Sports betting is a habit as old as time. However, the advent of digital technologies has changed this market forever. Sportsbooks and casinos had to please almost exclusively the local audience. Then, the Internet came to the game. As a result, bettors can take their chances on pretty much any sports event, independently from their location and any time of the day or night. What is more? Betting options are available around the clock, right on smartphones.
Let us check this and other fundamental changes in sports betting over the years to understand where this industry is heading.
Ongoing Challenges
Sports betting still faces restrictive laws in many key markets. Countries like the United States, India, and Japan, have only partially legalized the activity. Despite those prohibitions, several specialists point out that regulating the activity could generate billions of dollars in taxes in some cases.
Tightly regulated markets, like Finland, have proven that it is possible to find a balance between freedom of choice and safety. Finnish sports betting companies follow strict rules dictated by the local gaming authority.
Game-Changers
The increasing digitization of this market is making it accessible to an ever-wider public. It is creating an immense field of opportunities for tech startups. Those startups strive to stand out from the pack. They do so by providing innovative solutions for this multi-billion-dollar market.
Mobile Internet
Smartphones and tablets are in high demand. And sometimes they are even better and powerful rather than some PCs. In the not-so-distant past, the online gambling solutions were usually made for desktops or laptops. And nowadays, gamblers can place their sports bets on the go, even while heading home or work. All of these are thanks to smartphones and mobile technology.
Because of it, sports betting has become much more globalized, and since operations are instant now, some bets can even be placed during sports events. More and more sportsbook apps are being available in Google’s Play Store, for instance.
Cryptos and Blockchain
Cryptocurrencies and blockchain technology have made a splash in the online gaming world. Once met with skepticism, cryptocurrencies are widely accepted in online betting platforms these days. Moreover, there are even dedicated platforms that will trade in cryptos only.
Blockchain technology provides a swift and almost free option to traditional banking methods. It also guarantees anonymity for all parties involved in the transaction. However, it may still not be blockchain’s full potential. Initiatives like CHPZ Token create platforms where users can be bidders or bookmakers.
Virtual Reality (VR)
VR devices are not cheap but have become more accessible. It is an already well-known gadget for gamers that also makes its way into the casino world. Up to date, sports fans can also enjoy this deeply immersive technology and wager on games while watching them. There is also an exciting selection of computer-generated games to bet on.
Live Streaming
Live streaming is another perk brought by the digital revolution. This technology has been available for TVs for a while, but it lacked proper Internet connection to function on computers and mobile devices. Well, it is not the case anymore. Now, it is possible to watch and bet in real-time on sports events as they are happening on the other side of the globe.
New Trends
The increasing popularity powered by innovative technology has also created new tendencies. Here is a brief explanation of the key ones.
Micro-Betting
Micro-betting allows small and particular bets during the game, like who will score the next 3-points shot in an ongoing basketball game. This kind of betting is gaining traction, and it is expected to become more popular shortly. It also increases viewership of specific matches since bettors are more likely to watch them until the end.
Free2Play
Gamblers do not need real money to tempt their luck in this kind of bet. Consequently, platforms that offer such an opportunity have more freedom in terms of legitimacy. Free-to-play or F2P games are commonly used to attract new players.
eSports Betting
eSports is becoming a highly professionalized niche. It naturally attracts more viewers and gamblers. It is a market that is worth around 15 billion dollars only in the United States. This segment also attracts younger gamblers t. Apart from competitions like eChampions League and others, games like League of Legends and Fortnite are becoming more prevalent on sportsbooks.
Conclusion
Sports betting is a market that has accumulated revenue of US$ 131.1 billion globally last year. As it currently stands, this industry is expected to continue to grow at least until 2028, when it is expected to reach a market value of US$ 179.3 billion. So, plenty of tech companies will be fighting for more clientele with more original solutions and exclusive options.
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