What is the destiny of Sports Betting in the next few decades (2020 and beyond)?
The article was last updated on 29th of March 2019.
Sports Betting has come a long way since those local bookies who operated in the shadows of dodgy alleyways, hiding from the pan optic eyes of the law. It was real shady business.
Sports betting today is a lot more transparent and clean cut.
With most of it taking place online, everything is quick and straightforward.
With things changing so quickly, what does the future of sports betting look like for us punter?
LegalizationWith more and more nations all over the world slowly moving towards the future of sports betting looks promising.
This would be very beneficial to governments all over the world because they can regulate and tax it.
Since sports betting is so immensely popular, legalization could significantly boost a country's economy. Plus, having a body specifically created to manage and control sports betting, there would be a drop in illicit practices, such as match-fixing.
The AI takeoverTechnology is growing by leaps and bounds. Even today, robots are able to do what us humans do, and sometimes, they do it more efficiently.
Technological innovations have improved each year, giving easy access to matters that concern humanity. In sports and betting, we expect the technology to be more advanced in how people place their bets.
In the future, just like most things in the world, it is likely that the sports betting industry will be completely taken over by artificial intelligence. This is a lot less daunting than it sounds.
In the future, computer algorithms will control the database and statistics of how the bets are placed and played. There are already programs being used today to calculate odds and make predictions, and as time goes on, they will only get more accurate.
With more match and team metadata, and better, more fine-tuned technology, there will be better analysis, and some of the worlds largest technology bookmaking companies will compete against the well-established sportsbook operators, gaming, and other lotteries.
These software will work on self-learning algorithms and sport prediction which means that that will only get better as time goes by.
Robots are likely to dominate the sports betting industry by disseminating real-time information from the athlete's bodies through motion cameras or microchips.
This will give bettors relevant information about the players’ form, injury information, maybe even their heart rate, and any other details that might be relevant to placing a bet.
The digitization of the industry has already begun, and it's only a matter of time before we make a complete shift.
Better sporting betting networkYou can find enthusiastic punters in every corner of the world. But unfortunately, many nations do not have access to major online sportsbooks or betting websites. As time goes on, a global betting platform is the future of sports betting.
Legal matters will soften the current barriers across different countries and set a common platform where all bettors from all over the world can participate.
A common currency like the Bitcoin or Litecoin will be used across the globe by bettors to bid directly.
Online Sports BettingCurrently, we do have phone applications in place that can be used in betting. Las Vegas has about 40% of total bets done through the phone.
Though investors like bettors being in the casinos, the increase in the number of bettors will force them to accept online transactions.
Stock markets for betting exchange games will be created for the masters of the game. They will benefit directly from presenting the sports leagues in the market.
Tech and media companies are likely to become important bookmaking companies, thus the world witnessing a significant change in sports betting.
They will compete against the established international sportsbook operators which will force them to look for more innovative ways to increase their market share.
Sports leagues will benefit from bettingLeague officials have partnered with prominent betting and gambling companies to increase their profit share. This will increase their profits due to increased bettors in the market.
It is likely that more betting companies will sponsor major league and tournaments, which means that they will potentially be pulling in large sums of money.
The integrity of some companies is opposed to this new kind of technology, but this will fade away because of the improved ability to track data through the high technology software.
Global controlled betting will support more bets and gambling. Even though some state laws might oppose to the gaming ideas, but due to the fast-paced and lucrative online money generating revenues and opportunities, sports betting will reign.
The leagues that will participate in the sports stocks are likely to make more profits than what they get from a standard bet.