While online gaming sites are illegal in Australia, sports betting companies are common. However, Bitcoin allows gamblers located in jurisdictions where online gambling is restricted to make deposits. For club and hotel managers, where technological advancements are slowed down by regulations, it is vital to keep up to date with sports betting industry developments as this competition will continue to grow in the coming years.
Technology Makes a Marked Impact on the Industry
Technology has a dramatic and direct bearing on several different industries, but nowhere is this more apparent than the online gambling industry. This particular industry readily adopts the latest technology as online casinos, and sportsbooks vie for more players and bettors. It’s also a great marketing tactic to offer new and exciting features, giving a particular online sport betting the upper hand over its many competitors, which are all looking to claim a piece of the global market worth more than $218 billion.
As technology progresses, one naturally speculates how new technological developments can improve the sports betting market, how technology is changing sports betting, and look back at the most recent tech that has already made a difference.
Online Sportsbooks are Going Mobile
It’s hardly surprising that there are more than 3.5 billion smartphone owners in 2020. Reports indicate that mobile devices account for more than 80% of internet traffic and that the smartphone user figures will grow by several hundred million in the next few years.
Mobile trends have directly affected bet trends as online sportsbooks jumped at the prospect of capturing this piece of the market. The most trusted and reliable online sportsbooks offer a full mobile experience with sites and apps. Bettors can now access the complete betting package, including live betting and more from their mobile devices, with some sportsbooks going as far as offering mobile-only bonuses and promotions.
Implementing Blockchain Technology
Blockchain technology and cryptocurrency also infiltrated the online sports betting industry as it offers a fast, low-cost, and efficient means of depositing and withdrawing money from sports betting accounts. Crypto betting has become so popular that the vast majority of online sportsbooks allow bettors to use bitcoin and other cryptocurrencies as an alternative to fiat currency.
The use of cryptocurrency also allows bettors located in jurisdictions where online gambling is restricted to make deposits. It may not seem like a revolutionary move at first, but bear in mind that traditional banking institutions limit online gambling deposits.
Furthermore, blockchain allows sportsbooks to develop incredible apps that are even faster and secure than ever before.
Payments are Safer Than Ever
No longer are bank-grade encryption and safety protocols reserved for financial institutions, with online security now readily available to online sites.
Online sports betting sites also have access to these sophisticated systems that keep their bettors’ personal and financial details 100% safe and secure. Reputable online sportsbooks use Secure Sockets Layer (SSL) or Transport Layer Security (TLS) to safeguard their players’ sensitive information.
Live Betting is Getting Popular
Technology enables one to have access to information instantly, but it certainly doesn’t stop there. Sportsbooks have harnessed advanced algorithms to calculate sporting odds on live events. This development opens up an entirely new market segment where bettors can instantly bet on live events’ many potential outcomes. What will the next shot’s result be? Who will score next?
Live betting has become so popular that most sportsbooks now have this feature for fear of losing their bettors to other sportsbooks. The top sites feature live betting on all of the most popular sports, including but not limited to football, basketball, tennis, soccer, tennis, and ice hockey.
Some sportsbooks have gone as far as introducing VR to optimize the betting experience. Bettors now have the opportunity of live betting on virtual events and games. It may sound strange to wager on a sport that’s not real, but it’s a great way to live bet anytime you want to, especially when there aren’t any real sports counterparts available.
The Importance of Sports Betting Data
As previously mentioned, the online sportsbook market incorporates tech into its sports betting software at great speed. Speed is critical when it comes to evaluating sports betting data. The more relevant information a sportsbook has about the optimum betting odds, the more likely it is to offer these odds to the bettors early – it’s a win-win situation.
So how do sportsbooks get the jump on this type of information? The use of AI and machine learning algorithms scour through all the relevant data that could impact a particular match, such as the participating players, the weather, injury reports, sport betting stats, and trends. The algorithms also evaluate records and results to predict the likelihood of a particular outcome and offer odds that fall in line with its findings.
The Future of Sports Betting is Now
As digital technology in sports betting becomes increasingly pronounced, bettors have the perfect opportunity to take advantage of all the new perks that sportsbooks offer. Not only has sports betting gone mobile, but bettors also have access to sports betting statistics on the go.
Sportsbooks invest a lot of money to drive and convert the desired traffic to their sites through intensive research and sports betting SEO. As a result, these sites offer bettors precisely what they want. Digital technology in sports betting has already made a positive impact on the industry, and with the constant progression of tech, there’s sure to be more surprises in store.