Gambling has never been the same since the digital age started. It was in the early 90s when the presence of casinos braced the internet and not long after, sports betting platforms appeared. Since then, many things have changed and significantly improved, making gambling or sports betting, in particular, more accessible by many people worldwide.
The sports betting industry is growing as more and more states in the US and countries worldwide allow it. This is why betting firms are constantly finding ways to make sure that they don’t get left behind by their competitors. They keep on coming up with innovations that will put them on the map. Don’t know any of the best bookies out there? You can check https://silentbet.com/ for that.
It’s easy to determine or identify how technology has helped the casino industry. Online casino gaming is becoming more prominent, especially during this time of pandemic when land-based casinos are closed. However, how does technology affect the sports betting sector? What are the technological advancements that can be used by the betting industry as it grows? We got the answers to these questions.
- VR Technology
Okay, so you’ve heard of VR games and even casino games that make use of the VR technology, but have you ever heard of VR betting? This is something that will definitely change the betting industry as it is revolutionary and this could affect the betting options available for people in the near future.
The NBA has already incorporated VR technology to help fans see the games from a different perspective. You can now watch your favorite player shoot a ball as if you’re right under the rim and that is surely impressive.
With betting, this is something that could make punters go through a field or a court and select a specific area where they think a player can possibly score from a game. Now, that will definitely create a lot of odds for the punters in the future, but this is something that a few betting companies are already working on.
- Cryptocurrency Betting
There has been a rise in cryptocurrency gambling in the last two years. In 2017, cryptocurrencies like Bitcoin and Ethereum gained the spotlight. This is mainly because of Bitcoin as it peaked its value during that time. Back then, a Bitcoin was valued at around 20,000 US dollars and since then, many are already saying the use of cryptocurrencies in the future of online transactions, including online sports betting.
The use of cryptocurrencies can be beneficial for both operators and players. For the operators, using cryptos as a payment option is generally cheaper. There is no need for operators to spend money on third-party services to process bank transactions from their customers. This is mainly why Bitcoin casinos and sportsbooks would offer more generous bonuses and rewards to their customers.
Meanwhile, many punters are already shifting to the use of cryptocurrencies because they feel safer using it. The blockchain technology that cryptocurrencies use ensures privacy for sports bettors. They no longer have to disclose their personal and banking information to bookies whenever they make a deposit as they only need their cryptocurrency wallets.
Many are also using cryptocurrencies to avoid the hassle that the laws have regarding gambling. Some banks would usually take their time to process gambling-related transactions and this can be frustrating to many punters out there. There are also laws that prohibit punters from using their bank accounts from any gambling activities. If they use cryptocurrencies instead, they avoid all these hassles because there are still not a lot of laws that surround the use of cryptocurrencies worldwide.
- Jurisdiction-Free Betting
Speaking of laws, many countries and states in the US are still iffy about legalizing sports betting. This is why many people are still restricted from placing their bets in=person and online. However, the future can sound crazy as jurisdiction-free betting can be possible.
This means that there can eventually be platforms that will not fall any jurisdiction in the future. These platforms or betting companies can operate from the international waters. They should be able to offer their services through a satellite uplink. Since these operators will run without any jurisdiction, you can expect that betting fees or transaction fees with them will most likely be cheap or even free.
These are just a few technological advancements that are already starting to become a trend or could be a trend in the future. For now, mobile betting seems to be the preferred way to bet by many as it’s more convenient. The never-ending development of technology makes almost anything possible and we can only wait to know and see what else the betting industry has in store for us.