Metaverse Gambling: Is It the Next Big Thing?

02:46 Jul 3rd, 2022 Online Gambling

What would an old-school gambler of yesteryear have to say about today’s online casino industry?

There would be a lot of shock at first. (“What’s this thing called the internet? What do you mean I can listen to any song ever recorded at any time? What are these magical black devices people carry around and seem to stare at all the time?”) On the whole, though, they would likely be astounded at the variety and flexibility of today’s gambling options.

In their world, the only way to gamble was to travel to a brick-and-mortar casino and play whatever games were available at that time. Only word of mouth (and the Nevada Gaming Commission) could be counted on to make sure that casinos were operating ethically, that games were square, and that payments would be made on time and in full.

Compare that to today’s players.

The wealth of options, bonuses, and resources would be unfathomable to the analog players of previous generations. And that all of this is available without any physical travel? That might be the most shocking bit of all.

Well, the Next Big Thing has arrived in casino gaming. It will almost certainly render today’s game space as remote and old-fashioned as the world of 1970s Las Vegas gambling seems to us now. It’s called metaverse gambling…

… and it’s going to change everything.

What is the Metaverse?

The metaverse is an ultra-modern concept. It refers to a virtual-reality space where real people can interact with other real people in a computer-generated environment, often appearing as avatars to one-another.

[Literally, the word metaverse means: “the totality of that which is self-referential.” Connotatively, it is understood as: “a universe that exists outside of and in reference to the universe.” Or, even simpler: “a world beyond.” But we digress.]

What does this mean in gambling?

It means strapping on a headset and experiencing complete visual and sonic transport to another space…one that is shared with others. A virtual-reality gaming space where the other players are projections of other real people from all over the world, who are also wearing headsets, experiencing the same sensory input that you are.

In some ways, this is an earth-shattering change, like something playing out on the Holodeck of the USS Enterprise in Star Trek.

Today’s players sometimes have the option of communicating via live chat while playing. They sometimes see each-other’s usernames, and rarely also the city or country from which they’re playing. No voices, no faces, and you’re both sitting alone in your respective rooms, staring at your respective screens.

Compare that to a space where (even if your physical body is unshowered and unshaven, in your pajamas) you look like your favorite iteration of James Bond, or Lara Croft, or Winston Churchill, or Freddie Mercury. Where you see the faces of fellow players, hear their voices, see the same sights and hear the same ambient sounds. Where you can both agree to take a break from the game, walk over to the bar, and gossip over a drink. This is a gaming world completely unlike our own!

In other ways, though, it’s only a minor shift from extant gaming spaces.

Consider that the basics of immersive, virtual-reality gambling are familiar to most modern players. Already, players from all over the world can wager their hard-earned money at just about any game they wish, using the lobbies of a great variety of providers, often interacting with one-another in real time… all without leaving the comfort of their home or office. What is really changed by the visual presentation of it all, if the gaming substance is the same?

Nothing… and everything, at the same time.

Ripples in the Fabric of Casino Time

These trends are still in the early phases of application, and are likely several years away from mainstream adoption. Still, there are already signs of what’s to come appearing in the online gaming industry.

Major companies are making major moves (and investing major sums) in building the infrastructure where metaverse gambling will likely be housed. It’s clear that the powers that be can see the writing on the wall!

What’s more, it seems that the first iterations of regulation in metaverse gaming have already appeared! This has to do with the sale of NFTs, and is certain to be only the first instance in what will be a fascinating new era in the world of gambling regulation.

Gazing into the Crystal Ball

It’s too soon to know what metaverse gambling will look like.

For example, it remains to be seen how much of metaverse gambling will take place using traditional (fiat) currencies, and how much will be centered on blockchain-derived cryptocurrencies and NFTs. 

There may even be “metaverse millionaires” whose wealth exists only in virtual space! The same way a hardcore fan of, say, World of Warcraft will accumulate strength and capital within the gamespace – with or without attempting to translate it into real-world resources – a metaverse gambler could take their virtual winnings, walk out of the virtual casino, and use them to buy, say, virtual land, access to virtual experiences, goods and resources, and even more!

One thing is for sure: the metaverse will certainly be a increasingly major force in modern life in the coming years, and gamblers will find more and more options to enjoy their recreation in that space.

Who knows?

In 2042, today’s savviest online gamblers might seem as old-fashioned to the betting public as 1970s-era Las Vegas gamblers do today!