Technological Advancements That Have Impacted Sports Betting
Technology has significantly affected the way things are done in the modern world, including the way we bet on sports.
In the past, bettors had to visit a sportsbook to place a bet on their favorite team. But the arrival of the internet was the game-changer that transformed sports betting. It allowed gamblers to make wagers without leaving their homes.
Since the day sports betting became available on the internet, there have been other technological advancements that have impacted the world of sports betting, too. Below, you’ll find some of them.
The unprecedented growth of sports betting can be attributed to the industry’s embrace of the rapid advancement of mobile technology. With almost every person in the world owning a mobile device, sports betting has reached more people than ever.
The internet paved the way for real money gambling online. But with mobile technology, these online gambling sites have also evolved further by creating mobile applications where bettors can make wagers even while on the go and at any time of the day, using only their smart devices.
Betting on live games is still the top income-generating segment of sports betting. But betting of virtual gaming has emerged as one of its main markets, especially during a sport’s offseason when there are little to no live games to bet on.
Virtual games mimic sports like basketball, baseball, soccer, hockey, and horse racing using randomly-generated simulations. Virtual gaming uses a random number generator (RNG) to determine the outcome of games, hence this type of betting is also popular among sports betting novices because they don’t need to do research to win sports bets.
People today spend a lot of time online, especially on social media. According to a Nielsen study, 45% of people around the world use social media and they spend an average of two hours and 23 minutes per day on those platforms.
Because of this, some sports betting sites have shifted their marketing battle online, using social media marketing as a form of advertising. Most major gambling sites own accounts across all social media platforms. And because the web has no boundaries, these sports betting sites have reached more potential gamblers.
Security is one of the biggest issues surrounding the internet. Online thieves steal information and identities for personal gain. These cybercriminals are rampant, especially in the online sports betting industry where financial data is used to make bets or request payments.
Technology has given a solution to this. Through tokenization and data encryption, sensitive information is protected from unscrupulous parties. The process of tokenization uses a secret code that needs a key to access the coded information, making the original data safe from cyber thieves.
Aside from mobile devices, people are investing in wearable gadgets. These wearables are items that can be connected to the internet and paired with mobile devices. Examples of these are smartwatches, fitness trackers, and smart wristbands.
Because wearable technology has a promising market that’s expected to hit $1.2 billion in 2022, sports betting sites are investing in mobile apps that are compatible with these wearables. With this technology, bettors can access sports betting sites using their watches or wristbands without pulling their mobile phones out from their pockets.