Like other sectors of human life, sports betting, the practice of predicting sports results and placing a wager on the outcome, has been significantly affected by technological advancements. The impact can be easily noted, thanks to recent developments and improvements witnessed in the industry. The tech changes resulted in the ever-increasing popularity of online betting, quicker staking, and instant payouts.
As far as technology trends go, the internet was the first one to really transform the sports betting industry. It allowed gamblers to bet without the need to step foot in a sportsbook. Apart from that, betting lovers could now bet at any time they wanted, and better yet, they could even do it 24/7/365.
That said, since the days when the internet became intertwined with sports betting, there have been other technological advancements that have impacted the industry. In this article, we will highlight some of them and show you how they affected this sector.
The sports betting industry is nowadays more expensive than it has ever been. Among other reasons, for instance, the push for legalization, this unprecedented growth can be heavily attributed to the rapid advancement and embrace of mobile technology.
As a result, today, betting lovers can use their smartphones or tablets to place bets on their favorite games, request payouts, and load their betting wallets, among other essential operations.
Most betting companies have also gone further than only allowing users to access their sites on various devices. Today, betting fans can download and install apps from their favorite companies and go on to perform all, if not more, operations than they would on a betting website.
All said, the notable effect mobile technology has had on the betting industry is a shift to personalized and real-time betting. All wagers in this age can be placed on the go, and this is a trend we can count on for, at least, the foreseeable future.
Virtual reality (VR) is yet another recent technology trend that is impacting the sports betting industry. Already, its significance has been felt among those who prefer to bet on fantasy games, for example, a virtual football game where you watch the game live through VR headsets. Other fantasy games that people can now enjoy are baseball, hockey, and golf.
Thanks to virtual reality, bookmakers can also organize virtual sports tournaments with revised regulations and excellent graphics for those gamblers who want something extra. These types of activities, unlike their traditional counterparts, offer a more immersive experience that is sure to impress the players. After all, users are already able to use headsets to see matches and place bets live, among other things.
Alex Kapinski, owner at NJGamblingFun, said, “The good thing about virtual reality in sports betting is that it allows even amateurs to participate since there is no need for prior knowledge of the game or the other players. For this reason, people who were previously hesitant to bet can do it more confidently. And best of all, they can choose a game they like from horse racing, football, to rugby, and many more.”
Digital and Social Media are the New Marketing Hubs
People spend more time online today than ever before. If they are not browsing through websites to find useful information, they are on social media. As seen on the Medium, 45% of the population in the world is on social media, and they spend an average of 2 hours 23 minutes every day on these platforms.
Due to the sheer number of people online, the sports betting industry is now shifting its marketing strategy to digital mediums. More specifically, social media is helping betting firms to reach more potential sports gamblers with offers and deals.
These digital advertisements, if customized to a target audience’s needs and not overly intrusive, can help to bring in new customers for bookmakers more surely than most traditional forms of marketing.
Encryption and Tokenization in Securing Payments
Technology has also brought about solutions to the ever-growing security issues on the internet. Data is being the “new gold,” and cybercriminals are always lurking in the shadows. That said, the sports betting industry handles sensitive data, which, if breached, can cause a lot of harm.
For these reasons, online bookmakers are using technologies known as encryption and tokenization to secure clients’ transactional data from malicious third parties. Both methods are great for protecting all kinds of digital data, but they work differently.
Encryption encodes data and renders it unreadable to anyone who does not have a decryption key. On the other hand, according to Forbes, tokenization is a solution that replaces sensitive data like credit card numbers for a token and stores the original information safely. In both methods, the unique key or identification token is needed to access the protected data.
Wearable Technology and Gadgets
In 2020, having a mobile-friendly digital product is a must. If not, the service will not be relevant to potential users. And as long as these gadgets continue to be part of our everyday lives, they will remain one of the most critical areas for businesses and marketers.
Apart from mobile phones, people are also investing in wearable gadgets. Wearables are primarily electronic devices connected to the internet like smartwatches, fitness trackers, and smart wrist bands that people wear for fitness tracking, communication, or entertainment. As seen on Statista, by 2022, the connected wearables market will reach 1.1 billion.
Betting companies are catching up on this technology. Already, many of them have either launched or invested in creating sports betting applications that can be used on smartwatches.
Such apps allow users to view games and place bets without pulling out their smartphones. This convenience has made it easy to not only bet online but also follow up and receive notifications on bet outcomes.
The sports betting industry has dramatically improved, thanks to the growth of technology, tech innovations, and increased internet speeds. The tech advancements discussed here have been beneficial to both the bookmakers and the betting clients.
Now, accessing betting applications is extremely easy, and making transactions is more than convenient for betting enthusiasts. On the other hand, bookmakers can easily monitor their performance and improve their services to cater to the customers’ preferences.