The Future of Sports Betting: How Technology is Changing the Industry

Introduction

The betting industry has undergone a significant transformation since its inception, thanks to the constant advancement in technology throughout the years. From online platforms to mobile betting apps, the incorporation of technology has greatly impacted the way the industry operates. However, sports betting has not always been this way, with it differing dramatically from what we know today. In this article we will be detailing the rise of sports betting, how technology has impacted the industry as we know it, and what we could potentially expect to see and change in the future.

The Origins of Sports Betting

To understand how the industry has changed, we must first look at how sports betting actually came to prominence. In reality, sports betting actually has a long and rich history that dates all the way back to certain ancient civilizations. For example, evidence of sports betting can be traced back to the era of ancient Greece, in which the Olympics were first conceptualised. These sporting events were huge staples of culture back then and these games were not just a celebration of physical prowess. The Olympics were also an opportunity for citizens to engage in gambling, giving them the opportunity to bet on the outcomes of various different events and sports held within the competition.

Consequently, these traditions also spanned across other civilizations, with the Romans especially having a fondness for gambling. This common practice was applied to a host of different sports, some even including the brutal chariot races, gladiatorial contests, and even animal fights. As a result of the popularity, this quickly spanned across Europe and other parts of the globe, with residents simply staking their own form of currencies on the self established bookmakers of their time.

However, as we get closer to the turn of the millennium, the 19th century saw the expansion of communication technology, and as a result, this led to the initial emergence of organised sports. In turn, sports betting organisations also began to spring up. One of the oldest organised spots was horse racing, which saw an explosion in popularity due to  it allowing citizens to legally place bets. 1868 actually saw the first ever legal horse race betting event, in England’s prosperous capital of London.

What Technology Changed the Bookmaker Industry

However, as time progressed, the ruse of professional sports exploded, with multiple different leagues and events garnering world wide recognition. Consequently, so did the corresponding sports betting organisations, becoming more mainstream than ever. Since then, the sports betting industry has undergone a significant transformation, thanks to numerous advancements in technology.

To start with, one of the biggest ways in which technology has changed the sports betting industry is through the introduction of online betting platforms. These platforms have made it much easier for people to place bets on a host of different sports and events. As a result of this, platforms now offer features such as live betting and in-play wagering, which allow users to place bets on games and events while they are in progress, which was not typically an option before. Similarly, many of these online platforms offer the actual live streaming of corresponding games and events, making it even easier for users to stay on top of the action they have staked bets on.

In addition to this, as the shift from traditional betting shops to online platforms continued,  a wider variety of betting options steadily became available to users, opening up a host of different markets that hadn’t been touched upon yet. Likewise, thi also allowed players to bet on an expansive number of events all over the world, another thing that wasn’t frequently offered by conventional sports books prior to this.

However, one of the primary ways in which sports betting was completely transformed was the introduction of big data and analytic backed modules. Sports betting companies are now using data and analytics to gain a better understanding of the accuracy of odds and predictions, which holistically, could aid users make more informed bets. Pairing these with mobile betting apps which have come to predominance allows users to do all the research regarding a bet or event from their phone, making the whole betting experience a much more convenient thing. 

What Advances Can We Expect in the Future?

As we have discussed how technology has already had a significant impact in the world of sports betting, it is now time to turn our heads to what changes and advancements we could potentially expect to see in the near future. 

One of the first potential changes we could see is the increased use of more advanced technology such as virtual and augmented reality. Seeing this incorporated into online betting apps could  allow bettors to experience live sports events in a more immersive way. Mirroring trends in other online sectors, this could be a real possibility!

As with many other sectors, artificial intelligence is becoming more and more prevalent. Therefore, we could maybe see machine learning brought in more in order to dramatically increase statistical displays in order to make more accurate predictions. This could blend into multiple different aspects of betting markets too, another avenue that is likely to expand. Markets could become much more individualised, focused on specific player’s performances and actions, offering a number of different options for bettors to select. 

What’s more, there are many alternative forms of betting steadily coming to the forefront of the industry, such as matched betting and dutching. These are both technology backed, and as this improves, we can expect these modules and calculators to mirror these advancements.

Conclusion

Overall, the sports betting industry is expected to continue growing and evolving in the future, and we can expect to see more advanced technology being used on a frequent basis. This is already happening currently, so it is likely only a matter of time before the overall experience is enhanced and potentially transformed. Today, betting options continue to increase, and user experience keeps being refined in order for bettors to have the most seamless and polished betting experiences possible.