Technological advancements are changing the world daily and nowhere is that better evidenced than in in the booming sports betting industry.
The tech revolution has emerged as the driving force behind the sector’s unprecedented growth, altering the way punters engage in their favourite activity.
Advanced analytics and real-time data adoption within the industry have formed a backdrop for the massive advent of online betting platforms.
Leveraging tech innovations, the industry’s leaders have made sports betting more accessible and immersive for customers, dramatically reshaping the landscape.
Advancements in data analytics and machine learning have significantly benefited bookmakers and bettors alike, offering both parties sophisticated tools for advanced analysis and outcome prediction. Making informed decisions is now more efficient and precise than ever before.
Bookmakers are now able to optimise their odds-setting strategies with more accuracy than at the start of the century. These new tools have notably increased bettors’ chances of success in the highly competitive sports betting landscape.
Live streaming services and real-time data feeds have played a pivotal role in the sky-high rise of live betting. Allowing bettors to place bets as events unfold has revolutionised the sports betting industry, contributing to a dynamic and interactive experience. It is perhaps fair to say that live betting has left traditional pre-game wagering in its wake.
We have reached the point where online betting platforms have democratised a once monopolised industry, allowing users from every part of the globe to place wagers from the comfort of their homes or, even more conveniently, on the go via highly-personalised mobile apps.
Society’s ever-growing addiction to smartphones and high-speed internet connectivity have gone hand in hand with the industry’s boom.
As one of the world’s most popular trends, sports betting has become accessible to a global audience. However, there is an overwhelming feeling that we have barely scratched the surface.
With technology continuing to evolve at an unprecedented rate, it is virtually impossible to predict the heights sports betting could reach in the coming years.
Let’s use Ireland as an example. While the United Kingdom remains the largest regulated online gambling market in the world, Ireland’s share in Europe’s revenue is not to be sniffed at.
If Statista’s forecasts prove valid, revenue in Ireland’s online sports betting market could hit an eye-watering $332.8 million in 2024.
That testifies to the immense potential for growth within the country’s online sports betting market, as it stands poised to undergo a substantial expansion in the coming years.
And if you look at the most popular betting sites in Ireland, you will see they all have several standout features in common.
Mobile Apps
It is almost impossible to imagine a reliable sportsbook operating without a sophisticated smartphone app.
Betting apps, developed to work on virtually any device, are far more popular than betting shops due to their convenience and accessibility. Their emergence has fuelled a substantial increase in betting revenue.
Aware of customers’ shifting preferences, almost all major players in the industry have enhanced the user interface and experience on betting websites to stay competitive in this ruthless line of business.
In addition to eye-catching layouts and optimised features, betting apps ensure that deposits and withdrawals go smoothly.
Blockchain & Cryptocurrency
Speaking of payment methods, blockchain’s adoption in the betting sector has proved a game-changer.
It is no secret that this groundbreaking technology has disrupted multiple industries, including sports betting. Cryptocurrencies have become a ‘Holy Grail’ among modern-day investors.
But in the betting industry, blockchain technology has a different application. Sportsbooks use cryptocurrencies for deposits and withdrawals to address the issue of security by reducing the risk of fraud.
One of blockchain’s main advantages is state-of-the-art cybersecurity. It takes a cyber wizard to crack a crypto wallet, courtesy of two-factor authentication measures.
Equally important is the veil of secrecy, stemming from the fact users are no longer required to disclose personal information to gain access to betting platforms.
Live Streaming
Live betting has enjoyed an unprecedented rise in recent years, largely thanks to live streaming functionality.
Live streaming has emerged as a lucrative revenue stream for sportsbooks – a development that would have seemed improbable to sports bettors just a few years ago.
However, watching events live is now among the regular features on sportsbooks’ websites. With 4G and 5G Wi-Fi networks reducing buffering, live streaming has notably improved.
This has helped bookmakers gain more traction on betting platforms and further stimulate users. With live streams also available on mobile apps, sports bettors have never had it so good.
