Technological advancements have transformed several industries, and the sports industry is not immune to these changes. The sports industry has even undergone monumental shifts, thanks to technology. For example, bettors can now bet on super bowl from their mobile devices, a feat that was not possible before now.
Nowadays, bookmakers use technology to put out super bowl odds so bettors can make their choice or decision. This shows that technology has brought lots of benefits to the sports industry.
Here are some of the tremendous benefits of technology for sports betting:
Use of smartphone applications
There was a time when the only way to place bets was to be on the web or walk to betting shops. But the introduction of sports betting applications for smartphones has practically put an end to that old-school betting method.
Sports betting is now at the fingertips of the average person with a smartphone. You can bet on your favorite games from your mobile device. All you need to do is download and install a sports betting application on your smartphone. This has significantly boosted betting revenue in recent years.
Nearly every reputable sportsbook has its own smartphone betting application. You can even make deposits and withdrawals within seconds. These applications are available for every popular operating system.
Live to stream
Live streaming is another development technology has brought to the sports betting industry. The introduction of 5G networks has significantly improved live streaming as buffering has been drastically minimized. As a result, punters can bet on live games while streaming games on a bookmaker’s site.
Increased deposit options
Technology has made it possible for sportsbooks to diversify how they accept bettors’ deposits to ensure inclusiveness.
Punters can make deposits using their credit or debit cards. They can also use third-party services such as Payoneer, PayPal, etc. In addition, a few sportsbooks have started accepting digital coins like bitcoin, USDT, Ethereum, Dogecoin, etc.
Excellent payment options
Technology has also facilitated better payment options. In addition to 2-factor authentication (discussed next), other security features have been implemented. These encryption features prevent hackers from breaching the security of online service providers. The era in which the financial details of bookmakers’ customers leak is now over.
The online space is prone to fraud perpetrated by criminals. For example, bettors have gotten their sportsbooks’ accounts hacked and the funds accessed and withdrawn without official authentication.
To safeguard their numerous customers, many sportsbooks have started adopting 2-factor authentication. This security feature is triggered any time a withdrawal is underway.
To complete any withdrawal, an OTP (one-time password) is generated and sent to the bettor’s registered mobile number or email address. This password, usually time-sensitive, must be provided by the person initiating the transaction before the latter can be processed and completed.
Easy access to data
Access to accurate data is highly essential when it relates to sports betting or gambling. Unfortunately, the first time online betting came on the scene, most bookmakers needed help to include crucial information on their respective sites. As a result, bettors had no choice but to use third-party sources to access high-quality data.
However, in recent years, and thanks to technology, this has changed. Most reputable sportsbooks offer segments loaded with statistics that customers can view before making their final gambling decisions.
Bettors can check stuff such as the lineups for squads, previous encounters between the two teams, the formation that will be deployed during the game, present forms of teams or favorite players, etc.
Blockchain technology, which powers cryptocurrency, has disrupted more than a few industries in recent years. eCommerce merchants, and now bookmakers, are now accepting the first and most common application of blockchain technology known as bitcoin. Others include litecoin, Dogecoin, Ethereum, etc.
These digital coins have decentralized financial systems. Bettors can make deposits and withdrawals using cryptocurrency. In addition, blockchain technology facilitates speedy payments. Bettors also capitalize on the ever-increasing value of their chosen digital currency.
Moreover, blockchain technology is not limited by barriers. This implies that you can engage actively in cross-border betting, even if you live in a country with legislation that frowns on gambling or sports betting.
Faster payments, anonymous transactions, a high level of cybersecurity, and reliable applications make blockchain technology a sought-after innovation by most bookmakers and bettors. It is also practically impossible to hack crypto wallets because most come with integrated 2-factor authentication measures. In addition, these wallets don’t collect personal information, making it easy for bettors to keep their betting lives private.
Blockchain technology has also introduced decentralized applications that bookmakers use to open new target markets.
Access to mouthwatering betting offers
Technology has resulted in the development of more online betting websites. Each new bookmaker that enters the sports betting market comes with new customer offers that new users can take advantage of or claim. This include:
- Welcome bonus
- No-deposit bonus, etc.
Existing bookies run promotions and offer them to new and existing customers. This include:
- Live betting offers
- Mobile-exclusive offers, etc.
These offers and promotions will be impossible without introducing technology in the sports betting industry.
Many people love gambling in and out of season, and virtual/simulated games offer this opportunity. But, of course, this implies that the fun never stops, even when the season is over, thanks to simulated/virtual games.
You can bet any time of the week all year round without even waiting for weekends. The most exciting aspect is that these simulated or virtual games do not take more than a few minutes from start to finish.
The results of these virtual games are randomly generated using innovative technology. This leaves zero room for cheating. As a result, you can engage in virtual or simulated sports betting without necessarily being a professional analyst. You just need to bring your betting chops to these virtual games, and luck may smile on you.
Enhanced customer support
Any sportsbook without a responsible customer support system will soon run out of business. This is because bettors always seek service providers offering excellent customer support.
Many sportsbooks employ applications and chatbots that assist in handling customer complaints and inquiries. The chatbots are powered with artificial intelligence and help solve some common issues bettors face on sportsbooks’ websites.
The sports industry continues to grow in leaps and bounds. The advent of technology in this industry is slowly taking it to the next level. The future of sports betting can only grow brighter as more technological discoveries are made down the road.