How Technology is Expected to Impact Sports Betting
Advancements in technology are an unstoppable force that is forever changing our reality, including the sports betting market.
Technology is pushing the industry forward at the speed of light across multiple segments of the economy. One of the market segments that is rapidly transforming is the gaming market. In the past, there was a specific chain of operations. The money would move from the client to a casino or a saloon and either stay there or return to the client as winnings.
In the modern wagering arena, many technological knowhows exist that affect sports betting. Here are a few to look out for:
Offshore Sports Betting
Increasingly, sports betting will take place offshore. The oceans, in large part, are categorised as international waters and are not subject to the laws of any specific country. Since sportsbooks are not entirely free from restrictions, many of these will likely choose to move offshore and engage in cruise ship gambling.
While at one time it was impossible to bridge the oceans, technology is now accessible no matter where a casino or a sportsbook is physically located. And, since they are on the sea, the sportsbooks could allow betting on a wide variety of non-sports related wagers.
Additionally, sportsbooks will increasingly use blockchain technology and virtual currencies to facilitate transactions between a wagerer and the house. Because they’re in international waters, the sportsbooks would have no pre-set limitations, making payouts quick and efficient. The sole concern of floating sportsbooks might be hackers, either onboard or onshore, who could compromise a sportsbook’s security.
Gambling via Bots
One forecast made by researchers is that online sports gaming will be monitored either by humans in virtual reality or by bots that are aware of every move in the game and each player. The integrity of sports gaming will be measured in the future by data analytics, which means that integrity firms will be on the cutting edge of sports. Should there be a spike in the amount of money staked on a particular game, the company will not wait for a game to be over and will immediately begin an investigation.
However, technological advances will allow integrity companies to measure human biometrics that could help determine whether cheating took place. Expectedly, sports franchises and leagues will use integrity companies to ensure that their games remain as above the board as possible.
Fan Engagement and Virtual Reality
Fans have become growingly disillusioned with sports in their current market format. In the NFL, there is currently a discussion over saluting the flag, and there are also concerns for players who have suffered from head trauma during previous games. As a result, virtual reality (VR) is moving in two specific directions.
First, the VR experience continues to enhance the fan experience as it relates to live games in sports leagues. For example, fans can use VR to be in the games during the next NBA championship series, enjoying the same experience as someone who is playing the game or sitting courtside.
Additionally, virtual reality can boost the e-sports experience for both fans and players. Fans would be able to watch the game as it unfolds, and players would project the games for fans. The e-sports market is exploding, and virtual reality could further enhance e-sports for players and fans alike, making it even more likely to attract new bettors.