While it may seem like it is just going mainstream right now, sports betting has existed for as long as sporting activities have existed. As expected, the sector has grown and evolved tremendously since the very early days. These range from legislative and regulatory changes to technological advancements that have lifted the industry to unimaginable heights. Still, this is perhaps just the beginning and there is so much more to come.
The gambling industry as a whole is known for being one of the most aggressive early adopters of technological trends. In fact, it is safe to say the gaming industry is a trendsetter in very many ways. Needless to say, the adoption of various technologies has been a key factor in the growth of the industry.
Sports betting is one of the gambling verticals that have been tremendously impacted by technological developments, something that has made it one of the most popular forms of entertainment on the planet. So, what technological developments do you have to thank for the stellar sports betting experience you are now enjoying?
Gone are the days when bettors had to visit physical sportsbooks or make phone calls in order to place bets on their favorite sporting events or teams. Online sports betting has existed for over two decades now and it grew tremendously as the internet grew. Thanks to advancements in networking and web technologies, operators have been able to build super impressive online sportsbooks that make the experience extremely enjoyable.
The online gambling scene as a whole is pretty huge but sports betting seems to be leading the way simply because everybody engages with sports in one way or the other. Without the internet, sports betting would still seem like an archaic activity involving long queues at physical sportsbooks. Thankfully, this is not the case.
Internet-enabled mobile devices existed since the early 2000s but, needless to say, most of them were not really great for most internet applications. This was simply because of the limitations of the technologies that were available at the time. Fortunately, everything changed towards the end of the noughties when the first smartphones were launched. These amazing devices were not able to browse the internet in new and unimaginable ways but also make use of specialized applications.
This was, of course, a whole new frontier for the sports betting industry and unsurprisingly, the sector blossomed after adopting and adapting the technology. Sports bettors no longer had to remain glued to their computer desks in order to place the sports bets since mobile sports betting apps allowed them to do so from literally anywhere with cell service. Today, a huge chunk of the total sports bets on the planet are placed using mobile devices.
More and more gambling operators are optimizing their services for the online and mobile platforms and they are even trying out newer innovations. With faster networks, live betting on mobile devices is now possible. You can even watch a game and place bets in real-time – all that is possible right in the palms of your hands. This kind of reliable and widespread connection enabled people from all of the world and of all walks of life to access high-quality sports betting services. The recent unveiling of 5G implies that even better sports betting services are on the way.
Digital Currencies And The Blockchain
As mentioned earlier, the gambling industry is known for taking very calculated risks when it comes to the adoption of new technologies. In countries like the United States where there were no legal sports betting operators in most states for a very long time, players gravitated towards offshore betting sites that accept Bitcoin. Digital currencies not only provided a safe and reliable workaround to restrictions pertaining to payments services but also helped bettors to significantly cut down on the costs of transactions.
Many sports betting operators are also adapting the blockchain – the decentralized technology has allowed them to provide their customers with more features. These include better privacy, fairness, anonymity and, of course, unmatched security.
Both digital currencies and the blockchain are still in their infancy especially with regards to mainstream adoption. However, just as much as they have had an impact on how people place sports bets, the gambling industry has also been pushing them to greater heights. The future of sports betting with cryptocurrencies on blockchain-powered online sportsbooks looks even brighter.
Electronic Payment Systems
Before digital currencies were all the buzz, sports bettors were trying to find safe, fast and reliable ways of making payments to their online sportsbook accounts. Credit and debit cards were not much of an option especially in places like the United States where there were strict federal laws prohibiting financial institutions from facilitating gambling transactions. Thankfully, services like Paysafe, PayPal, Neteller, and Skrill among others came around.
These payment methods were game-changers for the sports betting industry. Bettors could place bets with sites that were miles away and get their winnings safely and reliably. As a matter of fact, they paved the way for the adoption of alternative payment methods like digital currencies.
It goes without saying that there are lots of other factors that contributed to the immense growth of global sports betting. It is just the beginning though. New and emerging innovations have already begun taking shape in the sector. Some of the ones that have the potential to further elevate the state of the sports betting industry include virtual reality (VR) and augmented reality (AR). Though still in their infancy, they have already begun to find their way to sportsbooks. Sit tight because the betting experience is about to get even wilder.
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