The gambling sector generally has evolved over the years since its creation. Mobile gambling, a product of the effect of technology on gambling, now accounts for about one-third of money staked worldwide.
Not long after the emergence of casinos in the early 90s, different sports betting platforms rose and have grown year-on-year. There has also been a closure of land-based casinos during this period of the pandemic. Online casinos and sports betting have even become more popular because of this.
Now it is easy to determine the effects technology has had on the casino industry. However, in the sports betting sector, it isn’t. So the questions now are, how does technology change the sports betting industry? Which technological innovations will help the industry to grow more?
Virtual Reality (VR).
Virtual Reality technology has been in existence for some time. Video gaming has proven to be a fascinating example of VR’s application. So far, its impact in the betting industry is witnessed amongst those who love to gamble on fantasy games. For instance, with VR headsets, one can watch virtual sports games live. And determine the outcome of bets.
Aside from fantasy games, live sports seem to start incorporating VR technology. Like the NBA has introduced VR to help its fans watch games from a different angle.
Also, with VR, bookmakers can now organize virtual sports tournaments for gamblers to play. These tournaments offer stunning graphics and a more engaging experience than their counterparts. We talked a lot about VR here.
The global mobile gambling industry is estimated to reach about $250 billion by the year 2020. Mobile technology has played an integral role in the fast growth and popularity of sports betting. One can witness the swift growth of sports betting, mainly in Eastern Europe.
Anyone can now play different types of bets, from casual slots to in-play sports betting. And with the introduction of high-tech smartphones that offer high internet connectivity and performance. The growth of the sports betting industry has surged.
Most sports betting companies now permit their customers to deposit and withdraw their balances securely through text. So, no need to visit the bank for top-up or the physical company to collect your payout.
According to DigitalMarketing, there are currently about 3.96 billion people who use social media daily. That is roughly more than half of the world’s population.
On average, an active internet user spends more than 2 hours on social media platforms every day. Also, social media receives more than one million new users every day. These statistics prove to show the potential high growth of sports betting if introduced to social media.
Due to the increasing number of people on social media, the sports betting industry has moved its marketing plan to digital platforms. Posting offers and bonuses on social media can now help lure potential sports bettors to betting companies. These digital advertisements, if well-tailored to the audience, can bring new customers to the industry. That is more than any contemporary form of advertising.
Land-based betting stores find it difficult to attract new customers continually due to opposition from mobile betting apps. These apps allow bettors to place bets from the comfort of their homes.
There is also a social aspect to sports betting now with online chat rooms on the apps. Betting companies have therefore shifted most of their operations to betting apps so that gamblers can enjoy socializing while betting.
With the introduction of sports betting to apps, the problem of limited deposit methods arises. Perhaps, the use of cards and online transactions is something most people fear due to the risk of overspending, identity theft, and fraud. That is why different betting sites try to help their customers with free bet promotions and bonuses.