Even with strict regulations in past years, the sports betting market has evolved into a multi-billion dollar business. In fact, market experts predict the global sports betting market will be worth over $129.3 billion by 2028. This growth is augmented by the increasing technological advancements in the sports betting market.
Here are five tech trends dominating the multi-billion-dollar global sports betting market.
- Live Betting
The rapid internet penetration rate worldwide has made it possible to bet on sports online while the games are still in play. With live betting, punters can place more bets when an imminent play is bound to occur or when an underdog is starting to turn the tides.
Live betting is advantageous when the punter realizes that their odds have improved or when making a new bet would result in a better outcome. Fortunately, leading sportsbooks offer thousand of live matches every day.
The popularity of live sports betting has led to more innovations and offerings and sports bookies. Micro-betting is the latest tech innovation in how people place wagers by allowing punters to bet on specific game elements. Similar to live betting, wagers happen in real-time while the game progresses, but the bets are settled promptly without waiting until the game’s end.
- 5G Networks
5G networks have penetrated about 20% of the world. China, the United States, South Korea, the United Kingdom and Spain are among the first few countries that have embraced this innovative technology. The technology provides a quicker internet connection, allowing users to browse and stream content online more quickly.
With 5G networks, it’s easier to stay on top of the latest sports news and wager on different games online. Besides that, the network enhances the online gaming business by supporting cloud-based games.
- Blockchain Technology
The blockchain’s built-in safety has significantly reduced data integrity concerns in the betting market. Data can flow smoothly between the sources, regulators, agents and operators, with blockchain technology decentralizing it to avoid tampering. As a result, data processing doesn’t require as much coordination as it once required, thanks to the simplification of the process.
Besides improving data security, blockchain technology is setting a strong foothold in the sports betting industry in other ways. To a large extent, cryptocurrencies have eased the burden of using conventional banking methods, which helps to protect the players’ information. Additionally, transactions are completed quickly.
- Artificial Intelligence
The sports gambling business has embraced artificial intelligence, a game-changing advancement that influences the market in many ways. To forecast the results of a match, an AI-based system relies on mathematical algorithms and large amounts of data. These AI-based solutions also offer real-time match analysis.
With artificial intelligence, sports bettors can customize their betting choices as operators consider their customers’ preferences when setting up the systems. That gives the players the games, incentives and promotions that they want.
Artificial intelligence is also expected to boost the gambler’s winning possibilities. Punters can also count on prompt and reliable customer service, whether it’s available in the form of chatbots or emails.