In the past couple of decades, the industry of sports betting has witnessed a meteoric rise and is continually creating new opportunities for entrepreneurs to invest and prosper in the lucrative betting world . With the technological innovations and growing affinity of people towards betting, this industry will undoubtedly achieve great heights of success in the near future. The continual upgrades and add-ons in the trends of the sports betting industry is empowering this market and making it relatively more high-tech and prone to success and growth in upcoming years. Whether it’s about integration of cutting-edge technologies or enhancing count of punters, a myriad of factors perfectly convey why this industry is catching the attention of the entire world and luring investors worldwide.
Sports Betting Market Overview
- Cutting-edge betting trends including Blockchain based betting and Crypto-based betting are getting remarkable attention worldwide.
- Ultra-modern sports and markets are getting added and the list of betting options is much beyond the traditional sports.
- Latest betting options include virtual sports, esports, entertainment betting, weather betting and much more.
- Due to legalization, the United States has become one of the fastest growing markets in the sports betting industry.
- The market of sports betting is expected to grow by $144.44 billion in the time span of 2020-24
- Estimated growth rate for year 2020 is 12.91%
- CAGR for market growth is expected to be 11%
Current Challenges in Sports Betting Industry
- COVID-19 has Caused Severe Impact on Sports Betting Industry
As we are already aware about the current scenario of the world and we are visualizing the adverse effects of COVID-19 pandemic worldwide. It has affected almost every industry including sports betting world. For revenue recovery and enhancement, sports betting businesses need to inculcate something exclusive and enticing for their users. Including aforementioned trending and unique betting types in their sports betting business model can entice punters towards their platform. The exclusive bet types such as weather betting, celebrity betting, etc can catch bettor’s attention in a significant manner.
- Punters Demand Exclusive Betting Types that is Beyond Traditional Betting Options
Nowadays, everyone desires for something exclusive that differs from the traditional and default options that they are seeing since ages. Punters demand unique betting options where they have multiple layers to explore and enjoy. Along with betting on traditional sports like Football, Basketball, Baseball, Hockey, Soccer, etc, they want to try their luck and skills over something out-of-the-box and trending. Modern betting options such as entertainment betting, weather betting, novelty betting, etc are some of those choices that can fulfill the demands of punters belonging to today’s world.
Types of Betting Softwares in the New Betting Era
- Esports Betting Software
Esports betting is an entirely exclusive yet exciting betting concept. The bettors can now place bets not only on traditional sports like Football and Hockey but can also try their luck on esports like Call of Duty, League of Legends, Fortnite, DOTA 2 and much more. Esports always appear enticing for the gamers and if they will get a chance to place bets on their favorite esports leagues, it will surely be a happening thing for them. Esports betting not only excites the users but also appears as a new revenue generation stream for the businesses. Getting the feel of the favorite esports game along with the ultra-modern betting features is the most desirable concept for every iGaming enthusiast.
- Virtual Sports Betting
Virtual sports betting involves placing bets on virtual sports including virtual Football, virtual Basketball, etc and their outcomes are calculated on the basis of a computer algorithm which follows an unbiased way of choosing a winner. Virtual sports are integrated in betting platforms in such a way that it gives a perfect touch of realism to the punters. Virtual sports betting has turned out to be a trending and on-demand betting option that engages a myriad of punters worldwide.
- Weather Betting Software
If you get to hear that you can not only place bets on the traditional sports like Basketball and Football but can also showcase your prediction skills by betting on the weather of your city, wouldn’t it be exciting for you? Of course, it will be ! Though it will sound crazy and imaginary but it is actually possible. The concept of weather betting is entirely new and exciting for the punters. They can place bets on rain, storms, temperature, snow, etc, just the same way they bet on different major sports. Bettors can place bets on the predicted city temperatures by predicting whether it will be a high temperature, low temperature or a rainy day for their city. Betting on forecasts is entirely enticing for the bettors and thus catches the attention of an array of punters. Betting options supported in online weather betting software include:-
-Seasonal Weather Lines
- Political Betting
Political betting is quite an exciting betting form for the audience that has affinity in politics and its related news. Punters get the chance to place bets on the political outcomes and earn money. Political betting is a branch of entertainment betting that always seems enticing and unique for the bettors. There are mainly two ways of political betting:-
-Online Sportsbooks Software
- Celebrity Betting
Celebrity betting is quite an interesting category of betting whose markets revolve around the special circumstances associated with different celebrities. Most of the time, punters seek something enticing and thrilling that is different from regular monotonous betting and celebrity betting proves to be one such exclusive bet type. Punters find it interesting and unique to bet on scenarios like a celebrity getting arrested or married. Celebrity betting is a kind of entertainment betting and possesses multiple interesting and tricky betting markets.
- TV & Novelty Betting
TV and novelty betting are also sub branches of entertainment betting that work in the similar way as sports betting. For example, if a bettor is fond of any TV reality show and desires to back any particular contestant , he/she can do it the same way he does it for any player of a Premier League. Multiple novelty markets are covered in TV and novelty betting including:-
-TV Talent Shows
-Popular Sports Personality
and much more
- Addition of Exciting Sports Options for Betting
Along with traditional sports including Football, Basketball, Baseball, Hockey and many more, the punters can now place bets on exclusive sports categories including:-
Placing bets on these exclusive sports is similar to the way in which bets get placed on the traditional sports. Multiple exciting betting markets are supported for these game types that engage multiple bettors and open a new stream of revenue generation for bookmakers or sports betting businesses.
Latest Trends in Betting Softwares
- Betting Automation
With the technological advancements, almost every industry has turned its wheel from manual towards automation & sports betting industry is no exception. Sports betting has also become automated with the commencement of new ventures like trading bots. The sports betting platforms are getting integrated with multiple features involving automation. Betting automation is nothing but computerised betting that comes with pre-defined rules for automatic placement of bets.
A punter creates a rule saying: when WOM of horse gets more than 80%, automatically place back bet as per current trading price.
- Big Data Involvement for Sports Analytics
Big data is quickly entering the sports betting world and most of the bettors have commenced developing prediction models for taking crucial betting decisions. Sports analytics always play a crucial role in the sports betting market and the contribution of Big Data in analytics is undoubtedly adding value to it. As we all know, the task of sports analysis is always taken care of by sports professionals, operators and mindful punters for a long time. But as the size and scale of the market has not remained the same and is continually enlarging thus something extraordinary like Big Data analytics is demanded to make the analysis process more aligned and precise. Big Data sports analytics models give attention to every granular detail including player’s movements, scoring history, etc thereby offering clear and reliable data. Along with text, it can also analyse videos and pictures thereby offering an improved sports analytics for the punters.
- Blockchain Integration
Integration of Blockchain in sports betting platforms can hike the performance level of these platforms to a significant extent. The immutable nature of blockchain brings transparency and security to the betting operations. Blockchain eradicates the issue of data integrity in the betting platform as it decentralizes the data which means the bettors need not rely upon any centralized party for wagering. The chain involving data providers, operators, agents, etc gets shortened as blockchain integration decentralizes the data, making it publicly shared thereby reducing the possibilities of illicit tampering and streamlining the entire process flow.
- Crypto-based Betting
Crypto based betting enables the punters to carry out betting transactions via cryptocurrencies including Bitcoin, Ripples, Ether and many more. Cryptocurrency support in the betting platforms makes it convenient for the bettors to make payments in their desired digital currencies without staying worried about the security concerns. Crypto-based platforms help the sports betting businesses to engage more count of audience towards the platform as punters firstly look for a flexible and easy-going payment option in the sports betting software.
- VR and AR in Betting
Virtual reality and augmented reality have already caught the attention of the entire world. Integration of VR and AR in sports betting can boost up the excitement index of the platforms to an unimaginable height. VR and AR can bring more realism to the sports betting platform by offering the punters exact feel of placing bets on their desired sports. VR and AR have already popped up in mobile gaming applications and have earned great attention. Including them in the sports betting niche will be a great engaging factor for the industry. Though VR requires additional equipment, AR is conveniently accessible through different smartphones.
If you desire to enhance your existing sports betting platform with such trending and engaging betting types or want a betting platform integrated with exciting betting options, then GammaStack can be your one-stop destination. We offer top of the line and engaging sports betting platform that is integrated with all the high-end features and multiple enticing and exclusive bet types that can take your betting business to desired heights of success and prosperity.