When it comes to technological advances, the sports betting industry has always been on the cutting edge. In many ways, it’s an industry that is a trendsetter within the tech realm.
When the internet was still in its infancy in terms of interaction with the general public in the mid-1990s, sports betting sites were already shifting into overdrive. They were one the original businesses to capitalize on the worldwide web and to figure out how to make e-commerce work for them. Betting sites were among the first to go online.
It’s also an industry that never rests on its laurels. You’ll find that all of the best sports betting apps are always setting out in search of the next big thing in terms of technological advances.
Let’s take a look at some of these advances and how they are moving the tech needle in the online sports betting industry. These are the five biggest technological advances in online sports betting.
All industries have come to learn the inherent value of offering an app for download on a mobile device. Today we are a society on the go and we want to be able to do things during our day from wherever our location happens to be at that precise moment.
Betting sites were one of the first industries to emphatically embrace what mobile apps had to offer. However, they knew it wasn’t merely good enough to have an app. They needed mobile apps that were sleek, user-friendly and able to transmit data at the speed of sound. The last thing someone trying to place a bet needs to see is the evil spinning wheel as they wait for their betting site data to populate the app on their mobile device.
Today, approximately eight out of every 10 sports bets placed online in the USA are done via a mobile device. The introduction of state of the art apps have made this go from possibility to reality.
Going hand in hand with offering the best mobile apps that technology can create, live betting was another game changer for the online sports betting industry. With live betting, you can wager on outcomes that are taking place in the midst of a game or match.
For instance, suppose you’re watching an MLB game between the Atlanta Braves and Arizona Diamondbacks. You could place a live in-play wager on which player will get the next hit or score the next run, or perhaps which team will be the one to make the next pitching change or commit the next error.
Some online betting sites take things even a step further into what is known as microbetting. In this style of wagering, you can bet on whether the next pitch will be a ball or a strike, or if the batter will swing or take the next pitch.
Of course, none of this would be possible without access to an intuitive mobile app. Live betting calls are made in a matter of seconds. There’s no time to wait for a site to download, so online betting sites require mobile apps that are lightning fast. Otherwise, the chance to wager will be gone before the bet opportunity could upload.
You’ve got a mobile app that works seamlessly. To that, you’ve added the opportunity to make multiple bets on outcomes during an event. But you know what you need to bring all of this together into one tidy package?
The chance to watch the game, naturally. Of course, most every game played today is being broadcast somewhere. But suppose you live in New York and want to bet on a game between the Chicago Cubs and Cincinnati Reds. You probably won’t be getting that broadcast in Manhattan.
That’s why online betting sites are offering more and more access to live streams directly on their platforms. By doing so, bettors can watch the game they are wagering on right on their mobile app, and make whatever live betting plays they feel are worth a wager. And then they can return to watching the stream to see if their bet cashes.
Imagine betting on the outcome of computer games. Well, actually you don’t have to imagine it, because one of the fastest-growing aspects of online sports betting is the burgeoning esports empire. People are wagering massive amounts of money on competitions involving such video games as League of Legends, Fortnite, CS:GO and Valorant, among many others.
Estimates are that $2.5 billion US will be wagered worldwide on e-sports in 2024, of which $721.2 million will be bet in the USA. According to data compiled by Statista, at the current annual growth rate of 7.27%, by 2028 the global amount of e-sports betting should grow to $3.3 billion US.
Another development in recent years that the online betting community has welcomed and embraced is cryptocurrency and the blockchain. From the side of the online betting sites, the advantage to accepting cryptocurrency like Bitcoin, Litecoin and Ethereum is that they offer transparency, security, and decentralization. There are certain financial institutions that frown on their products being utilized for gambling purposes.
On the flip side, for people who frequent online betting sites, there are also numerous advantages they can gain by topping up their betting accounts with cryptocurrency. For starters, it’s anonymous and that factor alone offers great appeal. Cryptocurrency transactions also process quickly. With many traditional forms of funding accounts, there can be long waits for processing to occur. This is especially true in the case of withdrawals from online betting accounts.
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