Dipo Olowookere
It’s safe to say that the sports betting industry is just getting started based on the latest forecasts and when you look at the boxing predictions tonight. According to a study, the average gambler spends four hours daily on bookie sites. Assuming you’re an individual and have an eight-hour office job, that’s all your free time after work.
The wagering industry is thriving, with millions of new users yearly and an upscale of its values by the millions. That also means more investors, which translates to an increased demand for out-of-the-mold innovations to stay competitive.
So, what changes should we expect in sports betting in the coming ten years?
An Upsurge in Trends
Technology is transforming the sports betting sector. So, we can expect an increase in technological trends. Artificial intelligence, machine learning, and data analytics alter how individuals bet.
AI algorithms can provide insightful information into team performance, player behavior, and other aspects influencing a match’s outcome. AI-powered robotics can automate routine betting processes like placing bets and analyzing results.
Data analytics can help obtain data on user activity and detect betting patterns or themes. This information can serve to develop more exciting betting experiences, such as tailored incentives or suggestions.
The sports betting sector is becoming more accessible, with even more esoteric events on the web. In-play betting allows customers to place bets while a game plays. Wearable technology, such as smartwatches, creates more intriguing opportunities for real-time wagering.
The more technology advances, the more it will impact the betting sector, and the more user-friendly it’ll make the wager-placement process.
More Community-Owned Wagering Platforms
Traditional betting companies exploited every means to ensure mass user loss, including higher charges, no transparency, and banning winners.
There was the development of centralized gambling two decades ago to solve the above issues. However, because for-profit organizations have the motive to raise prices, block specific users, and shift into a bookmaker, these exchanges inevitably degenerate.
Furthermore, their somewhat complicated user interface and incapacity to offer prominent bet options could have improved their ability to gain market share. As a result, centralized wagering exchanges have never exceeded a 10% share of the online gambling market.
Crypto-networks: A More Worthwhile Solution to Traditional Bookies
The growth of blockchain-based systems like Ethereum paved the way for the advancement of crypto networks.
Crypto tokens, which enable the transparent, quick, and inexpensive transfer of digital currency, allow for the ownership and operation of crypto networks by their users. These assets make it financially viable for communities to possess and control digital platforms.
Traditional bookies actively abuse their customers, whereas community-owned wagering platforms share profitability directly with customers. Community-owned betting systems leverage open-source technology and APIs that are verifiably accessible and transparent.
In contrast to commercial bookies, which spend a fortune on targeted marketing, community-owned wagering platforms often expand via organic, word-of-mouth advertising. Community-owned betting systems are considerably superior for users in practically every way.
Hence, sites that support community-based ownership are more likely to thrive, unlike the non-adaptable traditional bookmakers.
Increased Customer-Friendly Sites With Micro-Betting, Free-to-Play Games, and Esports
Gambling on individual at-bat results in MLB games will likely rise. This format requires substantial modeling and is more easily adaptable in a lottery or Free-to-Play model. The first bookies to successfully implement such micro-betting strides will gain many new customers with valuable user bases.
People can now watch their favorite Esports teams compete and bet on their success from the convenience of their residences. As the games grow, the championships get bigger, and the prize money increases. These moves will attract more players and gamblers, hence boosting the Esports scene in the process.
Mobile sports betting is still illegal in most of the United States, so people can’t easily use it. Free-to-Play (F2P) is an appealing alternative for businesses looking to get customers and demonstrate product-market fit. Entrepreneurs can commercialize their distinctive selling proposition by using the F2P way.
Wrapping Up: Any Challenges?
Sports betting needs to improve with stringent regulations, making it challenging for international participants to negotiate the regulatory landscape. More specialized knowledge and intellectual capital should be needed with US work visas and passports.
Prospective users’ lack of education, plus tight geolocation and KYC/AML standards, make customer acceptance and user onboarding challenging.
Despite the difficulties, the potential set is enormous, and sports gambling and online casinos will serve as mediums for human interaction.
