- The popularity of online gaming is set to be further boosted through the advent of ‘Metaverse’ gaming
- Metaverse gaming allows for users to enhance their virtual gaming experience, interacting socially with their peers to mimic a realistic, casino experience in the comfort of their homes
- The development is also of great appeal to gaming providers, given the higher levels of transparency, security, and privacy involved relative to traditional casinos
- The growth in online gaming has spurred the creation of thousands of online gaming providers, with the vast majority opting to procure their operational systems from third-party ‘SaaS’ providers
- The trend has benefitted GMGI, with the company reporting its 15th consecutive quarter of profitability in 2Q2022
Early this year, a JP Morgan report boldly stated that the metaverse “would likely infiltrate every sector in some way in the coming years with the market opportunity estimated at over $1 trillion in yearly revenues”. Online gaming enjoyed a dramatic leap in popularity over the past year, as a result of the Covid-19 pandemic; in fact, and in the first quarter of FY2022, online gaming providers on average saw their revenues rise by 24 percent year-over-year. However, the advent of the metaverse may now usher in the new era of growth for the online gambling sector, one which Golden Matrix Group (NASDAQ: GMGI), a developer and licensor of online gaming platforms, systems, and gaming content, is well placed to exploit.
The metaverse or so-called ‘crypto-casinos’ are effectively online betting platforms which will prioritize a user’s virtual experience; gamers will be able to interact socially with others through avatars – all whilst using virtual reality headsets and other technological tools to mimic a realistic casino experience. Gaming within the metaverse will undoubtedly seek to revolutionize the online gaming experience as we currently know it. However, the benefits will also extend to gaming operators.
The principal attraction of metaverse casinos for gaming operators is that by relying on blockchain technology, they can market the appeal of higher levels of transparency, security, and privacy relative to conventional gaming applications. Moreover, the peer-to-peer matching of bets in online gaming would remove the need for a broker – a function habitually carried out by traditional betting houses, thereby substantially lowering the cost of betting.
The trend towards metaverse gaming has rapidly gained adepts across the world. Decentral Games operates ICE Poker, a free metaverse poker games within the Decentraland, an Ethereum-powered decentralized virtual world. The game has rapidly become the most visited destination within Decentraland, attracting over a third of the platform’s 600,000 users.
The advent of online gaming as well as the rapid uptake witnessed within the realm of metaverse gaming has attracted a host of gaming platforms to the sector. Having dated its origins to the founding of the first online casino in 1994 – when the internet and computers were still unusual concepts, there are now several thousand platforms vying for market share within an increasingly crowded marketplace. A number of those companies are seeking to focus their efforts on marketing, opting to procure their operational systems and gaming portfolios from third-party providers such as Golden Matrix Group.
The latter development has been reflected in GMGI’s positive results, with the company recently reporting their 15th consecutive quarter of profitability – a development partly led by Golden Matrix Group’s robust B2B pipeline. The company recently announced the launch of their revamped GM-X turnkey solution, a complete software package designed to support online gaming businesses. Benefitting from their partnership with upwards of 25 providers, GMGI have established a robust portfolio of over 10,000 games ranging from online slots, casino table games, live operator games, and more, which are then licensed to gaming platform operators seeking to operate a proven set-up.
For more information, visit the company’s website at www.GoldenMatrix.com.
NOTE TO INVESTORS: The latest news and updates relating to GMGI are available in the company’s newsroom at https://ibn.fm/GMGI
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