We all know how quickly technology has changed everything. Data analytics tools, mobile betting apps, blockchain, and 5G internet are some of the technologies that have completely changed the world of sports betting.
Let’s take a quick flashback. Back in the day, players used to bet based on their gut instincts, which turned out to be accurate plenty of times, but on several occasions, they ended up with empty pockets.
Bettors had to rely on newspapers, radio, or word-of-mouth to check betting lines and results. They had to visit bookies in person to place their wagers, which was a dedicated location, often a casino or outside racetracks. Fast forward to today and you can now place a bet with one tap on your cell phone and receive the latest updates and stats while lounging comfortably on your sofa.
With so many tech changes taking place, it’s no surprise that the global sports betting market is expected to reach $124.4bn by 2025.[1]
In this article, we’ll take a closer look at how technology is transforming the sports betting industry and making it more engaging for sports bettors around the world.
Players who enjoy that instant dopamine rush are often huge fans of live betting. Unlike traditional betting, where wagers are placed before the game starts — live betting allows players to make bets during the game.
This means that if a player gets injured, odds shift quickly. If you react quickly, you could snatch better value before the lines fully update.
Live betting also gives you multiple betting options, including spread betting, money line bets, over/under (totals) bets, prop bets and more.
Pre-event odds rarely change unless something big happens, but with live betting, the odds keep changing as the game progresses. If you want to earn a higher payout, you need to think quickly and strategically. However, one drawback is that it may lead to impulse betting as players have multiple options to bet on and little time to make decisions.
It would be an understatement to say AI is everywhere. From self-driving cars to making purchase recommendations, you can see AI working in action. This could be a bit scary for Terminator fans who believe robots are going to take over the world. The truth is that AI has made our lives easier and more productive.
Even in sports betting, AI plays an important role. Manually analyzing huge data sets, and player and team performances could take hours. This can now be done in a few minutes with the help of AI. This means that players no longer need to rely on gut instincts.
AI looks at past performance, player stats, and even weather conditions and comes up with more exact outcomes than what you could have calculated on your own.
Machine learning tracks your betting patterns and suggests bets that match your preferences.
Putting your card details in a betting app can be scary. After all, your hard-earned money is at stake here. With cybercrimes rapidly becoming more prevalent, players are searching for more secure payment solutions. That’s why many players have resorted to crypto wallets.
Important features of the blockchain network include decentralization and transparency. No wonder tech-savvy folks love using it as a means of payment. Cryptocurrencies are faster, safer, and more reliable than regular payment methods.
Transactions are recorded on blockchain networks, making sure hackers don’t mess up with your personal info. Smart contracts lock in wagers, determine outcomes, and distribute winning automatically.
Due to low fees and high security, bettors love using cryptocurrency. It is too bad that crypto payments don't work everywhere, as they are still restricted in a few regions.
AR and VR have completely changed the gaming world. Players can enjoy their favorite games in their bedroom while feeling as though they have been teleported to a different world. VR and AR technology are growing quickly and so is the number of gaming enthusiasts. The virtual sports market is expected to grow to $72.8bn by 2033.[2]
For sports bettors, AR has been a complete game-changer. It provides stats, odds, and valuable insights while you watch a game. In contrast, VR makes you feel as though you are playing a game of poker in a real casino.
You don’t have to be a data scientist to figure this one out. Data analytics is like your smart friend who tells you where to place your bets or who has the best odds where you can find the best value for your money. It helps manage risk by adjusting their wager sizes. For seasoned players, it’s a handy tool in their arsenal but for casual bettors, competition can get a little tough!
With data analytics, players know exactly what’s going on in the game, such as player moves, team strategies, and even small performance details. In addition, the predictive model[3] uses past stats and machine learning to ensure that you don’t miss out on even the tiniest detail. It also helps leagues fine-tune competition formats, catch match-fixing, and predict economic trends, keeping it fair and profitable.
“Social media is about the people! Not about your business. Provide for the people and the people will provide for you.” ― Matt Goulart, Founder, Ignite Digital
Almost all sportsbooks religiously follow this quote. Let’s face it, you can’t survive a day without scrolling your social media accounts. Social media has created an engaging and entertaining way to connect you with the rest of the world. People enjoy chatting, and businesses are fully aware of that. They have created special communities and forums where players can share their gaming experience and explore hidden opportunities.
Bettors can discuss ongoing games, share reactions, and adjust their bets in real time. Social betting apps use leaderboards, challenges, and rewards to keep users engaged and entertained. On social media, players can look at expert advice from pro players and tipsters that may turn out to be helpful.
A few decades ago, if you had told someone that you could make money playing or betting on video games, they likely would have laughed. With millions of fans drawn towards games like League of Legends, CS: GO, and Dota 2, the esports betting market worldwide is expected to reach $2.8bn by 2025.[4]
Unlike the NFL or MLB, you don’t have to wait a whole season to place your wagers. Games are streamed on platforms like YouTube and Twitch. Betting takes place in multiple ways, including real money betting via sportsbooks.
Gambling can be extremely addictive. To help keep players from becoming addicted, sportsbooks have integrated regulatory technology on their websites. It helps them keep an eye on players’ behavior and suspicious activities that help prevent fraud.
Advanced security systems help detect fraud and prevent illegal activities like money laundering.
AI also takes care of legal compliance by automatically handling the paperwork required so that these businesses don't have to do it manually.
It is likely that you have witnessed that never-ending loading sign, especially when you're in the middle of something important. To meet the increasing demand for a faster and higher-capacity wireless communication network, 5G networks were established. They are 100x faster than 4G internet and offer a smoother connection, so you never miss a chance to hit that jackpot.
5G makes live streaming more stable with zero interruptions, which means your device won’t hang just when you are about to take down your competition. In short, it enhances the responsiveness and speed of your mobile apps, helping you enjoy your passion to the fullest.
The last one on our list is mobile betting apps, which is the main cause for increased online betting. With one tap on your phone, you can place a bet. That means you can bet anytime, anywhere, without moving an inch.
Due to this convenience, most people prefer betting on their phones, with 80% of online gamblers using mobile devices and over 70% of bets placed through apps.[5]
Now you know the impact technology has on sports betting. Whether it's mobile apps powered with 5G internet or AI to help you out in decision-making with predictive analysis, these technical advancements are indeed a blessing for sports bettors and bookies. A player who knows how to use them wisely can enjoy betting more.
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