The sports betting industry has evolved with the growth of technology. Advancements in technology have made sports betting much easier for both the bookmakers and the betting public.
Let’s look at how technology has improved the sports betting industry.
Online and Mobile Betting
The rapid rise of the sports betting industry can be linked to mobile and online betting technology advancement. Sports investing has gone from traditional in-person wagering to simple and convenient on-the-go betting.
Because of this, wagering at online sports betting sites has always been challenging. People no longer have to walk into a sportsbook to wager on sports. They can now use their desktop computers and mobile phones to make deposits, place bets, and request payouts.
Learning how to bet is made easier, too, thanks to many third-party sites that provide advice and advanced tools to help you calculate bets accurately.
Because of technology, people are using the internet more than ever. 45% of the world’s population uses social media. With users spending an average of two hours and 23 minutes using these platforms, the web has become a marketing battleground.
The sports betting industry has shifted its marketing campaign online, with most major sports betting sites are owning accounts across all social media platforms. Because the internet has no boundaries, digital marketing has enabled them to reach more potential gamblers with their offers and deals.
Encryption and Tokenization
Technology has also solved the issue of security on the internet. With personal and financial data being used in online and mobile gambling, the threat of cybercrimes is always present.
Because of this danger, online betting sites are using technologies such as encryption and tokenization to secure their members’ sensitive data from malicious parties. The two work differently but are equally effective in preventing a breach of confidential member information.
VR, or virtual reality, is another technological advancement that has impacted sports betting. Betting on football is still the top revenue generator for online betting sites, but horse racing and virtual betting are just a little behind.
Virtual betting simulates games like soccer, basketball, and horse racing, among others, using VR technology. Because it uses a random number generator (RNG) to decide the outcome of games, virtual betting appeals to most, especially beginners, because they don’t need the knowledge to win sports bets.
Aside from mobile phones and gadgets, people are investing in wearable gadgets. These gadgets are electronic devices that can be connected to the internet, like smartwatches, smart wristbands, and fitness trackers.
With the wearable technology market expected to hit 1.1B in 2022, betting companies are catching up, with most creating betting applications that can be downloaded to these wearables. You don’t need to pull out your mobile phone to place a bet.