The Influence of Technology on Sports Betting
The technology significantly impacts various industries, including the sports betting universe. It has revolutionized sports betting in many ways, chief of which is the almost 90 percent obliteration of the need to visit land-based bookmakers – after getting NFL predictions today – to place their wager.
This was most inconvenient since visiting the bookmaker takes a lot of time, although a few brick-and-mortar bookmakers still exist. However, after getting their College Football Predictions, most bettors prefer the online approach.
Sportsbooks worldwide have generated much revenue since technology started taking center stage in sports betting. Revenue will continue to increase every year, thanks to technological advancements.
Here are some of the ways technology has influenced sports betting:
Virtual reality (VR)
Virtual reality (VR) is currently impacting the sports betting industry. Gamblers that love betting on fantasy games love everything about the concept of virtual reality.
Bettors can bet on virtual football games that can only be seen live using virtual reality headsets. Other fantasy games gamblers can bet on include:
Bookmakers organize virtual sports tournaments – enjoyed as a result of virtual reality – with stunning graphics and revised regulations. These gaming activities give gamers an immersive experience while increasing organizers’ revenue.
Online or mobile betting
Bettors can use their smartphones and tablets to wager their favorite games and even request payouts. This is only possible as a result of advanced mobile technology.
Gamers with mobile devices can quickly load their betting wallets and perform other crucial operations. In addition, bettors can download and install betting applications of their preferred sports booking companies and perform every activity possible on web app platforms.
Live betting is becoming prevalent among bettors worldwide. This betting option is unlike standard betting, in which bets are typically placed before the commencement of a sporting event or tournament.
Live betting allows gamblers to wager on games already in progress. One significant advantage is bettors get to read games and make close-to-accurate predictions. This is one of the remarkable ways technology has impacted the sports betting universe.
Blockchain technology is one of the latest technologies impacting the sports betting universe. Bettors can use cryptocurrencies like bitcoin, Ethereum, Litecoin, Dogecoin, etc., to engage in sports betting activities.
Using cryptocurrencies is highly beneficial for operators and players. The most significant benefit of using blockchain technology is the maintenance of the privacy of sports bettors. They don’t need to disclose any banking information during financial transactions with bookmakers.
When a deposit needs to be made, sports bettors can do so via cryptocurrency wallets. Many gamblers also use blockchain technology to avoid every law-related issue of sports betting with the government.
Some laws restrict players from using their bank accounts for betting activities. These issues can readily be avoided via digital currencies, all made available through blockchain technology.
Many countries are still discussing the possibility of legalizing sports betting. As a result, citizens of such countries are restricted from online and even offline betting.
But the emergence of the internet has introduced jurisdiction-free sports betting. As a result, people in countries restricting online and offline gambling activities can now engage in sports betting.
This is because reliable online betting platforms can function with zero international boundaries. They provide numerous services via satellites, and people from all parts of the world can bet on any game they desire.
Fraud has been on the increase since the breaking out of the internet a few years ago. Several bettors or gamblers have had their accounts hacked due to some security lapses. Hackers withdraw all available funds after hacking the gamblers’ accounts.
As a result, the introduction and adoption of 2-factor authentication technology was a welcome development. Operators of sports betting sites have adopted this extra security measure to safeguard bettors.
Here’s how it works: before any withdrawal is fully completed, an OTP (one-time password) is generated and sent to the mobile number or registered email address linked to that particular account. The account owner must provide the registered password before the transaction can be processed and completed.
Fast payouts are a deal breaker for sports bettors choosing a particular sportsbook. No gambler likes to wait several days or weeks for their winnings. However, sportsbooks have been smart enough to partner with the proper payment solutions that help solve this worrisome problem.
Processing withdrawals no longer takes more than 5 minutes, all thanks to the intuitive technology powering these payment solution providers.
Sports betting continues to be increasingly popular due to numerous technological advancements. Some ways technology has influenced the sports betting universe have been highlighted. The future is bright for online bookmakers and the entire sports betting community.