Over the years we have seen massive changes in the gambling industry. Notably, the rise of technology which has led to the emergence of online betting platforms.
These platforms have experienced massive growth, particularly during the pandemic where land-based casinos have been forced to close. The sports betting sector has used technological advancements to become more popular as regulations around online gambling ease in many countries worldwide.
Here are some of the biggest technological advances the sports betting sector has seen:
With the emergence of cryptocurrency has come the rise of cryptocurrency gambling. Cryptocurrency like Bitcoin and Ethereum are being used for a range of online transactions, including online sports betting. There are many benefits for both casino operators and players to using cryptocurrencies.
For operators, providing crypto as a payment option is generally cheaper, as money does not need to be spent on third-party services to process transactions. It may also be considered a safer payment method for both operators and players. Most cryptocurrencies use blockchain technology, which ensures privacy for sports bettors. Players do not need to provide their personal or banking information to online bookies when making a deposit.
Another plus of cryptocurrencies is the fast transaction speed. Many banks take several business days to process withdrawals, which can be very frustrating to players. Cryptocurrencies are processed instantly and are hassle free as there aren’t a lot of laws surrounding their use.
An example of a great online cryptocurrency casino is 1xBit. 1xBit accepts Bitcoin and provides players with the opportunity to play in the live casino or place live bets on numerous sporting events.
You can find the best UK bookmakers online with excellent odds on a variety of sports betting markets as well as non-sports markets, if that’s your thing. And you can find sites that help you weigh up the pros and cons of the hundreds of online bookmakers available. By doing some research, you will find betting sites with bonus deals and odds in both real money and crypto. Plus, many of these sports books give you free live streams along with more betting options on in-play markets!
VR technology is known to be used in many online casino games; however, the concept of VR betting is relatively new. This transformative technology is sure to change the betting industry. The NBA has already incorporated VR technology to allow fans to enjoy basketball games from a different perspective. With VR technology, fans can enter the games and experience it as if they were on the actual court.
With VR betting, fans could place bets on where they think their favorite player will score from or what play the team will run. The concept of VR betting is something that betting companies are already exploring and is sure to create a lot of positive odds for punters and players in the future.
There are many countries with laws and jurisdictions which prevent people from placing sports bets both in person and online. This has led to the idea of jurisdiction-free betting where betting platforms can operate legally from international waters. Using a satellite uplink, betting companies can offer their services to people in countries where betting is banned or restricted.
Cryptocurrencies, VR and jurisdiction-free betting are just a few of the technological advancements that have rocked the sports betting industry. Over the years we can be sure to see new developments that are going to completely transform the sector.