Betting on sports is a popular recreational activity that’s been enjoyed for decades now. But the introduction of the internet and the rise in computing power have completely changed the way we wager on sports. Today, it’s possible for sports bettors to enjoy sports betting whenever and wherever they want. Here’s how current technology is revolutionizing the world of sports betting.
Seamless payments with blockchain
Blockchain is an innovative technology that has disrupted several sectors. And the online sports betting industry is also one of them. As you’d be knowing, a popular application of the blockchain technology is cryptocurrency. Online stores and e-commerce sites are increasingly accepting cryptocurrencies as transaction options.
As such, online sports betting platforms have also started facilitating crypto deposits and withdrawals. Some of the major benefits of cryptocurrency payments are their anonymity and security. The blockchain technology records and stores all crypto transactions on a public ledger. The concept behind this innovative tech makes it impossible for anyone to “penetrate” into Blockchain and steal anyone’s cryptocurrency.
Live streaming of sporting events
The live streaming tech has opened up a number of opportunities for online sports betting platforms. In the past, being able to stream live games on a bookmaker’s website was just a dream for many bettors. But today, the notion of streaming live games has taken a real form.
With the introduction of 4G and 5G networks, the buffering period and latency rate of live streaming has gone down dramatically. In terms of revenue, bettors streaming a live game on a bookmaker’s platform increases their chances of wagering on that competition.
Convenient sports betting with mobile apps
Another great thing that technological advances have brought to the online sports betting world are smartphone apps. Years before smartphones and tablets gained widespread adoption, bettors had to travel to a brick-and-mortar shop to wager on sports.
But with the introduction of mobile apps, punters can place bets on their favourite sports wherever they want. And that too at any time of the day. This increased convenience has proven to be a win-win situation for both sportsbooks and online punters.
Spotting patterns and trends with big data
Big data analytics is playing an important role in the development of online sports betting. By collecting and analyzing extremely large datasets, online bookmakers can get valuable insights about their customers. This allows sportsbooks to better understand their customers and tailor their offering to suit individual preferences.
With big data analytics, sportsbooks can offer more personalised bonus rewards and highly attractive odds. Also, analysing big data can allow sports betting platforms to offer more personalised customer service. All of this can improve engagement and result in increased revenue for the wagering platform.
Immersive betting experience with Virtual Reality
Virtual Reality (VR) is another technology that’s set to transform the online sports betting world. Using VR, sports betting platforms can offer a highly immersive betting experience to their customers. For instance, VR can allow bookmakers to stream the games in such a way that bettors feel they’re actually present in a stadium. This is highly preferred by sports fans who can’t attend the game in person.
Another advantage of Virtual Reality is that it allows sportsbooks to offer more specialized bets. This includes how a specific player will perform in a given match, for example. With time, we’ll see more and more betting sites using the VR technology.