Keeping up with the competition is important for companies in any industry and this means being among the first to jump onto technological changes and trends. Technology advances at great speed, especially in the past decade and this leads companies having to rethink their whole approach in order to take advantage. Those out of the traps late or never at usually fall by the wayside.
The online sports betting industry is one that has been met with monumental changes in recent times. Just two decades ago, placing a bet on our favorite sports teams involved walking into a high street bookie. Fast forward to today and we have access to a wide array of sports betting apps, online resources, and far more betting markets.
The Online World Changed the Sports Betting Landscape
It is surreal to think that online betting actually became a thing back in the early 90s. However, it did take a few years before it was mass adopted and had the ability to evolve into what we have now. In the early years, the internet was a luxury and a slow one at that. As internet technology and speeds increased, prices reduced and we now live in times where everybody has access to the world wide web.
Companies that looked to the future were quick to adopt mobile and internet technology while others were left behind. Nowadays the vast majority of sports betting is performed online using small mobile devices. We can enjoy live streams and partake in in-play betting. What’s more, we have a ton of bonuses and promotions to take advantage of.
Paddy Power A Major Example
You only have to look at the leading UK bookmakers to see how many have adopted the latest technological changes to stay ahead of the competition and to be at the forefront of the sports betting industry. We can use virginbet for Premier League betting or place bets on major events such as the Cheltenham Festival and the Grand National. All of this is now done via mobile devices and apps.
Throw in the Paddy Power welcome offer and free bets, betting offers & enhanced odds and you can see why it is one of the worlds largest and most successful UK sports betting sites. Then you have the popular Paddy Power Fantasy, a daily fantasy feature aimed specifically at UK and Ireland punters. In terms of odds & markets, and the numerous live streaming and in-play betting markets, not many can compete with this colossal company.
What Does the Future Hold?
As mentioned previously, technological advancements move at an incredible pace and therefore, leading online bookmakers have to stay one step ahead of the game. In terms of what we could look forward to is the adoption of virtual reality technology in sports betting. VR tech is slowly but surely inching its way into the mainstream and sports betting is one industry it could have a major impact.
You only have to look at the rise of esports to see one area VR could feature. Virtual reality gaming in a competitive sense could lead to more betting markets. Imagine wearing a VR headset and witnessing a competitive game in person whilst placing your bets. Then there is the emergence of blockchain technologies and cryptocurrencies such as Bitcoin. Payments could be quicker, cheaper and more anonymous for those that like to indulge in sports betting.
It truly is exciting to think of what we might have to look forward to in an industry that moves at the speed it has in the last decade.