From DraftKings to FanDuel, BetMGM to Penn National, sports betting continues to gain momentum, popularity and access for thousands of new customers.
It is an industry largely owing its recent growth spurt to the 2018 federal decision to throw out the ban on live-game sports wagering outside of Nevada – a decision that has inspired a host of new technology to ensure the upward trend continues.
The global online gambling market, according to Statista research, is expected to be valued at approximately $92.9 billion in 2023. The current market size is roughly $60 billion.
Here is an updated look at a few of those sports-betting-specific advancements.
Mobile Access to Sports Betting
This is, clearly, the No. 1 element and it’s not close.
If a modern bookmaker doesn’t have a mobile app for customers, the bookmaker is going to fail.
The greatest achievement in the sports-betting evolution is the universal simplicity of wagering via your phone. Only a few years ago, this was a dream for bettors who had to find their brick-and-mortar bet shops.
Today, it’s at their fingertips and open for business on live games around the world.
The New Wave of Virtual Reality Viewing
Not everyone is content to wager and watch their event on a video monitor. Those who seek further immersion have embraced computer generated reality – or virtual reality (VR) viewing.
VR has brought new life to not only the sports landscape, but to casino games and other virtual offerings.
Bookmakers are finding customers eager to experience this decidedly different form of gambling. The customers don’t need much betting knowledge at all.
Virtual gaming uses a random number generator (RNG) to determine the outcome of games.
These forms of virtual betting are a great fit for amateurs since they don’t need real-world statistics of games and players to succeed.
The designs on the virtual games adds to the enjoyment, and options for bookmakers – including wagering on those virtual competitions – are limited only by their imagination.
The Safe Transactional Nature of Today’s Apps
Anyone who navigates the various online sports-betting apps’ operating systems knows that security is a paramount concern. The top-level measures today allow for secure money transfer, bringing confidence and flexibility.
Encryption innovation to encode bettors’ financial information eliminates the chance for anyone else gaining access any personal data such as bank information or passwords.
Companies also are flexing their due diligence and incorporating blockchain technology, adding cryptographic forms of money for depositing and withdrawing funds.
The Best Possible Experience
Sports-betting enthusiasts, and avid sports viewers everywhere, have chased the latest innovations with fervor – seeking the best fit for their particular pursuit.
That formerly meant the biggest television screens available; today, it’s the access to live-streaming events that holds the greatest interest.
Bookmakers offer the option via their sites and apps these days, satiating the hunger for in-game betting participation.
A Better All-Around Targeting of Customer Needs
It’s one thing to entice the client base; it’s quite another to retain that base through consistency and being attuned to the latest trends and needs.
Bookmaking companies operating in the digital space are able to follow clients’ activity, like most successful business ventures, to develop and present an improved, personalized service.
Though the typical recklessly targeted ads and emails can be frustrating in the modern business space, sports-betting customers seek and appreciate updated information and offers surrounding their gaming pursuits.
Social Media and the Limitless Marketing Options
Most major sports-gambling sites have established and maintain an elite position among the millions of social media users, having ownership of their accounts across all social platforms.
It’s a global audience waiting to be reached and inspired. According to a Nielsen study, approximately 45% of people worldwide are engaged in social media and are on their various screens for two hours and 23 minutes per day.
A social media staple, the chat room, also serves to enhance the consumer experience.
The internet has spawned opportunities to reach just about everyone interested in sports-gambling participation.
The Next Chapter Includes an Expansion of Wearable Tech
Whether it’s smartwatches, smart wristband, fitness trackers or any number of other trendy “wearables,” the sports-betting industry continues to find ways to serve the cutting-edge tech consumers.
According to data from Statista.com, by 2022 there will be 1.1 billion connected wearable devices, most of which contain smart sensors and are connected to the internet for data exchange.
For bettors specifically, the wagering apps for wearable devices allow for the viewing of game clips, revisiting updated odds and placing their bets with no need to use phones.
Any notifications from the app are delivered to a customer’s smartwatch and can be seen at a glance.