Latest News
Revealed: The emotional, social, and developmental benefits of gaming
- 28% of internet users play games to meet new people
- A third of gamers say they play because they like to challenge themselves.
- There are 20,000 gaming jobs in the UK, providing plenty of opportunity for a career in the industry
- We spoke to three experts in the field who gave their insights into the gaming industry
There are lots of negative misconceptions about gaming, many of which are far from the truth. A new study turns stereotypes on their heads and reveals the emotional, social, and developmental benefits of gaming. Dr Rachel Kowert, Research Director of Take This – a mental health non-profit; Dr Matthew Barr, a lecturer of Game Studies at the University of Glasgow; and Noel McDermott, a psychotherapist and presenter of The Well-Being Show podcast, provide their thoughts and insights. Here are some of the highlights:
Gaming can boost mental wellbeing and help with feelings of loneliness
- Thanks to well-crafted storylines and lifelike graphics, games are the perfect form of escapism
- 34% of gamers identify the feeling of being immersed in a game as a key motivation to play
- The global gaming population is likely to have increased by 4% since the outbreak of Covid-19
Especially in challenging times, activities that provide a positive distraction and allow an individual to put their worries to the back of their mind can have a beneficial impact on mental wellbeing. Gaming is an excellent example of this, offering an immersive experience that can mentally transport you to another world.
Barr says, “Video games are good at getting players into the state of optimal experience that psychologists call ‘flow’, by offering an appropriate balance of challenge versus achievement. It’s that feeling of being ‘in the zone’, where you’re totally absorbed in the task at hand, and you’re operating at the top of your game. In turn, this has a positive impact on how players feel.”
This is because the sense of reward releases feel-good hormones called dopamine that boost the player’s mood. What’s more, gaming can offer meditative benefits by fully occupying your mind with the objectives of the game.
Kowert adds that, “Gameplay can also teach skills that have long been associated with increased happiness and prolonged life satisfaction, including openness to experience, self-care, a growth mindset, solution-focused thinking, mindfulness, persistence, self-discovery, and resilience.”
Gaming can maintain and build new relationships
- Half of gamers play with their real-life friends
- 28% of internet users play games to meet new people
- 1 in 3 internet users in the UK say the main reason they game is to have fun with people they know
Contrary to popular belief, gaming can be a sociable activity. Many games offer multiplayer modes or are designed to be played in teams, providing the opportunity for individuals to join forces with their existing friends or virtually meet new people – located anywhere in the world.
McDermott says, “Gaming, especially online, can provide immeasurable benefits to those who are lonely and isolated. It provides safe social contact and a place where skills can be developed. These skills can provide a much-needed boost to self-esteem.”
Research found that 60% of gamers report playing more games with social elements since the beginning of the pandemic, suggesting gaming can play a positive and pivotal role in connecting people at a time when face-to-face contact isn’t always possible.
Kowert explains, “Shared experiences, like playing games together, have been linked to increased self-esteem and a sense of belonging, as well as decreased feelings of depression, anxiety, and isolation.”
Gaming can teach life skills and cognitive abilities
- There are 20,000 gaming jobs in the UK, providing plenty of opportunity for a career in gaming
- Minecraft: Education Edition, for example, has applications in geography, history, engineering, and physics
- A third of gamers say they play because they like to challenge themselves.
While gaming can provide a fun form of entertainment, it can also contribute to the player’s cognitive development. For example, many titles involve problem solving, strategy and multi-tasking, among other skills.
Kowert explains, “Games are fantastic learning tools, particularly for children, because they are so engaging. Video games are also great vehicles for sharpening cognitive skills because they provide a range of different challenges within a single space. Gameplay has been associated with the improvement of a range of cognitive skills, including:
- improved creative thinking
- problem solving
- time management
- leadership skills
- goal setting
- initiative taking
- decision making
- persistence in the face of difficult challenges.”
It’s estimated that children aged 12-15 years old spend an average of 11.6 hours a week gaming. So, with gaming being such a widely enjoyed hobby, it’s encouraging to note that it could be effectively harnessed as an educational tool to teach numerous skills and knowledge. What’s more, with the gaming industry growing year-on-year (and estimated to be worth £3.86 billion in 2020), it could also open doors for careers in the industry.
Barr explains, “We all learn new skills through practice, whether that’s learning how to play an instrument or training to play sports more proficiently. Learning from a video game is no different – you’re exercising skills all the time, whether it’s figuring out puzzles or using your communication and language skills to talk to and strategize with your fellow players.”
Gaming myths debunked
- 52% of Brits play video games, demonstrating its popularity and prevalence in daily life
- Gaming is the nation’s second favourite pastime, after watching TV
- Brits spend an average of 7 hours a week gaming, which is just a third of the time spent watching TV (22.5 hrs)
Over the years, gaming has been associated with negative stereotypes and behaviours, such as laziness, violence, and isolation. There is little evidence to prove any of these correct. Instead, in many cases, gaming can be more beneficial for the player’s health, development, and social abilities than it is detrimental. In fact, with over half of Brits playing games, it’s apparent that gaming is just a part of modern life for many.
Kowert explains, “There is no evidence to suggest that playing games online has a negative impact on our ability to socialise. However, research has found that playing games with our friends online can strengthen our offline friendships and relationships.”
Another concern that often arises is the amount of time people spend gaming and whether gaming has addictive qualities. Talking on the topic, Barr explains that, “People talk about players becoming ‘addicted’ to games, without really considering what that word means, in a clinical sense. We don’t bat an eyelid when someone becomes so engrossed in a book that they sit there reading for hours on end, but somehow this sort of behaviour is perceived as problematic when it comes to games.”
Gambling in the USA
Kambi Group plc extends Mohegan partnership with on-property sports betting agreement in Pennsylvania
Kambi Group plc (“Kambi”), the world’s trusted sports betting partner, has agreed a long-term on-property sportsbook partnership with Mohegan to provide its award-winning sportsbook at two retail locations in the state of Pennsylvania.
The partnership will see Mohegan utilise Kambi’s cutting-edge retail sportsbook offering across more than 20 kiosks in sportsbook locations at Mohegan Pennsylvania and Mohegan Pennsylvania at Lehigh Valley Race and Sportsbook.
The deal further strengthens Kambi’s relationship with Mohegan, which already utilises Kambi’s suite of sports betting products at ilani in Washington, as well as online and on-property in the Canadian province of Ontario at Fallsview Casino Resort and Casino Niagara.
Kristian Nylén, Kambi CEO and Co-founder, said: “With several successful partnerships with Mohegan already in place, we are pleased to agree this new partnership as we continue to build on our strong relationship.
“This latest deal further reinforces Kambi’s position as the sportsbook provider of choice for tribes across North America, and we look forward to our ongoing collaboration with Mohegan.”
Tony Carlucci, President & GM of Mohegan Pennsylvania, said: “Mohegan Pennsylvania is excited to continue utilising the same Kambi technology platform that existed under our Kindred partnership, which will help to create a seamless process as the Sportsbook at Mohegan Pennsylvania fully rebrands later this Spring.”
JuicyBet, a Web3 startup, announced the launch of its GambleFi platform. This platform combines finance technology and gambling via blockchain to create unique opportunities and experiences for users. The company strives to revolutionize the principles of the online betting industry and the interaction between platforms and users in this market.
What is GambleFi?
GambleFi uses blockchain technology to ensure the fairness and transparency of games and betting outcomes and for players to get their share of the platform’s earnings and participate in its governance and day-to-day by holding its tokens.
How JuicyBet works
JuicyBet fully utilizes blockchain technology to establish a new ecosystem that has never been seen in the gambling industry. It is centered around user participation and transparency while providing gambling thrills and quality entertainment.
All game records on the platform are kept in a public blockchain, while a set of smart contracts automates gaming outcomes and payouts and provides for the platform governance via the DAO model. This reduces fraud risks and operational costs, making JuicyBet a more efficient platform.
However, the platform’s main feature is the unprecedented level of user engagement via the platform’s native tokens.
- First, the tokens provide access to betting.
- Second, token holders get their share of the platform’s profit.
- Third, token holders can vote on key decisions on the platform’s development in JuicyBet DAO.
- And finally, DAO participants can also perform the role of oracles for bets and earn rewards.
In other words, JuicyBet doesn’t try to be just another gambling platform. It establishes a new ecosystem where users are in control of the platform and bets and are the beneficiaries of the platform.
In addition, JuicyBet offers additional earning opportunities, such as Double Farming and staking for token holders.
JuicyBet has already been noticed by users and investors – the platform’s 3-month turnover has exceeded $1,5 million, according to on-chain data available via Dune, and multiple centralized exchanges and launchpads have listed it.
Latest News
Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.
2023 Annual Letter to Shareholders
To our Shareholders,
This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.
Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.
In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2 and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.
Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.
The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.
While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.
Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.
Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.
The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.
Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.
Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5 organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.
It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.
Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.
To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.
The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.
We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.
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