Digital technology transforms almost every aspect of the world today. From websites to smartphones, video streaming, mobile apps, and virtual reality. A whole gamut of universal appeal made a revolution in sports betting possible.
The sports betting industry in the U.S. outdid itself during the Covid-19 pandemic. Over $21 billion worth of bets made in 2020 transferred into more than $1.5 billion of total revenue. A majority of those bets came from online wagers.
Goldman Sachs forecast the online sports betting market in the U.S. to be worth $40 billion by 2033. Digital technology pushes that number much higher for the industry worldwide.
Let’s take a closer look.
Sports Betting Industry in 2021
By now, almost half the states in the U.S. allow some form of sports gambling. In the next two years, that number could rise to 37 states accumulating billions in revenue. For the sports betting industry, 2021 might be a blast off year.
This is all due to the wide availability of an internet connection paired with a smartphone. Sports betting apps follow legalization, state by state, across the nation. There’s never been a better time for sports betting.
The industry fared well even during a pandemic year. (It showed how important digital technology becomes when people get restricted indoors.) Thus global online gambling growth could increase by over $30 billion to $92.9 billion by 2023.
Digital Technology in Sports
Digital technology in sports manifests itself in a variety of ways. First, broadcasters, professional leagues, and sports betting technology companies band together. Then they extend their content reach, as enhancing user experience generates new revenue.
The Internet of Things (IoT) and Artificial Intelligence (AI) create their networks. They are attributed to wearable technologies, software, sensors, and machine learning process digital data. Sportsbook algorithms then offer nonstop selections of in-play prop bets and updated lines.
At the forefront of digital technology in sports betting are its top companies. There’s DraftKings, Caesars Entertainment, Penn National Gaming, and Flutter Entertainment. They all continue to embrace social media platforms and offer downloadable apps.
Mobile Betting and Apps
Mobile betting with sportsbook apps highlights how digital technology transforms the industry. As states across the U.S. legalize sports betting, gamblers get the best options online.
A BetMGM Sportsbook app has some of the most competitive odds for iOS and Android users. Likewise for the FanDuel Sportsbook app across most popular betting markets. Some apps provide first-time users with promo codes for special deposit bonuses.
The DraftKings Sportsbook app also offers many extra features. Like daily promotions, sports betting analysis, and a straightforward in-game betting platform. Their “My Bets” section organizes betting history into wins, losses, and open bets.
All you’ll need to get started: download the app, create an account, confirm your identity. Then you’re free to make your first deposit.
More Secure Payments
If you’re using sportsbook apps, you’ll have to provide some basic information for security. That starts with your IP address. Meaning, you can’t use a VPN to hide your location, and you’ll have to live in a legal jurisdiction.
Some platforms might also want more personal information like the last four digits of your Social Security number, bank statements, or proof of address. You may also need to confirm your identity with a unique code sent to your cell phone.
Of course, that changes with cryptocurrency options for deposits and withdrawals. Secure Sockets Layer (SSL) encryption uses digital technology on gambling sites. To protect personal data, whether it’s a traditional bank account or any other payment method.
Digital encryption becomes essential with any financial transactions. So, make sure you’re using reputable mobile betting sites for secure payments.
Blockchain Technology
Blockchain technology in the sports betting industry takes security a step further. Smart contracts between users need validation within the blockchain network. Before a transaction gets confirmed, the network has to agree.
Payment processing fees reduced by this system means sportsbooks prefer it. Lower margins for sportsbooks increase the chances for players to win their bets. That translates to faster withdrawals as well.
So, with blockchain technology, sportsbooks offer better lines. For bettors, there’s a wider assortment of in-game props. And more incentive to spend time gambling.
Since the blockchain acts as a public ledger, that also means better transparency. As a result, gamblers can ensure fairness and accountability from their bets. Plus, the added anonymity for gamblers attracts more players.
Virtual Reality
Sportsbooks might enhance betting opportunities through virtual reality (VR). One example comes from Verizon Media and its partnership with Entain, an international sports betting company.
The goal of their project: to combine betting with live sports in a virtual reality setting. Users take part like they were right on the field during the game.
Meanwhile, Facebook and professional sports leagues experimented with VR during 2020 to keep fans engaged.
Other options include virtual sports betting on soccer, horse racing, basketball, motorsports, and tennis. Computer software and advanced algorithms play out these virtual events.
This type of virtual sports betting might be more popular in the U.K. and Italy. However, sportsbooks in the U.S. remain in an experimental period of expansion.
Great Customer Service
With all this growth and popularity among sportsbook companies, the competition gets fierce—the marketplace benefits from the surge in demand. Gambling companies offer specials and bonuses to attract customers and keep VIP players.
They also use digital technology for 24/7 automated customer support. For example, online chats with a bot connect users to a live-support agent upon request. In addition, follow-up feedback surveys improve customer service based on these conversations.
An online gambling community gets created. In addition, players interact with an evolving digital environment. So keep customer service in mind when choosing your sportsbook.
Conclusion
The many ways how technology is changing sports revolutionize the industry. Online gambling innovation necessitates big-time partnerships. Sports leagues, media companies, and traditional land-based casinos must keep up.
Advertising from the sports betting industry pairs with record-breaking revenues. Digital technology continues to change the sports betting industry with exponential growth.
The ongoing pandemic accelerated these changes. As a result, many places that are holding off on legalized sports betting might get left behind. They may find themselves one day counting on the industry to pay off some of their mounting debts.
“For the times,” as Bob Dylan sang, “they are a-changin’.”