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What Does the Future of Online Sports Betting Look Like?

What Does the Future of Online Sports Betting Look Like?

The future of sports betting in most regulated markets around the world looks promising. Despite the global slump due to COVID-19, the industry has bounced back significantly during the past 12 months both in terms of market expansion and new legislation paving the way for advancements in previously unregulated markets.

Moving forward it’s impossible to predict the future of the betting business. Federal legalization? Sportsbooks at stadiums? Who knows what the future holds, but judging by the current parameters here’s what we think could be in store.

The Influence of Micro Betting

While we’re all aware of conventional betting norms like future betting, live betting, totals betting, and Moneyline betting, there’s a new kid on the block called micro betting. As the name suggests, micro betting is the act of wagering on short-term events. You might mix it up with live betting, but here the tenure is even shorter.

As exciting as micro betting might sound, it features a few limitations that must be considered in order to increase efficiency. For starters, live television broadcast tape delays don’t affect the timing of the wager. Secondly, players must stay glued during live events or risk missing out on a potential winning opportunity.

The Gradual Rise of eSports

If you think about it, wagering your hard-earned money on gamers playing video games was incomprehensible even a decade ago. It’s now 2021 and that’s what reality looks like. While eSports betting hardly comes as a shock since players nowadays will wager on anything, the rapid pace is somewhat surprising.

The growth hasn’t come without concerns though. For starters, the participating age has raised more than a few eyebrows. Next, the inherent nature of video games is prone to match-fixing. While it’s too early to make a definitive call on the future of eSports betting, it’s expected to stick around for the next few years.

Peer-to-Peer Betting

A majority of sports bettors began their careers by wagering against friends. Experts believe that this peer-to-peer gaming style is about to make a comeback. It’s not that simple as the 1961 Wire Act stands in the way.

According to regulations, it’s illegal to wager money across the state lines. On a wider scale, peer-to-peer gambling isn’t limited to wagering among friends. It means every gambler contributes to a common pool and the winner is paid out from the same. The sportsbook, therefore, functions less like a casino and more like a third-party present just to facilitate the transaction.

Artificial Intelligence is Taking Over

When you think about the massive processing prowess of computers, it’s easy to understand why they’d be better at sports betting than humans. While it’s too early to get into debate around the topic, it seems like the future of sports betting involves some form of digital intervention.

While it may be inevitable, it’ll surely rob the pleasure of predicting the outcome to a certain extent. At the end of the day, gambling is designed for entertainment.

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by Harvey Carr // Harvey Carr is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.