Those who love online sports betting but don’t care much about technology may miss out on a lot of fun. Artificial intelligence, blockchain, and cryptocurrencies revolutionize everything they touch, and the online sports betting industry isn’t immune to their charms. Yet, there’s more. Anonymity, fast and safe transactions, and unique gaming opportunities are reasons behind crypto sportsbooks’ growing popularity.
Here’s how digital assets have changed how people bet on their favorite teams and athletes.
Sports Betting and Fan Engagement
It’s no news that online sportsbet fuels fan engagement. After all, people are much more likely to watch a game until the end when betting on its results. From the NBA to the NFL, over two-thirds of fans stay glued to the screen if there’s something at stake.
Even when the punter’s favorite side is losing, fans are much more likely to watch these games until the end when they have bet on the outcome. Some fans have even “adopted” new teams in the process. Many sportsbooks offer live betting options and live streaming of the most important events.
Likewise, fantasy sports have been proven to have tangible effects on TV viewership. Fantasy sports are based on real-life events and stats, which means fans must stay tuned to the latest matches. In this context, punters can also own players from different teams, resulting in bigger audiences.
Digital Transformation
There are over 25 million online sports bettors in the USA alone. Still, there’s always room for growth and, even more so, for innovation. In fact, it’s a highly competitive industry, and the best platforms must keep up with the latest technologies to stand a chance. Here are the digital innovations shaping this industry’s present and future.
AI and Data Analysis
Odds and markets have always been determined by human specialists, but it’s hard to beat the combo of AI and big data here. Refined algorithms can make those calculations much more precise while crunching a humanely impossible amount of historical data. These tools are used for spotting and predicting trends, but not only so: AI helps create a hyper-customized experience for each punter.
The same technologies are used in fantasy sports and to reinforce safety systems. AI-backed monitors can spot fraud and suspicious behavior, weeding out unlawful punters. They can also be used to identify and prevent compulsive betting and promote responsible gaming habits.
Blockchain, Cryptos, and NFTs
The impact of blockchain technology and digital assets like cryptos and NFTs can’t be overstated. Blockchain-based platforms offer a blend of anonymity and transparency that traditional sites can’t match. Crypto sportsbooks don’t require personal or banking information while processing payments much faster and cheaper. Typically, deposits and withdrawals are processed within seconds while incurring much lower transaction fees.
After blockchain and crypto integration, NFT gaming was only a step away. This format is particularly attractive for collectors and investors, who can trade their non-fungible tokens and unlock unique betting opportunities. Additionally, these tokens can give access to exclusive events and promotions.
Improved App Development
Mobile apps are also improving with these technologies. They can now handle much higher traffic volumes, a key feature for important events. Multi-language customer services, real-time notifications, and much more stable platforms have considerably enhanced the user experience.
More importantly, apps are also getting safer with biometrics and multi-factor authentication. Unsurprisingly, such improvements result in more engagement. Some platforms have also been using biometric input from smart watches to customize the players’ experience based on sweat levels and heart rate.
New Models
Better apps allow for the creation of innovative betting models, such as subscription-based packages, commissions, and NFT-based services. After all, it takes refined algorithms to handle payment integration and create bespoke promotions for punters based on their preferences and habits.
VR and AR
VR headsets are no longer exclusive to gamers. Punters can also enjoy hyper-realistic, 360-degree match simulations, a massive development over traditional fantasy sports. Better still, VR headsets are getting cheaper, thanks to the competition between big techs like Apple and Meta.
Augmented reality glasses work differently but aren’t less engaging. These glasses can bring interactive graphics and odds into the punters’ living room, adding even more adrenaline to live matches.
Challenges Ahead
The legal landscape for online sports betting is changing fast worldwide while new regulated markets emerge. Indeed, new laws keep coming up, often demanding increased player protection, transparency, data privacy, and verifiable algorithms. It’s all excellent news for players, and the most competitive platforms must find a way to navigate the legal maze.
New technologies like VR headsets are highly promising but have technical issues like accessibility. Additionally, emerging regulations can target them due to the risks of prolonged hours of playing, like social isolation and motion sickness. Platforms that want to stay ahead of the competition must start self-regulating to avoid penalties and increase trust among players.
