The online betting industry has enjoyed significant market growth in recent years thanks to the convenience and quality of betting sites and apps. As with any tech-based market, its audience will demand regular updates and developments, and operators will be obliged to provide them in order to compete in a difficult market.
We explore how the online sports industry will embrace developing technologies to improve the customer experience and other trends that are likely to shape the market.
Mobile Popularity
Online betting can be enjoyed in a variety of settings, but the improvement of mobile technology and global 5G rollout have ensured mobile betting is the most popular.
The convenience of being able to place bets on the move and make the most of high-quality gaming experiences without lagging or dropped connections makes mobile betting an excellent option.
Consumers are able to make the most of a selection of licensed operators across the U.S., but this is not always possible. Each state has autonomy over betting legislation, and there are still some that don’t allow online sports betting.
Offshore betting sites licensed by alternative jurisdictions provide bettors with a legal way to place bets online. Consumers can also choose from a variety of online betting operators that offer different payment methods, a selection of sports betting markets, and no verification betting sites for customers who don’t want to provide personal data online.
Live Betting
Live betting during popular sporting events allows consumers to gauge place and make bets based on what’s unfolding in front of them. It can also be an extremely exciting market to follow with betting odds constantly changing based on different factors.
Online betting provides the speed needed for live betting and mobile sites and apps can be designed to provide betting updates in real-time.
VR (Virtual Reality) and AR (Augmented Reality)
AR and VR are regularly implemented in gaming, and they could soon be used to provide a better online sports betting experience for customers. Bettors will be able to enjoy a more immersive experience that engages sports fans.
ML (Machine Learning and AI (Artificial Intelligence)
While VR and AR will be used to directly improve the user experience, AI and ML will help the operator get a better understanding of their customers on a wide or focused scale.
This will be imperative to learning customer behaviors and tailoring an experience to individual users. Tailored marketing and betting odds are two examples of how AI and ML will improve the online sports betting industry.
Crypto Betting
Crypto gambling is growing in popularity as more people begin to understand the benefits. More businesses are beginning to accept cryptocurrencies as a legitimate alternative to traditional payment methods, and this is helping the market.
Cryptocurrency is perfect for international transactions as consumers don’t need to worry about exchange rates and fees are typically lower. It can also offer greater security as transactions are recorded on the blockchain where they can be analyzed. This ensures greater transparency and minimizes the risk of fraud.
The Social Aspect
The physical betting experience offers certain things that online betting can’t, however, many online sports betting operators also offer a social aspect where bettors can engage in conversation in a community full of betting enthusiasts. This can allow consumers to share strategies and tips, while also allowing an additional competitive edge.
A sense of community helps with loyalty and engagement, making it a social activity.
Customization
The customization of online sports betting will help to tailor the experience for individual users. We have already mentioned how AI and ML will be utilized to enhance the user experience, and loyalty programs and personalized interfaces will also help.
The gamification of online sports betting platforms will also make use of this technology to provide consumers with individual challenges, achievements, and leaderboards.
Legislative Developments
One of the most important developments the online sports betting industry will face will be changes to legislation. Campaigners in states where sports betting is not yet legal are attempting to effect change that will see greater freedoms afforded to the betting public.
The ability for consumers to access offshore betting sites undermines existing legislation, and states are missing out on valuable revenue streams with no apparent benefit.
States where online sports betting is not yet legal include:
- Alabama
- Alaska
- California
- Georgia
- Hawaii
- Idaho
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Mexico
- North Dakota
- South Dakota
- Texas
- Utah
The legalization of online sports betting will also provide legislators with an opportunity to provide more robust guidelines that protect bettors.
Conclusion
Sports betting in the U.S. saw a total of almost $120 billion spent on bets across 2023. The NFL is the most popular sport to bet on, with 61% of bettors placing a bet on it over the course of the season. The NBA sees 58% of customers placing bets on it with Major League Baseball having 53%, Boxing 53%, and the NHL 32%.
Online sports betting provides greater access for many consumers across America, including those in states that have not yet passed legislation to allow it.
Technological and legislative developments are set to be the biggest changes in the industry, and it looks like it will be an exciting time for sports fans who like to place a bet.