The Impact of Digital Technology on the Sports Betting Industry

The Impact of Digital Technology on the Sports Betting Industry

Technology is the major driving force behind many rising industries. It has a direct and dramatic bearing on many industries. And gambling is no exception to this. From casinos to sportsbooks, every segment is adopting the latest technology to attract more bettors and players. As technology advances, we witness great evolution in these sectors. For instance, the fast and improved Internet access enabled more people across the world to enjoy online gambling games, which led to significant growth of the industry in previous years. 

Talking about sports betting, digital technology has a lion’s share in heightening and transforming this market. Over the past few years, we have seen a great transformation of the sports betting market due to some amazing digital technology trends like sports betting mobile app development. Diving deep into this transformation can help you to revamp and grow your sports betting business. And we have decided to help you with the same. This article will brief you about the positive impact of various digital trends on the sports betting industry. 

Mobile Wagering 

There is no surprise that almost half of the world’s population uses Smartphones. Be it for calling, playing games, shopping, or wagering. Majority of the sports fans today prefer placing bets using their mobile devices like Smartphones or tablets, instead of sitting in front of their desktops. And why not? Mobile wagering offers more convenience and additional fun to bettors and players.

Bettors can now enjoy every aspect of sports betting from anywhere (wherever they carry their mobile device) together with some amazing perks like mobile-only bonuses and promotions. They can also access a wide range of payment and deposit options through their mobile phones and place bets seamlessly.  

Many of the popular sportsbooks embraced mobile app development solutions to offer an enhanced and convenient betting experience to the players. Having an engaging sports betting app or mobile responsive site helps operators retain existing players and attract new ones.

This indicates that the emergence of the mobile betting trend has transformed the sports betting market drastically. Moreover, as 5G technology is round the corner, it is predicted to take mobile sports betting to new heights.

More Transparency with Blockchain

Lack of transparency is one of the common issues in sports betting that both bookmakers and players are concerned about. Blockchain technology proves to be a big savior to them. The token concept in blockchain makes transactions on sports betting platforms more transparent and faster. There are tokens representing any particular asset or utility that can be traded in exchange for commodities, loyalty points, or other cryptocurrencies. Once all the players on the sports betting platform start using the tokens for transactions, their market value rises, which then results in improved profit margins. Any company or individual can’t adjust the value of other related tokens.

With such amazing capabilities, Blockchain has been revolutionizing the sports betting payment system and market. 

Live Betting 

Live betting, also known as betting in running or in-game betting, enables bettors to place extra bets even after the game has started. As advanced technology like AI provides accurate and instant sporting odds and information to players, they can enjoy live betting seamlessly. Players are provided with more accurate information during the live event or session. Therefore, they can make informed and quick decisions at the right time and make the most out of their live betting game. 

Many sports betting app developers emphasize integrating live betting features to offer a realistic and unparalleled experience to the players. Sportsbooks with live betting options attract more bettors/players compared to others. 

More and more players/bettors are interested in placing live bets on different sports such as Hokey, Football, Cricket, Tennis, and more. 

Also ReadA Complete Guide to Start Your Fantasy Sports Business in 2021-22

Secure Payments 

Today, online sports betting platforms have access to bank-grade encryption and safety protocols. This enables operators to secure their customers’/bettors’ financial and personal details completely. Many renowned sportsbooks use Transport Layer Security (TLS) or Secure Sockets Layer (SSL) to keep their players’ information safe.

Also, the integration of cryptocurrency payment systems helps sportsbooks to enable low-cost, fast, and efficient ways of withdrawing and depositing money. The vast majority of the online sportsbooks allow bettors to use major cryptocurrencies like Bitcoin, Ripple, Ethereum, and more as an alternative to fiat currency.

More Accurate Data 

 AI is one of the powerful technologies that have transformed sports betting to a great extent. AI technology can collect and store a massive amount of useful data at any given time. It can inspect the Internet for the latest news and updates related to sports within a few seconds. Therefore AI proves to be highly beneficial for online sportsbooks. They can provide bettors with vast and accurate information to help them make wise decisions and keep them engaged on the platform. Players can get more accurate odds, sports news, analytical reports about past betting habits, and a lot more helpful information. 

The access to a lot of precise information encourages players to come back to a sports betting platform and place more bets. Thus, more and more operators are embracing Artificial technology and revamping their sportsbooks. 

What’s in the Future?

From AI to Cryptocurrency, to mobile technology, the sports betting industry has a huge impact on various technologies, which led it to a great transformation. Now, will this evolution continue in the future? Of course, yes. We may witness more astonishing facets of these technologies. Also, other technologies like Big data may contribute to the growth of online sports. Taken as a whole, staying abreast of technology trends will be a key to the success of the online sports betting business. If you also own a sportsbook business or want to start one, you must look out for digital advancements. Accordingly, you should look for an advanced sports betting software solution

Build An Advanced Sports Betting Software With Betfoc

Betfoc being a leading sports betting software development company stays up to date with emerging technology trends to design and deliver cutting-edge solutions to clients. We can assist you in building a powerful, advanced sportsbook software that will be backed by all the above technologies. Our innovative solutions help you start ahead in the online gambling market and drive enormous business benefits. 

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts