The digital wave has brought changes in all the industries. The betting industry is no exception. Over the years the face of the betting industry has changed a lot and all these changes have broadened the business and have improved the connectivity with its audience. From online to mobile gambling the betting industry has come a long way. Around one-third of the money staked globally accounts for mobile gambling.
An industry or business should be quick to catch on the trend to constantly improve itself and improve the customer experience. They need to incorporate the latest technologies into the business to make their operations seamless and effective. This forward-thinking is what helped the betting industry to become successful. The technology is lending a helping hand to create a better future for the betting industry. It has given the betting industry a chance to rise and one of the first transformations that were brought on the industry was the internet.
Internet & Betting
The Internet has opened various avenues for the betting industry. It has created people with the opportunity to place bettings online. This revelation has increased the audience for the betting and gave people a chance to place bets from anywhere at any time. Now people don’t have to worry about visiting a land-based betting shop. People can place bets from the comfort of their home or sofa. The Internet has allowed people to explore the betting industry better and increased the majority of has drastically changed the market for it over the years. As per recent analysis, over 70% of betting is now done online.
Betting is an organised commercial activity between the involved parties. One of the parties places the bet and the other either forfeit or agrees to pay the agreed amount. Betting is also a form of gambling, it is not as uncertain or risky compared to gambling. It includes sports bettings, horse racing and casino games. Sportsbetting have also gained huge popularity and fan base over the past decade. People earlier used to visit a sportsbook to bet on various sports competitions. But that to the digital technology had opened an avenue for the online sportsbooks. They operate similar to a land-based sportsbook allowing the players to bet on games such as baseball, basketball, soccer, hockey, horse racing, boxing, golf, etc.
Here are a few changes that digital technology has brought to the betting industry.
Can you imagine a day without a mobile, desktop, tablet or laptop? These devices have become an important part of a person’s life. The internet has brought people closer and improve connectivity between them. Since the time these tablets, smartphones have come into existence, people have started being more dependent on them. So, when online betting sites have come to life, they have gained popularity as they make betting easier and convenient.
In the present time, it is hard for people to travel from one place to another. So, travelling for a land-based placed betting place may not always be convenient. But thanks to all these devices, now people can simply play from their phones and desktops. Cool, right? All they have to do is download the application or visit the online website to play. They offer all the games that a land-based betting place offers. This advancement has shifted the dynamics for the betting industry and has commenced a new era for this industry. Online betting is here to stay, it has taken the betting industry towards profit and will for many coming years in the future.
Self-service betting & FOTB’s terminals
When a person is visiting a betting store/place, most of them don’t even like waiting in line to play or some of them want to be isolated and prefer playing alone. This is where self-service betting terminals come into the picture. These terminals have allowed the people to place bets similar to a website or a mobile app. They cover all the sports and it also gives utmost control for the customers to play the game. It allows them to play on their terms so it has become a favourite for many sports enthusiasts.
FOTBs are Fixed-odds betting terminals. Thanks to the technology the land-based betting stores are still making money, FOTBs are highly popular in betting shops. People can play their favourite games such as casino games, slots etc. These terminals have brought something new to the table and helped the industry in becoming better.
Improved customer experience
In any industry, it is important to keep your customers happy and provide them with the best user experience. And technology allows that possibility. Wondering, how? The betting industry with technologies help has introduced online and mobile betting to its audience. It is providing users with a sign-up bonus, spin-off bonuses allowing them to play better, better pay-out ratios. It is important to offer seamless payment processing solutions to the customers and with technology this is possible.
Many industry players are tracking customer behaviour to deliver personalized offers and services in real-time to their customers. They are offering security and are installing sensors on the website that detect scam or fraud to protect their customers. The betting companies are using the best tokenization and encryption technologies to safeguard the customer’s payment details in a transaction.
Virtual Reality and AI are playing a huge role in taking the betting industry to the next level. Sport betting companies or online sportsbooks are using VR technology to provide the players with leverage. It gives control to the players to make the choices they seem will bring them wins. Big leagues such as the NBA are also incorporating this technology to provide users with different perspectives.
With this technology, they can choose the players, courts, etc to make the right moves to win. In coming years the players will be placing bets on specific aspects such as speed, efficiency, breakdowns etc. To make wins on such specific aspects the players will need assistance from the latest technology. With VR technology the players can find themselves immersed in the game and get a real-time betting experience.
New technologies will also become of the industry, they promise to provide users with an excellent experience. From the comfort of their homes, players are enjoying the game with the help of digital technology. It has helped users in connecting with other players, devices, etc. The betting industry is also adopting cryptocurrencies and blockchain to meet their customer’s needs. If you think this is the end, then you’re wrong. In coming years the betting industry will become home to many noteworthy changes with technologies help.