The global sports betting market was estimated at $85 billion in 2019 and is only expected to grow in the coming years. That’s largely thanks to its ability to adapt to consumer trends and stay flexible in the face of market change. As greater swathes of the population become more digitally savvy, the industry has had to adopt the newest technological trends, keeping pace with rapid developments in order to meet the demands of bettors who are technologically literate. This article examines exactly how technology continues to transform the betting experience.
Technology’s impact on the betting market
Mobile technology and apps
In 2020, there were over 3.5 billion owners of smartphones. That’s a serious market, and the betting industry has learned how to cash in on the centrality of mobile technology to contemporary consumers. Gone are the days where punters had to head into brick-and-mortar establishments in order to place bets – with high-tech smartphones powered by increasingly fast internet connection, betters can get involved in global events from the comfort of their own homes.
The online betting experience is only improving with the influx of apps and mobile-only bonuses and promotions frequently offered by bookies. With apps like the William Hill plus card app, smartphones are transformed into sophisticated control centers from which to place bets. Apps also make managing the deposit and withdrawal of money both much quicker, easier and safer. Plus, apps are increasingly becoming social experiences, as sports betting companies have introduced online chat rooms where bettors can virtually communicate.
Live streaming and live betting
Frequently, the websites or apps of bookmakers offer the chance for bettors to livestream sports, which has in turn opened up the market of live betting. Top sites feature live betting on many of the most popular sports, offering bettors the chance to get involved in the action like never before, thanks to the sophisticated algorithms that calculate sporting and betting odds on these live streamed events.
AR and VR betting
Live betting is such a popular experience that many bookmakers have expanded their offerings to include live betting on virtual events and sports. VR – virtual reality – has captured the imagination of consumers who are keen to experience premium design and audio from the comfort of their own homes. With VR headsets, bettors can watch virtual sporting games such as football, cricket, or horse racing, and lay wagers on the outcome.
Some live sports have even begun incorporating elements of VR too, so that viewers and bettors can watch games from different angles, benefiting from a more immersive, ‘live’ experience. As VR technology improves, new audiences will be brought in looking to engage in high-stakes excitement and entertainment, offering the betting industry the chance to expand to a non-traditional consumer sector.
Greater safety, accessibility and improved UX
Online sports betting sites now have access to sophisticated technological security systems. There are more options for safer payments thanks to the implementation of blockchain technology, and bettors’ personal and financial information is encrypted with increasingly secure technological measures.
Technology has also made the betting experience more accessible for greater numbers of people at any time and anywhere. Artificial intelligence (AI) has streamlined the user experience (UX) and helped to identify troublesome betting behaviour in users. Marketing technology has enabled the industry to segment its audiences with targeted ads or emails, drawing in different bettors according to their preferences and offering more incentives to get involved.
