The World Series between the New York Yankees and the Los Angeles Dodgers is potentially half over already. Now’s the time to get those last bets in for the baseball season.
Once upon a time, sports betting was something you had to drive several hours or fly to do. These days, you can engage in in-person sports betting in 22 states. And you can place bets online or through an app in every state except 12. App technology and cloud-based software have changed sports wagers as much as they’ve changed every area of life...a lot.
Here are a few more fun facts about sports betting. Americans are undergoing a sports betting boom. In 2019, Americans wagered nearly $120 billion on legal sports betting. The sports betting industry has an estimated CAGR of 10.4% for the remainder of the decade. The sports with the most market share are basketball and baseball, which may come as a surprise to you.
The COVID-19 pandemic accelerated trends in software and tech. Sports betting was no exception. Even though sporting events were initially shut down, once teams took back to their respective fields, app-based sports betting took off: an estimated 70% of sports betting revenue came from mobile channels.
Here are 7 ways software and tech have changed sports betting:
#1: Mobile apps:
Sports betting has moved from brick-and-mortar locations to the palm of your hand. Mobile apps allow users to place bets, track their wagers, and even watch live streams of games all from their smartphones. This convenience has significantly increased the accessibility and popularity of sports betting.
#2: In-play betting:
With the help of real-time data and fast internet connections, bettors can now place wagers on ongoing games. This adds a whole new level of excitement and strategy to sports betting, as users can react to events unfolding in real-time.
#3: Data analytics and AI:
Advanced software tools analyze vast amounts of data on player performance, team statistics, and historical trends. This information helps bettors make more informed decisions and gives them a competitive edge. Artificial intelligence (AI) further enhances these capabilities by identifying patterns and making predictions.
#4: Virtual and augmented reality:
These technologies are starting to be used to create immersive betting experiences. Virtual reality can transport users to virtual sports arenas, while augmented reality can overlay betting information and statistics onto live broadcasts.
#5: Blockchain technology:
Blockchain offers secure and transparent transactions, which is crucial in the financial world of sports betting. Blockchain technology could be used to verify the authenticity of bets, ensure fair payouts, and protect against fraud. It could also be used to facilitate crypto transactions in betting instead of fiat currency.
#6: Enhanced Security:
Online sports betting relies heavily on advanced security measures to protect user data and financial information. Encryption technologies and secure payment gateways ensure that transactions are safe and that personal details remain confidential. As sports betting proliferates, the demand for secure solutions will only increase.
#7: Personalized Experiences:
Sports betting platforms use algorithms to analyze user behavior and preferences. This allows them to offer personalized recommendations, tailored promotions, and even customized odds based on individual betting history. For casino-based betting apps like those offered by MGM and Caesars, these personalizations can also be tied into other gaming floor perks and comps.
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