Technological Developments Occurring Within the Sports Betting Industry
With the help of technology, the sports betting industry has advanced tremendously. Over the years, online sports betting has attracted thousands of sports. This has inspired other ideas like data analytics, like NFL odds, to thrive. Sportsbooks now offer these resources to improve user experiences so bettors can make more informed decisions.
Technology has opened the world up to many possibilities, and today, online sportsbooks offer customers the option to place their bets while on the go. With HTML5 technology and mobile devices like smartphones, bettors can place bets, check markets and verify odds anywhere, anytime.
To have a better understanding of this, let’s look at key technologies that have shaped the sports betting industry in more detail.
Technologies That Remain at the Heart of Sports Betting
Sportsbook apps happen to be one of the most significant technologies ever to enter the sports betting industry. Years after smartphones gained popularity, app stores began to host more and more apps that would give users a chance to access their favorite service providers.
With sportsbooks now prioritizing convenience over anything else, betting sites have started launching betting apps that bettors can use to place bets and access various statistical data.
Now, bettors can simply find the sportsbook they’re looking for at an app store, download and install it. With this level of convenience, the betting industry has experienced a rise in revenue as more and more bettors are more inclined to place bets on their mobile devices rather than visit a betting shop.
Besides having access to your favorite sportsbook through a mobile browser, many betting sites are now launching their own smartphone apps. These are available on various operating systems, and with the help of encryption and other security measures, bettors can initiate deposits and withdrawals through these apps within an instant.
With virtual reality, sportsbooks can attract a new technological section for enthusiasts. By bringing live games, simulated sports, and virtual reality together, bettors continue to develop an even greater interest in wanting to explore this part of betting. Apart from online sports betting, VR technology is also used in land-based casinos to add spectacular designs that bring a life-like feel to experiences.
Blockchain technology has taken many industries, including sports betting, by storm. Its first and most common application is Bitcoin, so we’re now seeing more and more e-commerce merchants accepting Bitcoin as a payment option.
With crypto becoming increasingly popular among e-commerce merchants, sportsbooks have joined the ship in offering cryptos for deposits and withdrawals. This offers bettors many benefits, but key highlights worth keeping in mind include noting that crypto-use offers a high level of security and anonymity. Other points worth noting include knowing that:
- It’s virtually impossible to hack into a crypto wallet as it makes use of two-factor authentication for security purposes
- Bettors can keep their sports betting hobby private because crypto wallets don’t require personal details when opening the account
Through decentralized apps, blockchain technology has changed the sports betting industry in more ways than one. For instance, some sportsbooks launch decentralized apps on Ethereum platforms to reach out to a new audience.
Live streaming is another avenue that has opened up many opportunities for the sports betting industry. Years ago, no one could imagine a time when live games could be watched on a betting site. But now, it’s possible with the help of technology.
Live streaming has advanced significantly, especially with 4G and 5G networks. This helps reduce buffering, and when it comes to revenue, having the option to stream a game live means bettors can wager on live games.
Improved Payment Options
Many sectors rely on technology to conduct various operations; therefore, online criminals are leveraging this reality to breach security measures online. Years ago, online sportsbooks were always at risk of being hacked. This meant many customers often had their personal details shared with the wrong parties, putting them at risk of criminal theft and fraud.
Thankfully, betting sites now use seasoned encryption methods to store and protect every customer’s personal and financial details. This makes it increasingly hard for cybercriminals to access any of the personal details you share online.