Although technology continues to advance at an incredible rate, it’s clear that some trends have gained traction due to their ability to assist businesses in navigating the challenges of today’s global environment. For example, betting has evolved into a more practical and accessible method of placing bets and earning money by predicting the outcome of a race or sporting event. In the last decade, the betting industry has grown rapidly, and experts predict that it will continue to improve; thanks to technological advancements, betting is becoming more accessible to the average person.
Furthermore, sports betting is becoming more convenient to use because bettors no longer need to go to the nearest bookmaker to place a wager. For example, if you’re betting in India, you can use cricket live bet rate for online cricket betting to help you place bets. What can we expect in the future from the betting industry, which has grown significantly in recent years? First, let’s learn more about the technological trends that will shape the future of the betting industry.
- Virtual reality and augmented reality
We’ve seen the potential of Virtual Reality and Augmented Reality technologies, and while they’re not yet ready, many experts believe they’ll be used in various industries, including betting.
Imagine buying a ticket to the Super Bowl or a Formula One race and getting a front-row seat to a live event. With your VR headset, you’ll be able to watch any sporting event live and possibly place bets while doing so.
More bookmakers are likely to begin broadcasting live events on their websites or apps or even provide you with exclusive first-hand access to live events.
2 Artificial intelligence
Artificial Intelligence, or AI, is a significant step forward for the betting industry, and it is still being explored in the real world. Because AI will use data to accurately predict the outcome of every match or race, it can provide numerous benefits to bookmakers and bettors. Because of the analyzed data beyond human reach, bookmakers will be able to create more accurate odds and increase their profits, while bettors will have a higher win ratio. The following significant change in the betting industry will be artificial intelligence (AI), which will shift the entire industry in a new direction.
3. Micro betting
Bookmakers can create different types of betting by creating a betting app or a website, which will increase the excitement of every betting experience. Bookmakers expect this to be a future trend, given the rapid growth of the micro gambling sector (such as slots), where people can place small bets throughout a single game. Instead of betting on the winning team, micro-betting or in-play gambling will allow bettors to wager on various minor details during a live event. This may be a simple task, but it is a significant headache for bookmakers. They must accurately predict the odds of small bets in real-time and update them throughout the game. Most betting companies use machine learning and automation to generate different betting opportunities in seconds.
4. Mobile betting
This technology trend has been around for decades, but it didn’t take off until the pandemic when all bookmakers began adapting and optimizing their websites and apps for online betting. Smartphones nowadays are powerful enough to run complex apps that will enhance the average user’s betting experience. However, the most compelling reason for bookmakers to enter the mobile betting market is that more than 6.37 billion people now own a smartphone or 80% of the world’s population.
In the past years, virtual currencies have become a trendy payment option in online and brick-and-mortar businesses. Crypto’s popularity skyrocketed during the most recent bull cycle, which began in 2020. As a result, many well-known brands now accept cryptocurrency payments. The benefits of cryptocurrency payments have not gone unnoticed in the betting industry, particularly among reputable online betting sites. Not only do cryptocurrencies represent safe payment options, but they are also associated with low transaction fees regardless of the user’s location and quick deposits and withdrawals due to short processing times. As a result, you can find various betting sites that provide this service to their customers, allowing them to wager online with their crypto funds, access crypto bonuses, and make withdrawals.
The integration of e-wallets, which are by far the most popular payment option on online betting platforms, is one of the reasons why betting sites have grown in popularity. Users can usually make immediate deposits and withdrawals. As a result, there are a plethora of e-wallets available. The main benefit of using an e-wallet is that it is considered very convenient because you can add multiple credit cards to one platform and access your funds from both your desktop and mobile device. In addition, some e-wallets that have a mobile version are accepted in physical stores.
7. Cloud computing
Legacy modernization is still a work in progress as part of larger digital transformations. Moving from on-premises to cloud-native applications is an essential part of those efforts. In addition, cloud computing is becoming more appealing as cybersecurity improves because it reduces maintenance and support costs, increases agility, and makes enterprise architecture more resilient, all of which contribute to successful digital transformations.
The betting industry is rapidly expanding, and we can see a shift in people’s attitudes toward gambling money. Previously, every bettor’s primary goal was to make a profit, but now they also consider the experience and want to have fun. Such technologies can enhance the overall betting experience, attracting new customers to the market. Technology advancement has aided the growth of the betting industry by making online betting more accessible on mobile devices and encouraging the integration of secure digital payment methods on platforms. For more insightful resources, Parimatch offers a great variety of sports to bet on, including esports and virtual sports.