The sports industry is not static, but rather, it is dynamic. It’s constantly evolving to make it more lucrative to bookies and attractive to punters. And in recent years, bookies have been relying on technology to make betting much more accessible. As a result, the market has hit billions of dollars in revenue and even reached regions where the betting laws are unclear.
Take India as an example. While the lack of clear stipulations mars the online gaming industry, many people still like to bet, especially on cricket. The punters rely on reviews from sites like this to find the best cricket bookies online. They then place their wagers and access them through the convenient payment methods provided by the sites – that’s one use of technology that will remain even in the future.
What else can you expect in the future of sports betting?
E-Sports Betting Will Grow Even Bigger
Many people have learned about e-sports in recent years. And this growth spurt in its popularity can make you think it is a new concept. But is it? Not quite. E-sports betting started when video games were released. Back in the 20th century, people would form groups to gauge who was the best player on the team. And sometimes, money changed hands to congratulate the winner.
Later, bookies realized this was a profitable betting venture and introduced e-sports into their platforms. Suddenly, more people became interested in playing sports or betting on them, which paved the way for this industry to grow. As more people invest in it, it is sure to hit the over $100 billion mark by 2026.
Peer-to-Peer Wagering Will Rise
Have you ever wanted to place a wager and avoid the vig? The vig is the commission charged by bookies to facilitate your stake. For example, while the odds on a coin toss would be 2.00 to 2.00, you find that this can change to about 1.80 to 2.10 to accommodate the commission. And that means that punters make less on their wagers because they need to pay this fee. After all, how would bookies survive?
Punters are now exploring ways to avoid paying this fee by relying on peer-to-peer wagers. These can take place through:
- Using sites that offer bet exchange services, and
- Relying on blockchain technology to keep the operations transparent and facilitate the stakes.
How reliable is this mode of wagering? For the most part, it should be easy to get the hang of how it works. All you need is someone willing to place a wager against yours, and you can decide how much you will put on the table. However, given that most regions do not accept this form of gambling, you could risk losing your cash if you do not use a trusted betting exchange. The future looks bright for this form of wagering as more punters push for this freedom.
Micro-Betting Will Gain Popularity
Have you ever watched a game and stated that something would happen next? For example, you are watching a football game and feel that player X will attempt to score with a header. And you tell your friends this only for it to happen as you predicted. Now, you have the chance to put some money where your mouth is, thanks to micro-betting.
This type of betting applies to events within a short duration, unlike the usual bets that focus on the entire game. Instead of betting on total scores, outcomes, number of goals, and such bets, you can focus on what happens during the game. This form of modeling is still in its initial stages. And once it comes to fruition, people who want to increase their wagers and winning chances will jump on it.
Virtual and Augmented Reality Will Be a Major Focus
While online gaming is highly enjoyable, it comes with one main caveat – it does not live up to the feeling of being in a physical casino. And that might discourage players who want to immerse themselves in the gaming experience fully. Casino operators have found a way around this by relying on virtual and augmented reality. These technologies allow users to interact in a virtual realm where they can chat and play with each other. The idea behind this is to eliminate the social isolation issues brought about by gaming on smart devices without the presence of other players. And so far, it has worked like a gem.
More Games Will be Free to Play
Some people shy away from games because they would rather not pay to play them. Moreover, bookies that offer casino games at a fee often need to jump through hoops regarding licensing. So, they usually need to locate their operations in regions where gambling faces fair regulations. Of course, packing up and heading to another country is not what every bookie wants to do. So, what is the middle ground?
Bookies have found that by offering free games, more punters are willing to use their sites. People can place wagers for fun and enjoy the outcomes without hedging actual cash. And for the bookies, this works to attract an audience they can monetize in different ways. Additionally, bookies can forgo the lengthy licensing processes by not charging money to use their sites.
More authorities are also emphasizing the need for sustainable betting, which some refer to as responsible gaming. Betting can be highly addictive, and stakeholders agree that teaching people how to play without getting lost in the game is crucial to maintaining the industry.