The sports betting industry has grown rapidly over the last decade, with experts predicting that it will reach 59.530 million by 2026, a nearly 100 per cent increase from where it is now. There are only a few explanations for this rapid expansion.
To begin with, sports betting has become more accessible to the average user as a result of technological advancements. You can effortlessly access sports betting platforms like Betway at the comfort of your home. You just need to put in your lucky numbers and you will enjoy an unmatched experience!
Furthermore, sports betting is now more user-friendly because bettors no longer need to visit the nearest bookmaker to place a wager. What can we expect from the betting industry in the future, given its rapid growth in recent years?
What Sports Betting Tech Trends Can You Look Forward To in 2022?
Let’s learn more about the technological trends that will shape the future of the betting industry…
Mobile Betting
This technology trend has been around for decades, but it didn’t find a home on the market until recent times when all bookmakers began adapting and optimizing their websites and apps for online betting.
Smartphones are now powerful enough to run complex apps that will improve the average user’s betting experience. The fact that more than 6.37 billion people, or 80 per cent of the population, now own a smartphone is the primary reason why bookmakers want to transition to the mobile betting market.
Micro-Betting
Creating a betting app or a website allows bookmakers to create new types of betting that will increase the excitement of every betting experience. Bookmakers expect this to be a future trend because the micro gambling sector (such as slots) is rapidly growing, allowing people to place small bets throughout the course of a single game.
Instead of betting on the winning team, micro-betting or in-play gambling allows bettors to place their money on a variety of minor details during a live event.
This may appear to be a simple enough task, but it is a major headache for bookmakers. They must accurately predict the odds of small bets in real-time and keep them updated throughout the game. Machine learning technologies and automation are used by the majority of betting companies to generate various betting opportunities in seconds,
VR and augmented reality
There is a potential for Virtual Reality and Augmented Reality technologies, and while they aren’t quite ready yet, many experts predict that they will be used in a variety of industries, including sports betting.
Imagine purchasing a ticket to the Super Bowl or a Formula One race and getting a first-person view of a live event. With your VR headset, you’ll be able to watch any sports match live and possibly place bets while doing so all from the comfort of your couch!
In days to come, more bookmakers will begin broadcasting live events on their websites or apps, or even providing you with exclusive first-person access to live events.
Artificial Intelligence (AI)
Artificial Intelligence (AI) is a huge step forward for the sports betting industry, and it is still being explored in the real world. AI has the potential to provide numerous benefits to bookmakers and bettors because it will use data to accurately predict the outcome of each match or race.
This means that bookmakers like Betway will be able to create more accurate odds and increase their profits, while bettors will have a higher win ratio due to the analyzed data that is beyond the reach of humans. AI will be the next big change in the sports betting market, shifting the entire industry in a new direction.
Final Thoughts
The sports betting industry is rapidly expanding at the moment, and there is a shift in people’s betting habits. Previously, the primary goal of every bettor was to make a profit, but now they also consider the experience and want to have fun.
Such technologies have the potential to improve the overall betting experience, attracting new customers to the market.
Watch this space for updates in the Technology category on Running Wolf’s Rant.
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