Both the general public and many governments are becoming more accepting of sports betting. These are but two of the factors that are driving the development of sports betting into the mainstream.
Combine this with tech innovations and the emergence of machine learning, and you have the makings of a modern-day gold rush as individuals and businesses seek to cash in on this exploding multibillion-dollar industry.
We understand that every gambling enthusiast and bettor wants to refine their edge and that knowledge is a key ingredient. To that end, we offer you some of the primary trends that are driving the incredible transformation of sports betting. We will also be looking at how these trends are making sports betting more convenient and accessible to punters from across the world.
About The Money
In 2022 the global sports betting market generated a staggering $83.64 billion. With an expected CAGR (compound annual growth rate) of 10.3%, it’s estimated that this market will more than double by 2030 and surpass the $178 billion mark.
One of the big driving forces of this growth was the COVID-19 pandemic. COVID-19 rocked the economic foundations of the world and many people scrambled to find alternative sources of income. The tedium of lockdown also had many of us searching for entertainment. Sports betting enjoyed a rapid acceleration in its development during this period as it provided many with both entertainment and a way to make some extra money.
With so much money in the sports betting market, it’s hardly surprising that governments are becoming more permissive of the industry. By making it legal and passing relevant legislations, governments no longer have to forgo the potential tax revenues that can be garnered. Add on licensing fees and other bureaucratic costs and you have a sizable addition to a country’s GDP.
Online Platforms And Mobile Apps
The Digital Revolution continues to transform our world and sports betting is taking advantage of these changes.
The internet allows us to actively participate in events around the world from the comfort of our own homes. For sports betting, this has opened the global market, even for those in countries that don’t allow gambling within their own borders. Continually improving online security through technologies, like VPNs and complex encryption have enabled many people to feel much more comfortable about performing online financial transactions.
Another significant contributor to the growth of many online industries are mobile apps. Global smartphone penetration has made it easier than ever before engage with the global community in whichever ways we choose. In many countries, mobile sports betting has overtaken onsite betting.
The internet also provides bettors with unprecedented access to information and statistics that enable more informed betting choices to be made. With access to historical stats and up-to-date news, bettors can be better equipped to reduce their risk and improve their edge.
Another benefit is the fierce competition between online sportsbooks that provide bettors with a huge choice for finding the best value for their stake.
New Betting Options
Radically improved internet speeds now allow for close to real-time odds calculations and updates. This has created massive and dynamic new betting options.
Probably the biggest development in online sports betting is in-play betting. Not only can punters place bets after an event has started, but the exciting field of micro bets is steadily emerging. Micro or rapid bets provide the opportunity to place wagers on even the smallest aspects of a game, such as will a specific team score during the current possession or will a particular player foul in the next few minutes.
The current generation have grown up in a world where live streaming and competitive gaming are a part of their culture. With such a huge fan base it’s hardly surprising that eSports betting is one of the fastest growing sports betting markets.
AI And Data Analytics
AI has been making big waves in many industries and sports betting is no exception. Whether you are a bettor or a bookmaker, AI-based algorithms are having a marked influence on the sports betting market.
AI is enabling the analysis of vast amounts of information at incredible speeds to provide more accurate predictions about results and odds. Better quality information means more informed decisions can be made that can improve the results of any wagers that you place.
AI can also be used to automate your betting with the added benefit that the AI can learn over time and would most likely be able to improve its results as time goes by. Many people even believe that in the future the best bettors may be AI.
It’s not only bettors that are benefiting from AI. Bookmakers are using AI to provide more accurate odds and to offer a more personalized experience to bettors. AI systems are also been used to improve fraud detection and thereby offer more secure services to their consumers. These developments are enabling bookmakers to better compete within this increasingly competitive market without sacrificing customer service.
As blockchains become more wide-spread their benefits could be utilized in the sports betting industry.
A blockchain wallet offers easier financial transactions than many traditional systems as payments can be automated directly to and from a blockchain wallet. This supersedes most of the current means of account registration and verification.
Blockchains provide greatly improved security as the records in the blockchain are permanent and can’t be changed, they can only be added to. This also means that suspicious activity is much easier to detect because all transactions in the blockchain are publicly available.
Whether you’re playing at Casino Grand Bay or betting at a leading sportsbook, the gambling world represents an amazing and potentially lucrative market that can successfully capitalize on emerging trends and technologies. The trends we have discussed above are considered some of the most important now. But they are by no means the only ones that are affecting this innovative and dynamic industry.
None of us can predict the future with 100% certainty, no matter how much we may wish that we could. What we can do is keep ourselves informed and continually adapt.