The sports betting industry has been flourishing in the past few years. From only a $270 million market it has reached a global business of $104 billion with the USA black market alone provided $2.5-10 billions of it. Such growth is truly remarkable for any industry.
One significant factor driving such monumental growth of sports betting was technological innovations. Even now it keeps providing new toys to play with and new convenient measures to implement for taking sports betting to the next level. We will discuss both past and future of such innovations here today.
Innovations are not new thing to the sports betting industry. They have helped the industry grow into a multi-million sector by providing necessary boosts throughout the last few decades. Let’s dig deep into the main sports betting innovations of the recent past:
In-play betting revolutionized how we look at sports betting. During these bets, the gamblers get to watch their most awaited games unravel before their very eyes. According to the latest scores and other in-game developments, the respective probabilities change simultaneously in front of the players. Experienced experts of online sportsbooks keep updating them on the new odds every few milliseconds which help bettors make better choices while wagering.
The thrill of such an exciting and joyous ride is surely unavoidable for gamblers all around the world. That is why the introduction of in-play betting or live betting in the 2000s boosted the market growth of the sports betting industry.
Smartphone Betting Apps
As soon as smartphones like the iPhone came into the play in 2007, the entire gaming experience for online gamblers took a turn for the better. Sports betting franchises realized the potential of bringing their games and features in the palm of their global customers. Smartphones brought in unfathomable conveniences for the gamblers who could now bet on games from anywhere anytime.
With the exponential increase in internet speed and availability, the trend of bringing sports betting to mobile apps spread like wildfire. At present, the amount of betting on Android phones is much higher than that of Apple devices. Regardless of the underlying operating system, mobile sports betting is winning on all grounds.
Sports betting technologies have blessed us with many conveniences, but they are not done yet! More innovative measures are expected to bring more thrilling experiences for the players in the near future. Let’s take a look at some of the most anticipated future innovations for sports betting:
Cryptocurrencies have been on the rise for a while now. As many of you may have observed, a considerable number of online betting platforms have already included cryptocurrency options in their list of authorized payment methods. The blockchain trend is expected to have a much larger impact on the sports betting industry over the next decade.
Most legal online sports betting platforms leverage the blessings of technologies to conduct cross-border betting activities. As a result, they would benefit from having an already well-established global currency like bitcoins.
This system of blockchain also holds in all the records of games, bets, their results, winning amount and paid out amount. Utilizing this feature, each gambler can view their entire transaction history to check if the numbers add up. So blockchain provides transparency and convenience for players at the same time. It will not be wise to skip on such a fruitful combination for sportsbooks.
Augmented reality is another promising innovation for sports betting. The players can view their favourite star athletes play alongside them with virtual reality games. The sports betting masterminds are hoping to utilize this technology in another way. In this area, the gamblers can pick a particular area in the field or court and then make their bet from that area. They can do so with their headsets and other gaming controls. We hope to see the inclusion of other parameters like speed, efficiency and detailed breakdowns of the sports through VR in the future.
Globally, the sports betting industry has overcome many legal hurdles recently. For example, the USA overturned a 1992 ruling and opened up new doors for legitimate sports betting. Even then many governments still remain with an eye on limiting the sports betting opportunities.
Nevertheless, the gradual victories of this industry point at a brighter future with jurisdiction-free betting. It will be free of betting categories, wagering limits and most importantly taxation. Sportsbooks which implement such an ecosystem will be building up their empire through satellite uplinks instead of terrestrial technologies. For all these reasons, the average betting amount can reduce benefitting the regular players.