By Staff Writer
The sports betting market has grown in bounds and heaps since the conventional bookie gave rise to the burgeoning online industry that’s worth over $130 billion in 2020. With different technological advances, sports bookies have embraced a plethora of developments and they’re continuing to incorporate them into their platforms. These developments help to deliver a wholly optimized package, making sports betting more simplified and convenient than ever before.
The simplified and convenient nature of sports betting is contributing to major revenue growth, which attracts various players in the market. As a result, there are several exciting trends expected to shape the future of the sports betting industry in 2021 and beyond.
Esports & Virtual Sports
Although esports is a relatively new concept in the sports betting market, it has set a strong foothold in the industry over the last three years. The market also significantly rose in popularity last year following the suspension of traditional sports, and this growth is set to continue in 2021 alongside other professional sports leagues.
Virtual sports are growing, although they use a random number generator to determine the winners of a virtual event. The games’ appeal comes from their ability to simulate sports like soccer, horse racing, and motor racing, ensuring there’s always something to bet on at any time of the year.
Mobile Sports Betting
The progression of smartphones has contributed significantly to the growth of online sports betting, with operators like Betway creating apps to help punters wager conveniently. With these streamlined apps, you can enjoy live soccer betting and other games available in a bookie from anywhere at any moment.
This trend is expected to continue rising in 2021, following the release of 5G networks early this year. The 5G data network offers faster connectivity speeds and reduced latency, allowing operators to deliver more compelling products to sports punters in more locations.
Machine Learning
While using machine learning and artificial intelligence to predict and wager on sports events might sound like fiction to some, the idea isn’t new in the market. Sports bookies are already using machine learning algorithms to develop odds on sports events, although a successful commercial algorithm would need to outperform the bookie’s algorithm.
Legalized Sports Betting
The legalization of sports betting activities across various jurisdictions is among the strongest propellers for operators like Betway working in the online sports betting industry. The trend stretches from developed countries like the US where at least 70% of the citizens want the legalization of the market to developing nations like Brazil and India. That means there’s still a huge market that could be tapped as more jurisdictions legalize online betting.
Multiple Solutions to Non-Cash Payment Options
The sports betting market offers rewards in cash and physical goods. However, online sports betting is also allowing players to wager with virtual currency too. That helps to reduce the risk associated with transacting with cash as players can use the virtual currency to play other games online or redeem it for cash. The virtual currency is also attractive for casino owners and online game developers as they help them track their client’s spending history.
