The future of sports betting appears to be bright enough. Its popularity has exploded in recent times. Even though some nations are in the process of creating gambling laws, it has become popular in the western countries.
While physical gambling is not legal in India, there are no laws that stop you from online sports betting. So, players often bet on sports betting sites. The most popular betting site in India is 10Cric and Chris Gayle is their brand ambassador. If you want to know about the various aspects of 10Cric, you can check out the 10Cric review to know why it is the top sports betting platform in India.
Current Sports Betting Industry
According to the current estimation, the sports betting industry is expected to be worth about $218 billion by 2023. But how did the industry gather such a massive following within such a short time? The industry has been on the edge of technology to reach out to more customers. Online sports betting sites have tapped into the benefit of the global marketplace and technology has played a significant role in improving the whole experience.
No one knows what rests in the future of the sports betting industry since the technology world never sleeps. The tech developers are always working to introduce something new. Augmented Reality and Virtual Reality appear to be the next steps to follow. It can take sports betting to a whole new level.
With time, the stigma around sports wagering is also dropping. So, bettors can make new and exciting developments, which can change the way you consume sports, how you wager, and the way you experience the games.
The Impact of COVID-19 on Sports Betting
The COVID-19 pandemic had an impact on sports across the world. But sports have returned. The MBA games started with 60-season games rather than just 162. NBA started in December 2020 and played a full season.
Sportsbook had made adjustments in terms of the home advantage for some teams. Many professional bettors chose to sit out in the initial stages.
After the pandemic, even cricket has become highly popular in the USA. The US cricket team is growing and Monank Patel is all set to be named USA T20 captain. He is going to replace Saurabh Netravakar as his captaincy was on the edge as US lost 8 out of 9 World Cup League 2 ODIs.
But as the pandemic recedes and things are returning to normal, more sports events will take place. So, more bettors are expected to be involved in the games.
Availability of Competitive Gaming
The conundrum around the legality of sports betting makes many Indian bettors question: Is online betting legal in India? Well, you are allowed to place online bets. There has been a recent growth in competitive gaming recently. Lately, providers have come up with white-label sports betting software. This has also become highly popular. Many brands are capitalizing on this trend by offering peer-to-peer wagering platforms.
The adoption might be slow and thus the scalability might be a little tough to achieve.
The Popularity of Robots, AI, and Cryptocurrencies
No doubt, technology has grown leaps and bounds in the last few years. Similar is the case with technology that is powering the future of sports betting. However, there are some exciting and effective new ways the industry can use the existing technology for taking online betting to wild places.
Artificial Intelligence is one of them. Experts are of the opinion that in the future, the best bettors aren’t going to be human at all, they are going to be bots with a large amount of data using algorithms to make informed decisions. In fact, many apps are already available to bettors.
The next step might be to use bots to collect data from less likely sources, including microchips in helmets, balls, or jerseys.
Cryptocurrency and VR are also becoming popular in the sports betting industry. Even though some popular NBA teams are also using virtual reality technology to put viewers on the floors, sports betting platforms can use the technologies to enable customers to make micro-bets on shots from the same spots. With the additional blockchain security, cryptocurrency might become the payment option for online sports betting. It will usher in a new era of wider cryptocurrency acceptance.
The Introduction of Micro-Betting
Micro-betting is an area that involves machine learning. When you place a wager on a simple-to-follow, short-duration event it is called micro betting.
Even though experienced sports bettors might enjoy betting on the overall assists, points, and rebounds of two NBA players, many might prefer betting on the next three-point try of Michael Jordan. In time to come, betting on individual at-bat outcomes in MLB games might become more popular. It is a format that involves considerable modeling and is convenient to implement under a lottery model or Free-to-Play, the theory is early movers can win a plenty of consumers in important user bases.
Conclusion
The sports betting industry keeps evolving. No matter it is the type of sports you are betting on or how wagers are placed through customized sports betting software, the business is going to change dramatically in the next few years since it attempts to innovate to attract more clients.