Over the years, technology has transformed many industries, helping each one revolutionize into improving its operations and finding creative ways to reach large audiences and cater to their needs. Sports betting is one of the industries that have been significantly transformed by various technological developments, and with it, it has given direction to the fast pace at which the industry moves today.
Besides technology making it possible for bettors to access various data like NBA championship odds, it’s also introduced numerous improvements that continue to benefit sportsbooks and players. In this article, we’ll look at the different transformations technology has introduced to the sports betting industry.
Technology and Sports Betting
Sports betting apps on smartphones must be one of the most significant highlights technology has introduced to the industry. Before smartphones became increasingly popular among the masses, bettors had to find their way to betting stores to place their bets.
Now that sports betting is available on mobile, bettors are only a click away from accessing different sports betting services, and sportsbooks now have a lucrative way to increase their revenue.
If you were to conduct a survey and ask bettors whether they would prefer wagering on a mobile device versus placing bets at a betting shop, you’d find that a large majority of them would opt for mobile betting. This explains why betting sites offer enhanced user interfaces and experiences.
Nowadays, almost all sportsbooks come with their own smartphone app, and these apps are typically available on popular operating systems so that transactions can be done in an instant.
With the help of virtual reality, sports betting sites can attract a new section of technological enthusiasts. Introducing virtual reality for simulated sports and live games has sparked greater interest among bettors to experience this new part of sports betting.
Virtual reality is also used in land-based casino establishments where VR casinos host spectacular designs that make betting experiences seem life-like and real.
Blockchain has made its way into several industries, with the sports betting industry being no exception. When it comes to blockchain technology, Bitcoin happens to be the first cryptocurrency to be used for this. It also happens to be the most common application.
It’s here that we see many e-commerce merchants making the decision to accept Bitcoin as a payment option, and because of this, sportsbooks have started using cryptocurrency as a means to facilitate various transactions.
One of the main highlights that come with using digital currency is that it offers a high level of anonymity and cybersecurity by allowing bettors to keep their betting activities private as crypto wallets don’t require any personal information and by making it hard for hackers to break into crypto wallets thanks to the use of two-factor authentication measures.
Blockchain technology has also introduced another way to revolutionize sports betting, and this is through the launch of decentralized apps. To do this, some betting sites create and launch their own decentralized apps to set up a new target market on platforms like Ethereum.
Live streaming has made it possible for sportsbooks to adopt a new technology that makes it possible for them to unlock a lucrative stream of revenue. Years ago, bettors never imagined being able to watch live games on a sportsbook website. Today, live streaming services make it possible for this to happen.
Over the years, live streaming has transformed, especially in the area of reducing buffering in 4G and 5G networks. And then, when it comes to revenue, live streaming games on betting sites increases the bettors to wager on live games.
Better Payment Options
Different sectors are heavily reliant on technology to make it possible for seamless transactions to take place, but with this comes the reality of having hackers use this to breach online service security measures. In the past, online sportsbooks experienced several hacks, and these numerous security penetrations led customers to have their personal and financial details leaked.
Thanks to technology, to store a customer’s financial and personal information, a sportsbook will use seasoned encryption options. This makes it difficult for cybercriminals to access any internet banking or personal data.