The sports betting industry is one of the most popular – and biggest – industries worldwide, with billions of dollars wagered annually. This industry generates up to $50 billion per annum, estimated to reach $81.71 billion by the end of 2023. This is possible due to the technologies impacting the sports betting industry.
For instance, any bettor with digital currencies can visit CryptoBetting.com to access the best crypto bookies that offer great odds and big bonuses. In addition, you can enjoy innovative mobile applications granting access to the latest live sports action and top crypto betting platforms.
This wasn’t a reality a few years ago due to limited technologies. But now, tech advancements have made sports betting lively as more and more individuals take to numerous platforms to try their luck.
Here are some technologies significantly impacting the sports betting industry:
Sportsbooks have noticed this hot-button trend gaining momentum and jumped on the bandwagon by utilizing digital currency as deposits and means of withdrawals. Anonymity and ultra-high cybersecurity level are just a few of blockchain technology’s key benefits.
Hacking a crypto wallet is impossible due to the implementation of 2-factor authentication measures. No other technology offers this level of security. In addition, bettors can keep the betting aspect of their lives entirely private and remain anonymous since crypto wallets don’t require personal information.
The introduction and use of decentralized applications is another unique way Blockchain technology revolutionized the sports betting industry. Some bookies create decentralized applications on another digital currency – such as Ethereum –to open and take advantage of a new target market.
Other facts that make Blockchain technology stand out include the following:
- Access limitation, i.e., users can create private networks with limited access.
- Data security
- Data permanency
- Faster and simpler transactions, etc.
These facts prove that Blockchain technology is the future of the sports betting industry due to the considerable potential it shows.
5G wireless network
Before now, the fourth generation (4G) wireless network-enabled mobile devices, such as smartphones, tablets, etc., to access several services that used to be exclusive to desktops. As a result, it had some impact on the sports betting industry as well as other industries.
But today, the emergence of 5G networks has revolutionized the online gambling industry in several ways. The most notable example is the support for a gigabyte download speed as against 20 Mb per second in 4G as well as 1-millisecond latency as opposed to 10-20 milliseconds in 4G. This has enabled live betting and several other sports betting options to be more frictionless than before.
Virtual reality (VR)
Virtual reality is one of the much-talked-about technologies impacting the sports betting sector. Fans of fantasy games love the concept of virtual reality. You can bet on a virtual football game, hockey, golf, baseball, etc., and see them live via dedicated VR headsets.
Bookies also organize virtual sports tournaments with revised regulations and extraordinary graphics, thanks to virtual reality. These betting activities offer immersive experiences to bettors and keep attracting hordes of gamers globally.
Live streaming is a remarkable technology that has created a new income stream for bookies. In addition, the emergence of the 5G network has helped to reduce buffering, and sports bettors can watch live games on sportsbooks’ platforms.
As a result, bookmakers enjoy a considerable increase in the number of punters betting on live sports events or games.
Mobile technology is now so advanced that bettors can wager on several games and request payouts via their smartphones. They can also check the status of the games they bet on or their betting account and perform other vital tasks on the go.
Punters can download the betting applications of their favorite bookies and install them on their smartphones. They can perform several activities on sports betting platforms, place bets on several sporting events, and manage their betting accounts via the application.
Moreover, in-app experiences have transformed sports betting as adapting to the needs of every user is now possible. In-app features offer several things that standard gaming platforms cannot, such as push notifications, 24/7 news coverage, exclusive promotions, etc.
Enhanced payment options
The activities of hackers have increased dramatically in recent years. As a result, bookies have leveraged several technologies that prevent security breaches and unauthorized access to the financial details of their customers.
But today, bookies utilize enhanced encryption methods to store their numerous customers’ financial data. As a result, cybercriminals can no longer have access to the personal details of bettors, while bookies offer better payment options to their esteemed customers.
As a result, direct deposits and debit and credit card payments are no longer the only options for punters. Instead, you can now select any of the numerous digital payment options such as PayPal, eWallets, and even cryptocurrency.
These new payment alternatives offer little to zero transaction fees and faster transaction periods. You can hardly find this unique convenience in brick-and-mortar sports gambling businesses.
Jurisdiction-free sports betting
Several regions worldwide are still unsure when it comes to legalizing sports betting. As a result, people in these countries and states are restricted from engaging in gambling activities online.
But the internet has taken away this barrier, making jurisdiction-free betting a possibility. Sports betting platforms can operate in these regions, and bettors can access virtual private networks (VPNs).
Since sports betting operators can run their online business without jurisdiction, betting fees or transactions are cheap.
Technology has helped sports betting platforms take advantage of new marketing methods. For example, betting companies can now run targeted ads on Google, Facebook, Instagram, and Twitter to get leads and develop acquisitions to foster camaraderie.
Bookies also use influencer marketing and post viral content on popular social media platforms. In addition, numerous sportsbooks have also created YouTube channels dedicated to sports betting, including podcasts. All these help build brand awareness while boosting the popularity of the sports betting industry.
The sports betting industry keeps expanding daily, thanks to modern technologies transforming the sector. There is no sign that this growth will slow down any time soon, especially as these technologies get polished daily for faster delivery of services to users worldwide.