In the last decade, sports betting has undergone an exponential change that has made the industry one of the most lucrative globally. Online gambling posts high revenues year-on-year and sports betting contributes a great deal. The market is estimated to grow from $74.17 billion in 2021 to $158.2 billion in 2028. Technology is one of the biggest drivers of this upward trend. Punters can bet conveniently thanks to various innovations that were and continue to be incorporated in the sector. Online gambling has always been an eager adaptor of digital technology because the right tools give betting websites an edge over traditional sportsbooks. By providing gamblers with useful features, online bookmakers keep attracting an increasing number of customers. Here we look at the digital technologies that have had the greatest impact on online sports betting.
In-Play Wagering
Live betting completely changed how punters play various markets. This betting method allows you to wager on sports selections in an ongoing event. It means that you have the time to watch what happens during a game and adjust your wagers accordingly. For example, in a football match, you can bet on the next player to score halfway through the game. Online bookmakers offer in-play betting for a wide variety of sports from common ones like basketball, tennis, and football to less-popular options like Aussie rules. Live wagering is a product of online sports betting. With brick-and-mortar betting shops, once the wagering window closed just before an event, that was it. Now almost every sportsbook provides live betting odds. As you look at how the best betting sites are explained here, you can see that in-play wagering contributes to the rating. Of course, prices for live bets are dynamic because they tend to shift as the event progresses. Bookmakers also offer useful information like player statistics, which populate in real-time.
Live Streaming
Another digital technology that has made it easier to bet on sports is live streaming. Online bookmakers get the rights to broadcast certain events in real-time. So, punters can watch as they bet. Not long ago, people had to go to betting shops to place their wagers then head to pubs or other spots to watch games. Then later came cable TV. Now fans have live streaming, which only requires a stable internet connection. You can stream events from just about anywhere and on multiple devices. Although live streaming is getting more popular over time, it’s not a standard feature. It is also not available for all
sports or events. Streaming quality has improved steadily over time with top-rated bookmakers providing seamlessly integrated systems. Some sites include fun features like split screens that let viewers watch multiple events simultaneously. The events available for live broadcast vary across sportsbooks. A majority of events are available to stream for free.
Digital Payment Solutions
A huge factor that influences the quality of a betting website is the ability to deposit and withdraw. Punters should be able to make payments with minimal difficulty. As sports betting expanded to the online sphere, it became necessary to incorporate reliable banking solutions. Luckily, the payment services sector has been extremely prolific. New online payment methods seem to pop up every week. So, all gambling operators have to do is find the most suitable alternatives to incorporate on their platforms. Digital payments such as virtual wallets, mobile wallets, and online banking services have revolutionized how bettors transact with sportsbooks. Additionally, there appears to be a digital banking solution in every region, which makes sports betting possible for more punters than ever before.
Blockchain Payments
Still, on payments, online gambling is currently experiencing a disruption courtesy of blockchain technology. Blockchain is the system that processes cryptocurrency transactions. Crypto coins are decentralized currencies that are mined electronically and only exist on the web. The currency is not tangible and is not regulated by any banking authority or government. Digital coins have been around for a short while and have only recently gained popularity. Online gambling is one of the sectors that found great use for blockchain payments. Some gamblers appreciate the privacy the transactions provide because users don’t have to offer any personal data during payments. For operators, the absence of third-party services reduces costs and processing times. Due to this, crypto sportsbooks are better equipped to offer generous bonuses and rewards. Nonetheless, cryptocurrency gambling still has a way to go, and the more consumers embrace it, the brighter its future looks.
Mobile Betting Apps
After sports betting went online, the only logical step was to proceed to mobile. Over 90% of internet users access the web via hand-held devices. Therefore, it makes sense that betting sites would want to capitalize on this market. Now almost every sportsbook has a mobile version of its website. Modern mobile devices like smartphones and tablets have increased internet access, meaning that gamblers can use online platforms without too much trouble. Two main options facilitate this accessibility. One is a mobile app, which is a condensed form of a standard website. This application has to be downloaded for users to get the features provided. The second alternative is an optimized website. With this, you have the same standard site adapted for mobile screens and, thus, it has less content. Through either of these solutions, operators offer convenient and fast gambling. The demands for well-designed betting apps are high and bookmakers work hard to meet them.
Sports betting and the online gambling industry as a whole has always been good at leveraging emerging technologies. It’s one of the reasons the sector has enjoyed massive success globally. Any innovation that helps gamblers get the most from their experience is always a welcome addition for operators everywhere.