How will online betting develop with further innovation?
Innovation is the driving force behind an industry that seeks to improve and grow. The betting industry is no different, and has made significant strides over the last 20 years to improve the standing of its product in regard to its customers.
The development of mobile devices has been a key factor in the success of the betting industry. Other factors including sponsorship deals with major Premier League clubs
have allowed companies to be beamed into the homes of millions of spectators watching around the world.
Betting operators have not only capitalised on the advances in technology that have provided the opportunity for them to reach new customers, but they have also taken the initiative themselves and created new features to retain users, and accept further patrons to their service.
Online betting has revolutionised the industry and wagering has never been simpler. You can create an account in mere minutes and then have access to betting markets on a range of sports across the world. These have a massive scope and range from horse racing to handball, Aussie Rules to badminton.
Traditional betting remains entrenched in the industry. Accumulators and single outright bets are still as popular as ever, but in-play odds and live betting have transformed the way people wager online. Betting operators must have a great selection of in-play markets available to their customers for all of the leading sports otherwise their product is seen to be behind the times.
The development of the so-called ‘second-screen’
has prompted this rise in live betting. People can watch the game unfold on their television, device, or even at the game itself, and simultaneously bet on markets ranging from corners, free-kicks, points, touchdowns, runs, and wickets, etc. This would have been unthinkable 20 years ago, but innovation through technology has completely changed the wagering landscape.
There will undoubtedly be further changes in the future as live streaming progresses, while the use of artificial intelligence (AI) technology on both sides of the industry will also be an interesting development. As an example, bettors now have access to platforms that provide a formulaic approach to sports wagering.
The Beth betting tool
is a state-of-the-art artificial intelligence program that is able to calculate the best wagering options for horse racing bettors. It uses factors from within the sport such as form, pedigree, weather, and the type of ground among others to provide sage advice for its users. The tool offers these wagering picks by basing their findings on statistics rather than intuition or a bettor`s own research, which might be limited to certain criteria.
This could well be the next frontier where bettors do their utmost to get an edge on the bookmakers. However, sport is anything other than predictable, and the bookies do have tools of their own to remain competitive in the industry.
There will always be another innovation around the corner to address any balance of power. New features are appearing all the time on the leading betting sites, drawing further customers across all of their products. After a period of stagnation, which saw no end to the drawn-out run to the betting shop and the potentially long wait at the till. The betting industry is now a growing machine courtesy of the mobile revolution that shows no signs of slowing down.