Sports betting is big business. Depending on where you are in the world, gone are the days which required you to seek out your local bookmaker or parimutuel booth at the racetrack to place a wager on your favorite sport – technology, like with so many things, has made the process much simpler.
A recent poll found that the number of adults that regularly make sports bets online rose from 5% to 12% in 2021 alone and 50% of US adults say they have made a bet at some point during their lifetime. Sports betting is thought to account for between 30% and 40% of the gross gambling yield, worldwide, with bets on soccer (the planet’s favorite sport) being responsible for the largest percentage.
In the USA, recent changes at a federal level have given individual states the power for the first time to make their own decisions around the legality of sports betting. However, changes to the law take time to implement and so far 30 of the 50 states now offer sports betting of some kind – there are restrictions in many of these states, some of which only permit in-person betting.
Sports Betting and Technology
The biggest factor responsible for this unprecedented growth is the technology that makes sports betting that much more convenient. The latest generation of smartphones boasts processor power that far surpasses the chips used in desktop computers from only twenty years ago.
Even the cheapest, most rudimentary smart devices are more than capable of running mobile versions of betting websites. Hand in hand with the hardware available is the advancements made in the mobile data sector.
5G data networks make surfing the web, downloading apps, and sending and receiving data much quicker and more reliable. These networks are becoming more widespread and accessible, and most importantly, unlimited data plans are more affordable.
The convenience of being able to place a bet almost instantaneously – even while the match is underway – and not needing to travel to a bookmaker has really allowed the market to grow. Now, punters across the world in countries such as the USA, UK, and Ireland can place bets with established betting operators online via a range of devices including smartphones and apps as well as browsers.
Live Streaming
The very same tech is responsible for making it possible to stream live any number of sporting events in any number of sporting disciplines. People are not constrained to the same finite number of terrestrial channels where you have little choice of what to watch and when to watch it. Now, no matter how abstract and niche your sporting passion might be, you are sure to find a resource online that will stream it.
Sports betting providers have adapted their services to accommodate this new development. Sometimes referred to as in-play betting, bettors have the option to place bets on various outcomes of a game as the action unfolds.
Odds are updated on a play-by-play basis and the number of elements that can be bet on has grown dramatically. For instance, Formula 1 fans can wager who will be the race leader after the first corner or the first lap, whether or not the safety car will make an appearance and even the margin by which the race will be won.
The Application Generation
Having access to an abundance of mobile data, storage, and processor power has beckoned in the era of the app. There is a dedicated app for every purpose and task imaginable and betting apps are no exception.
Apps are user-oriented and combine all betting information into one easy-to-view space. Open and live bets, odds, sports results, news, and wallet balance can all be quickly accessed and organized so as to make the betting process smoother and hassle-free.
Push notifications mean you never miss the outcome from your favorite team or the opportunity to place a wager as the odds lengthen in your favor, and you can also track and aggregate your usage to make sure you are playing within your means.
Online Payment Methods
Keeping your finances safe online is of increasing importance to anyone spending money on the internet. Online payment systems, of which PayPal is just one example, provide some security against fraud for sports bettors. If people feel more confident using these platforms to make bets, the betting market will continue to grow.
The future of sports betting
- Esports
Esports is the sports betting behemoth that, depending on who you talk to, is either lurking in the shadows or already ascending the throne. One thing that is clear is that you will undoubtedly hear more about esports over the next decade.
Already some stars from the esports world have crossed over into the mainstream. Richard Tyler Blevins aka Ninja is one example who made his name streaming the free-to-play video game Fortnite and has since been a guest on the TV show ‘The Masked Singer’. Betting on the outcome of esports tournaments is one of the biggest growth sectors within the market.
- Wearable tech
Smartwatches are one of the success stories of the wearable tech trend that have seemed to be compatible with our modern lives – more so than AR spectacles like Google Glass managed (as of yet). Apps developed specifically for smartwatches are already a reality and betting providers will increasingly expand their portfolio to cater to these diminutive bits of tech.
A combination of advances in tech and a global move towards more liberal gambling legislation has created fertile ground for sportsbooks. Sports betting providers are quick to adopt new technologies and the industry has become more successful than ever before as a result.
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