Sports betting is a multi-billion dollar industry that has become increasingly normalized over the years. At first, it was common to see betting adverts in the middle of the day during the half-time of Premier League games, and now it’s a huge part of partnering with UFC fighters and the like. Betting online became a huge part of the lockdown for many people, and its numbers continue to grow to this day. Below are 5 trends that we are seeing within this industry.
Sports betting, we might think, is just a place to make bets. But increasingly, betting companies are finding new ways to attract customers, given that competing on odds can only get you so far if you wish to remain profitable. So, the user interface and customer experience have been more heavily invested in through recent years, with many platforms now offering live streaming of games, access to stats for some research, and information as to where the game will be distributed (i.e. what channel). New features continue being innovated on to make their platform offer more than just bets, thus increasing the amount of time we spend on them.
Live betting is becoming an increasingly important part of many people’s strategies. More and more platforms offer the chance to make a bet mid-way through a game, with smaller and smaller buffer times, meaning we can bet on the basis of the momentum of a game. This is shaping the industry to be a more interactive, in-the-moment experienced. It’s also changing how people approach betting when it comes to pre-determined strategies, because live betting requires a level of improvised judgement.
Smartwatches are beginning to take over. When we look around in any given room, the chances are there are a few people wearing a smartwatch. As of now, the software is still in its infancy, but there are some apps like FotMob, in which users can check the score and stats of a game, from their watch. This means people can gather information for their bets on the go, but it will only be a matter of time until betting companies make their platforms compatible with wearables themselves. Of course, functionality will always remain limited, but what if cashing out mid-game was an option from your watch? Many people would use that.
Another way for betting companies to compete is through offering promotions. Getting the attention of on-lookers is difficult when the market is so crowded, which is why it’s common to essentially buy sign-ups through offering straight cash. Free bets aren’t a new thing, but it’s now a situation where pretty much every platform is offering big promotions.
Finally, we cannot ignore the vast market of eSports. eSports is a huge, young industry that is growing in credibility. The number of professional gamers is growing, and the tournaments are growing in viewing figures. This, inevitably, creates a demand for betting. Not to mention that betting companies are increasingly getting involved with promoting themselves at eSports events. So, we will likely see more eSports markets opening on mainstream platforms.
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