The global sports betting industry has flourished under the influence of technology. Estimated to be worth $61.5 billion in 2021, it is expected to grow at a compounded annual rate of 9 percent and hit a $114.4 billion value by 2028. Meanwhile, the numbers are not the only growth the industry is experiencing. Technology is changing the sports betting landscape, affecting how people place their bets, cash out, and analyze odds on top betting sites like Betway. Here is a closer look at exactly how innovation is moving sports betting into the future.
Improved Security
There is always the concern that a blooming market will attract unsavory characters, in this case, hackers and data thieves. Fortunately, technological advancements like AI and blockchain have made sports betting safer than ever. AI allows for two-step verification and flags suspicious user behavior to alert the system to hackers before they can access your page. Blockchain technology, on the other hand, is built on decentralized networks that form some of the most secure connections available today.
Faster, Stronger Connections
Mobile networks have made it possible for you to perform functions on your phone that you previously had to delegate to your PC. This includes online sports betting. Most recently, the world has begun a migration toward 5G networks and faster, more seamless connections. How does this affect the betting world, you ask? With faster connection speeds, betting on sports will become all the more seamless, especially in-play events. There will be less latency, and multiple devices can connect to the same network without buffering speeds. This will bring convenience to live streaming and in-play betting as players enjoy the game on one screen and place their bets on another.
Advanced Payment Systems
As the sports betting market grows, so does the financial industry. After all, punters need to place their bets and withdraw their winnings. In line with the changes in the betting world, payment processing methods have grown safer, faster, more varied, and more advanced. Players have the option to use their credit cards, debit cards, or even digital wallets. Even better, all of this is available at the click of a button and on virtually any device.
Fully Immersive Experience
Most of the fun of betting on or watching sports comes from the atmosphere. The charged crowds, warring sides, dedicated players, and frustrated team managers make for excellent entertainment. In a bid to bring this atmosphere closer to bettors, bookmakers have invested in immersive technologies like VR and live gaming. These systems allow the player to see and hear what they usually would if they were at a live game, making the betting process all the more engaging. Essentially, you do not have to drive to the stadium to experience the thrill of the game – all thanks to technology.
Authenticity
Speaking of live games, online streaming options have made it possible for punters to bet on in-game events. Many consider this the most authentic form of sports betting. As you live stream a game, you can crunch the numbers in real-time and make betting decisions based on what the players are doing. This level of excitement is unmatched anywhere else in the betting world.
Final Thoughts
Technology is an ever-changing tool that is driving a lot of growth in many areas of society, sports betting included. Mobile gaming has made sportsbooks like Betway more accessible than ever. Meanwhile, tech trends like AI, 5G network, and VR are making the experience safer, faster, and more immersive. In the coming years, it will be interesting to see how the sports betting industry responds to emerging trends like smartwatch technology and the Metaverse.
