New Technologies: How To Impact Online Sports Betting Industry

New Technologies: How To Impact Online Sports Betting Industry

The United States and many other counties have removed legal restrictions from the online sports betting. With this, online sports betting will continue to have an edge over their competitors. Sports betting in their first interface with the digital medium had leveraged on innovation. Now, the same is likely to continue in the online era of sports betting. Betting companies will deploy new technologies to ensure that they do not lose significant market share due to online sports betting, which is catching up very fast after some governments have removed legal restrictions. 

Among the significant technologies that can impact major online betting sites, most of which operate from Canada or some North American countries, will include upcoming blockchain revolution, virtual reality, and jurisdiction-free wagering. 

Virtual reality (VR) promises to introduce new ways to place bets on the game. Blockchain technology can lower the costs for players and promote the privacy of the individuals and transactions. Similarly, jurisdiction-free wagering can allow more people to participate from around the world. Both these technologies promise to add new revenue streams to online sports betting. These technologies also promise to promote greater privacy for individuals and service providers. 

Betting on Virtual Reality

Major professional sports leagues such as the NBA have already adopted the immense possibilities of VR, which allows the user to watch basketball greats in an altogether new perspective. Viewers have the choice of directing the camera to the rim and witness a great player in action.

Sportsbooks would put virtual reality to use for creating new suites of betting options for sports punters who want to leverage their knowledge about the sport. For instance, basketball bettors may use their controls and headset to choose an area and place a wager on the court.

These kinds of icro bets’ are going to become more prominent. They would include props that focus on specific aspects of the game, including efficiency, speed, and breakdowns.

Jurisdiction-Free Wagering

Despite sports betting laws becoming more lenient across markets, sportsbooks are still required to work in compliance with rules and regulations laid down by the governments and their agencies. Generally, they wish to have more control over the online sports betting. In jurisdiction-free wagering, restrictions will be removed from wagering types and betting limits. At the same time, it will reduce the tax burden and promote privacy for players.

Sportsbooks can look forward to a future when they can create floating online sports betting empire, not subject to any land-based laws. There would be no need for offices or servers on land. They will operate globally, backed by a satellite uplink that would maintain connectivity with wagering databases.

Online sports betting companies operating without restrictions of jurisdiction will enjoy considerable operational advantages, part of which can be passed on to customers. Sportsbooks operating from land will not be able to match the cost-effectiveness that offshore companies can offer.

Blockchain Betting

Another technology that promises to dominate the online betting industry over the next decade is the blockchain. This is already very popular with many sportsbooks. Many online betting companies have embraced Bitcoin for wagering deposits for many years. As blockchain tech is proliferating at a very high pace, numerous new cryptocurrencies are emerging on the horizon. Sportsbooks’ ability to process new cryptocurrencies will determine how they are going to benefit from the blockchain revolution. 

Much like the idea of jurisdiction-free wagering, cryptocurrencies promote the privacy of bettors and allows online sports betting at a lower-cost threshold. Many prominent sports betting sites in America and Canada may not accept blockchain transactions as readily as other companies are doing by accepting digital money such as Bitcoin and Ethereum.

Tech to Decide Winners & Losers

Over the next decade, sports betting sites that adopt new technologies such as VR, cryptocurrencies, and jurisdiction-free wagering will be able to improve their operations and have a competitive advantage over those companies who do not embrace these technologies. 

Just as it happened in earlier rounds of digital technology adoption, players will flock to sites that offer privacy and superior value. 

As players ditch old methods of online sports betting and embrace tech-savvy offerings, the rest of the industry who do not innovate and adopt new technologies would struggle hard to compete with those who are open to embracing these technologies.

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