4 Revolutionary Directions To See the Sports Betting Industry Heading Towards in 2022
Sports betting may be traced back to Ancient Rome, where bets were frequently put on chariot races or gladiator battles, historians say. Since then, betting has evolved into a more convenient and accessible way to wager and profit by predicting the outcome of a race or athletic event.
By 2026, we can expect the betting sector will reach $59.53 bn. which means an almost 100% increase from the end of 2021 How did we manage to get that far?
Because of advances in technology and regulation, betting is becoming more accessible to the general public. With 4.66 billion active internet users globally or 60% of the population, sports betting is more and more user-friendly.
And here are some of the technological features that will keep pushing the industry towards further development in 2022.
Live Betting – “On the Go” Service
This technical trend has existed for decades, but it did not find a market place until the pandemic breakout, when all bookmakers began modifying and optimising their websites and apps for online betting. The main reason why bookmakers want to enter the mobile betting business is that more than 6.37 billion individuals, or 80% of the population, now own a smartphone.
Micro-Betting – The “Sweet Spot” of Bet Builders
Creating a betting app or a website allows bookmakers to establish new types of sports betting that increase the enjoyment of every betting encounter. Bookmakers anticipate a future development in the micro gaming sector (such as slots), where customers can place tiny bets during the length of a single game.
Instead of betting on the winning team, micro-betting or in-play gambling allows gamblers to place their money on a variety of minor variables during a live event – corners, cards, sets, games, break points etc. This may appear easy, yet it is a major headache for bookies. They must precisely anticipate the odds of minor bets in real time and keep them updated throughout the game. Machine learning technologies and automation are used by the majority of betting organisations to produce various betting options in seconds.
Artificial Intelligence (AI)
Artificial Intelligence (AI) is a big step forward for the sports betting business, and it is still being explored in the real world. AI can provide numerous advantages to bookies and bettors because it will use data to properly anticipate the outcome of each match or race. This means that bookmakers will be able to establish more precise odds and improve their earnings, while bettors will have a greater win ratio as a result of the analysed data that is beyond the reach of humans.
VR and Augmented Reality Sports Betting
We’ve seen the potential of Virtual Reality and Augmented Reality technologies, and while they’re not yet ready, many experts believe they’ll be employed in a variety of industries, including betting.
Imagine purchasing a ticket to the Super Bowl or a Formula One race and getting a first-person perspective of a live event. With your VR headset, you’ll be able to watch any sports match live and perhaps place bets while doing so. We anticipate that more bookies will begin streaming live events on their websites or apps, or perhaps providing you with exclusive first-person access to live events.
The sports betting business is quickly expanding at the present, and we can see 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 whole betting experience, attracting new customers to the industry.
Ultimately, the purpose of each business, with sports betting being no exemption, is to attract players. Bonuses, promotions, awards, and customer service are all great motivators, but staying on top of the latest technological and social trends will be a must to “survive” 2022 and beyond.