It’s no secret that sports betting is on the rise. In fact, a recent Gambling Global Market Report, sports betting was a $287.43 billion industry in 2021, and it is expected to grow to $458.93 billion by 2022.
So what’s driving this growth?
There are a number of factors, but one of the biggest drivers is technology. Technology has not only made sports betting more accessible, but it has also changed the way we bet.
Here are some of the key trends and technologies shaping the sports betting platform.
Mobile technology is a key ingredient in the growth of sports betting. By 2022, it is estimated that there will be more than six billion mobile devices in use worldwide.
This presents an opportunity for sportsbooks, which can reach a larger audience by offering their services on mobile devices. Mobile apps are also more affordable to develop than traditional websites.
Sports betting apps are quickly becoming the preferred way to bet on sports. This is due to the convenience and flexibility they offer players. Players can access their accounts from anywhere and at any time.
Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This makes it an ideal solution for the sports betting industry plagued by fraud and corruption.
Blockchain can help solve these problems by ensuring that all transactions are recorded and verified. This helps create a trustless environment where players can be confident that their bets are fair and accurate.
Another critical advantage of blockchain technology is that it allows players to bet on sports anonymously. This is an advantage for players who want to keep their betting activities confidential.
Blockchain technology is quickly becoming the standard for sports betting platforms. It is likely to play a major role in the sports betting industry.
Artificial intelligence is another technology that will influence the growth of sportsbook software. AI can be used to improve the customer experience by providing players with personalized recommendations and predictions.
AI can also be used to detect fraudulent activity and prevent cheating. This helps create a fair and safe sports betting platform for all players.
AI is also being used to develop new betting strategies. Sportsbooks can effectively compete with online casinos and blackjack websites by using AI.
VR allows players to experience sports in a whole new way. They can immerse themselves in the action and get a closer view of the action than ever before.
VR also allows players to interact with other players in real-time. This creates a social environment where players can share tips and strategies with one another.
VR is still in its early stages, but it is likely to play a significant role in the growth of sports betting in the years to come.
By analyzing big data, sportsbooks can identify trends and patterns in the betting market. This allows them to make more accurate predictions and increases their chances of winning.
Big data can also be used to target specific players with personalized offers. This helps sportsbooks build closer relationships with their customers and encourage them to bet more frequently.
The Internet of Things
The internet of things is a network of devices that are connected to the internet. This allows them to communicate with each other and exchange data.
The sports betting industry is poised to benefit from the growth of the internet of things. Sportsbooks can use the internet of things to track players’ betting habits and preferences. This allows them to provide them with more personalized recommendations and increase their chances of winning.
The 5G network, or “fifth-generation wireless,” is the next generation of mobile networks. It promises to provide much faster speeds and more bandwidth than current networks.
The sports betting industry is likely to benefit from the rollout of fifth-generation networks. Sportsbooks can use the increased bandwidth to stream live sporting events without lag or buffering. They can also use it to develop new and innovative features for their apps.
The cloud has revolutionized the igaming industry by allowing gamers to game anywhere without the need for a powerful computer or console.
Cloud gaming takes this one step further by allowing gamers to play high-end games on devices that would not normally be able to handle them, such as mobile phones and tablets. This is made possible by streaming the game’s graphics and gameplay over the internet.
Cloud gaming is a perfect fit for the sports betting industry. One, it allows bettors to place bets on their favorite teams from anywhere. It will also enable them to access a wide variety of sporting events that may not be available in their local market.
In addition, cloud gaming can help sportsbooks reduce their costs. They can offer more games without having to invest in more hardware.
Cloud gaming is still in its early stages, but it is quickly gaining traction among gamers and sports bettors. It is likely that we will see more and more cloud gaming platforms enter the sports betting market in the coming years.
Trends Shaping the Sports Betting Platform
These are just some of the technologies shaping the sports betting platform. As these technologies continue to evolve, we can expect even more changes. So, don’t be surprised if you see sportsbooks offer Metaverse betting soon.
If you’re interested in learning more about the technologies and trends shaping different industries, please read our other articles posted on the website.