuckerberg, CEO of Facebook, recently changed Facebook’s parent company name to Meta as he announced his plans to heavily invest in a 3D virtual reality online called the “Metaverse”. It’s a digital world that can be accessed on nearly any hardware and which allows you to attend virtual meetings or concerts, walk around shopping malls and even own property. The Metaverse is a feature of Web 3.0; an upcoming third generation of the Internet that allows websites and apps to process information in a smart, human-like way. It can accurately interpret what is input whether through text, voice or other media creating a more tailored experience than before. To begin with, you need to create your avatar which can be customized with unique clothing, accessories and wearable NFTs. This concept will revolutionize many industries, including the sports betting industry and casinos communities.

A New Online Betting Reality

Essentially, the Metaverse will replicate what the Internet accomplished for brick-and-mortar stores back in the ‘90s. If you’ve ever experienced walking into a big casino with bright flashing lights and the sound of slot machines going off, now imagine that, but virtually. The Metaverse will take the experience people love about casinos or sporting events and make it accessible from anywhere with internet connection. Now users can have the flexibility to attend a football game or walk into a casino in real-time using their VR headset. From there, they’ll have the opportunity to place bets, instantly receive their winnings and then switch off all in the comfort of their home.

Now, online gambling isn’t a new concept and is a growing billion-dollar industry. So how does online betting compare to betting in the Metaverse? There are a few significant advantages to consider:

  • Fully Immersive Physical Experience

Players can explore the Metaverse casino in a virtual way that mimics real life rather than sit in front of a screen throughout the entire gaming session. It will deliver a more enveloping experience because you can control your character with your body.

  • Personalized Human Interaction

It’s no secret that in a game of poker, facial expressions and mannerisms are key components to staying competitive and with online casinos, these physical aspects are lost. However, with Metaverse casinos, these physical cues will be incorporated in every game, just like in real life.

  • Integrated Cryptocurrency Payments

Due to regional legislations for online gaming sites, many potential gamblers find it difficult when dealing with payments and withdrawals on their sites. With the Metaverse’s integrated cryptocurrency payments, this allows for users all over to have access, regardless of regulations.

  • Limitless Operating Hours

Unlike traditional casinos, players would not be bound by operating hours and can visit the Metaverse casino at any time from the comfort of their own homes.

  • Play to Earn Games

Decentralized casinos will now give players the option to play games to earn rewards with real-world value. Most games will award players with a combination of NFTs and in-game cryptocurrency, which can be traded or sold to other players or used to stake to earn even more.

The Currency of the Metaverse

It is highly likely that cryptocurrencies will be the Metaverse’s currency. It makes sense that the method of transactions will be digital, given that the system is digital. Cryptocurrencies are quick, secure, decentralized and easy to use. Using crypto will eliminate any worries about transaction fees for international players, deposits and withdrawals limitations and regional restrictions. On top of that, it would help diminish identity theft.

Future Of the Metaverse – What’s Next?

We are in the early phases of a breakthrough nobody could have imagined, as metaverse online casinos will be the future of online gambling. Mark Zuckerberg said that we can expect to see the development of the Metaverse to kick off in the next five to 10 years. With major tech giants such as Microsoft, Google, Samsung and Facebook working in collaboration to actualize this, it won’t be long until the Metaverse will change our online world forever. It will be exciting to see the opportunities that will arise from it for sports betting and online casinos!