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Though Covid 19 Pandemic brought several challenges for various industries, the virtual sports betting industry was one of the few industries that found a way to thrive. The popularity of this industry grew immensely among the punters who wanted to try their hand at something new, and today, the virtual sports betting industry has established itself as one of the most profitable industries. There has been a significant rise in the number of viewers, virtual sports bets and events.
Virtual sports betting does not involve any real players, but watching a virtual sports event is equally fun. But still, several people confuse virtual sports with Esports. And there is a huge difference between the two. Let’s take a look.
Difference Between Virtual Sports & Esports
Virtual sport and esports are worlds apart.
Virtual sports are computer generated fast-paced simulations that only last for a couple of minutes. Once an event concludes, another starts. Virtual sports also offer plenty of betting options where one of the most popular options is that of live betting. The result is decided by complex algorithms and RNG systems and players can always view the updates, stats, etc anytime. Some of the popular virtual sports include tennis, football, greyhound racing, horse racing, basketball etc.
Esports on the other hand is different from virtual sports in various ways. One of the major differences between the two, is in esports, the action is controlled by human players. Esports is professional gaming and players often make use of platforms like twitch for live streaming and sharing their gameplay with other players or viewers. Some of the most popular esports include Dota-2, League of legends, Counter Strike, etc.
Why Invest In Virtual Sports Betting Business
One thing the pandemic has taught us all is that nothing is certain. It’s tragic that some of the most popular businesses couldn’t survive the pandemic. But, it was different for virtual sports betting businesses.
Virtual sports betting businesses got a massive boost from the pandemic. According to Optimove, the number of virtual sports players increased by 30% during the pandemic, which is an impressive number.
Today, the virtual sports industry is estimated to be worth around $12 Billion to 15 Billion and the overall sports betting industry is worth around $131.1 Billion!
Betconstruct alone is hosting around 3,200 virtual sports events everyday. One can estimate the number of events hosted everyday by multiple operators. The estimated number of players worldwide is around 50 Million.
The advancements in technology is also blurring the boundaries between real world events and virtual events. Punters have accepted virtual sports betting, no wonder, COVID pandemic also witnessed rise of new virtual sports betting operators worldwide.
Want To Know More About How to Start a Virtual Sports Betting Business?
Several Reasons To Start A Virtual Sports Betting Business
Ease of Access
Traditional sports take place once a year, once a month or once a week. They involve a lot of wait time. But with virtual sports, remove the dependency. Now punters can enjoy unlimited non-stop virtual events every single day, as many times they want and place as many wagers they like.
Shorter Time
Real-word events are long-lasting. For fans who want to entertain and immerse themselves, these are great. But for fans who want to quickly place bets and get instant results, virtual sports are ideal. Virtual sports last for only a few minutes which allow punters to place wagers, get results and quickly move on to another game. This means more betting action every single day.
Vast Variety of Games
Virtual sports also offer a vast variety of games such as tennis, basketball, football, greyhound racing, horse racing and many more that keep your punters hooked. And since the duration of the games is only a few minutes, punters can freely try new sports anytime. These not only deliver an exciting experience but also allow you to effectively hike customer engagement levels at your platform.
Realistic Game Experience
Virtual sports betting offers outstanding and realistic game experience to punters. With motion graphics, 3D and CGI, the games have become advanced and the line between traditional and virtual sports is blurring. Now punters can enjoy high-quality games from the comfort of their homes, anytime.
Reliability
Traditional sports bring a level of uncertainty with them. Players may get injured, sick or sports can get delayed due to bad weather conditions. There are several factors that can also affect players' form as well. But since virtual sports are completely random and results are not dependent on these factors, punters can place wagers without any fuss.
Higher Profitability
Since a new event starts every 2 minutes, virtual sports are more profitable for operators. Punters can place as many bets they like, results are also rendered instantly and there are several bet types to choose from. This ensures consistent cash-flow for operators and also keeps punters engaged.
Credibility
The result of virtual sports betting is determined by a certified RNG along with various complex algorithms. This ensures the sports are not rigged and 100% fair results are provided. There is no doubt that virtual sports betting is highly profitable. It ensures consistent profits, provides punters what they are looking for, results are 100% fair and also delivers realistic experiences. If you are someone who is interested in investing in the virtual sports betting industry, there are a few software options available and you can choose the one that suits your requirements and business goals.
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Custom or Ready to Launch - Which is Right for you?
So you’ve made up your mind to invest in a virtual sports betting business. But what about the software type?
You’ll have two options to choose from. Custom virtual sports betting software or ready to launch virtual sports betting software. The choice will entirely depend upon your business requirements.
If you have a unique idea about your virtual sports betting software and you would like to get it developed, a custom virtual sports betting software solution would be ideal for you. Though design and development from ground up is time consuming, it’s worth it if you are looking to stand out from your competition. Searching for an end to end custom virtual sports betting software provider would be a good start.
If you want to launch your virtual sports software solution quickly, ready to launch a virtual sports betting solution would be perfect for you. You can choose from white label and turnkey as per your needs. With some brand specific customizations, these get ready to launch within a few weeks.
Some virtual sports software providers also provide post launch assistance. This includes customer support, marketing assistance and maintenance services. Make sure you choose a provider that takes care of your virtual sports software solution, so that you can focus on other aspects of your business.
How GammaStack Can Help You Launch Virtual Sports Betting Solutions
GammaStack is a well-established iGaming solutions provider that specialises in delivering world class virtual sports products. Our offerings include fully customised virtual sports software as well as ready to launch virtual sports betting solutions. Our key virtual sports include Football, Basketball, Greyhound racing, Horse racing, tennis and much more. GammaStack not only helps you in investing in virtual sports betting technology and virtual sports betting software solutions successfully, but also assists you post launch.
We arm you with in-depth insights of virtual sports betting market analysis as well as growing trends of virtual sports betting business that helps you prepare better, we provide you complete end-to-end virtual sports software development services, we help you uncover virtual sports betting business opportunities and after the launch of your virtual sports betting solution, we help you thrive with our post launch services that include maintenance services, marketing assistance and customer support.
Want to reap maximum benefits of virtual sports betting investment?
Contact GammaStack today!
Faqs - Why Invest In Virtual Sports Betting Business
No, virtual sports are not rigged. In fact, virtual sports are 100% fair and unbiased as the result is provided by certified RNG and several complex algorithms.
If you are in a rush, you can opt for ready to launch virtual sports betting software solution.
Some of the most popular virtual sports include football, greyhound racing, basketball, tennis and horse racing.
Getting a fully customised virtual sports software gives you freedom to implement your own ideas and build the virtual sports betting solution from ground up. You get maximum control over the design, features, tools, payment gateways and many more aspects. Even after the launch, you get complete ownership of the games as well as the customers which also adds more layers of security.
Virtual sports betting investment is highly rewarding. The virtual sports betting industry witnessed a severe boom during the pandemic and the industry has been growing continuously since then. There is a measurable hike in the number of players, viewers as well as the operators. For the risk part, every business comes with a certain amount of risk. But that can be analysed and understood with the help of marketing research and competitor analysis. Your vendor plays a critical role in determining the success of your virtual sports betting platform. Hence, it becomes crucial to choose the right virtual sports betting software provider who is willing to do the hard work for you.
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