December 6, 2021

Technology Influencing the Gaming Industry in the Cayman Islands and Beyond

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Online gaming has gone through quite a transformation in the past decade or so. Just 10 years ago, the online gaming industry was struggling, but thanks to modern technology and newer trends, what was once a potentially dying industry has been given a new lease on life. Today, the video game industry is booming, with 2020 revenue valued at over $173 billion. By 2026, that number is said to rise to $314 billion. That’s almost a 100% growth in just six years! 

Online gaming has been accepted throughout the world. While online gambling is still a grey area in many parts of the world, gaming continues to be a leading form of internet, even in smaller countries or territories more further afield like the Cayman Islands. Indeed, the internet is entrenched in our lives, from big cities to more remote regions. Both new and seasoned gamers have access to a world of possibility from the comfort of their homes or while on the move.

Players enjoy all kinds of video games, including multiplayer games, simulations, sports, online casinos, and poker games. You name it, it’s available to play on the internet. That said, while many video games are accepted globally in most modern countries, online casino games for real money is still a grey area and the rules and regulations will change depending on the country you’re playing from. 

IMAGE: Unsplash

Due to this, players will often find that some countries have more opportunities for online casino games, poker and betting than others, while others are similar, for example, Finland versus the UK. Online gambling is incredibly popular in both countries, with the former being the fourth largest gambling country in the world, despite its small size.

Interestingly, Finland has found a unique way to optimise its gambling industry, adopting an initiative that means many of its casino operators are state-owned. The impact of this is felt by Finnish citizens who enjoy many social services such as healthcare and cultural events, which are backed by funds from their flourishing gambling enterprises.

Studies have revealed that approximately 80% of Finnish people gamble in some form, whether at online casinos such as Nettikasino247.com, though it’s noted that overall, around 40% of the gambling industry in Finland is now based online. If recent trends are anything to go by, Finland’s gambling industry will continue to grow thanks to a rise in popularity and revenue, as well as benefits to the wider society. 

On the other side of the coin, in the Cayman Islands, online gambling is accessible to visitors of the British territory, although residents will need to stick with non-profit raffles, fundraising and video gaming in 2022. While the trend towards online gambling remains high, video games also attract a dynamic, young and enthusiastic customer base. And, as mentioned before, the industries have the technology to thank for its sensational rise in recent years. That said, we take a peek at some of the most influential technologies seen in the industry over the years and what tech trends in the gaming industry we can expect in 2022 in the Cayman Islands and beyond.

Game streaming becoming popular

Streaming sites like Facebook Gaming, Hitbox, Twitch and YouTube Gaming have increased the popularity of game streaming over the last five years. This is thanks to the improved internet speeds across most modern countries. As such, the market was introduced to a new way to game online, and potentially earn a profit, too. Players are live-streaming their gaming experience directly to their followers and if they’re popular enough, will receive revenue through ads, donations and subscriptions. Monetisation is the new future for gamers.

IMAGE: Unsplash

VR and AR enters the mainstream

While quality VR gamers do exist, augmented reality and virtual reality seem to be enjoying a close relationship when it comes to more immersive gaming. VR gamers can player AR-based games and applications from their consoles, and more and more developers are getting involved in adding more options to the market. One noteworthy example is the extremely popular Pokemon GO, which had more than one billion downloads. 

Mobile gaming models are changing

Distribution models and gaming monetisations models are changing, and gamers no longer need to rely on the likes of Apple and Google Play stores to download apps. Mobile games can be downloaded directly through their websites due to Apple and Google removing apps with third-party monetisation models from their stores.

Naturally, these devices can be used anywhere, whether it’s here in the Cayman Islands or further afield. This has forced gamers to look for other options and developers have taken notice. These days, third-party application stores like Amazon App Store, Samsung Mobile App Store and the 1Mobile marketplace are attracting more gamers and will continue to do so in the future. 

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NOTE: Gambling is illegal in the Cayman Islands

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