Betting
The Future of Betting: Trends and predictions
Few industries are as constantly evolving as the online betting one with some Sportsbooks in 2024 looking almost unrecognisable in terms of the betting markets and products they offer in relation to a couple of years ago. But it’s not just what you can bet on that’s ever-changing. Let’s consider what else could be dramatically different in betting over the next few years.
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Crypto will become used far more
Cryptocurrencies and Bitcoin in particular are already accepted at some Casinos and Sportsbooks but it’s possible that almost all will accept them in the next few years as customers embrace the greater anonymity that comes with using them, in comparison with more traditional payment options. Whether that will involve actually wagering in ‘crypto’ rather than just depositing in it (and having it converted to a fiat currency), remains to be seen.
The Battle of the Learning Machines
Bookmakers are increasingly using AI and machine learning to enable the identification of patterns and trends in historical data, allowing for the development of more accurate predictions and forecasts, which leads to more accurate odds-setting than ever before. Then again, so are the more tech-savvy punters out there. They’re using the same machine learning (technology) to try and find betting value in the odds set by the bookmakers. So it could well come down to which of the two has the better technology, or uses the same technology better, in terms of who comes out on top: bookmaker or punter.
VR and AR to be the norm
There are already some instances of Virtual Reality (VR) and Augmented Reality (AR) being used in online betting, most notably at online casinos, where players can have similar experiences to what they’d have at an actual land-based casino. The surroundings such as carpets, furniture and plants will seem ‘real’ while sounds and smells will also replicate a real casino and in addition to that, you can verbally interact with other players and croupiers. Sports betting will be next with customers being ‘virtually’ transported to the stadiums, arenas or racecourses where the events they’re betting on are taking place and enjoying an experience similar to physically being there. This won’t be considered something strange and cutting edge but rather, the norm.
eSports to enjoy the popularity of the biggest sports events
The rise in popularity of eSports betting has already gone through the roof in recent years. Those loving the idea of betting on players taking each other on at video games tend to come under one of two categories: fans of eSports who have decided to embrace betting on them, and people who were already sports bettors who embraced the new concept of doing so on eSports! eSports betting is already big business for Sportsbooks, some of whom offer livestreaming and special offers around big eSports events, in addition to numerous betting markets. If the trend continues, betting on the very biggest international eSports tournaments could rival a tennis Grand Slam or a Golf Major for betting interest on it.
James has been writing about cricket, football and tennis betting for the best part of 20 years for some of the biggest operators, websites and publications in the industry. Heroes and heroines include Paul Scholes, Chris DiMarco, Anastasia Myskina, Richard Gasquet, Nat-Sciver Brunt and Kumar Sangakarra.
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Social media opinions could move millions
The concept of online betting tipsters and successful punters posting their sporting selections on X, Instagram or the like, for others to follow, is hardly new. But as social media channels grow even more in popularity, so does the concept of communities who are ‘in it together’ against ‘the man’. Or the bookie as the case may be. We might in the future have the sports betting equivalent of what happened with the GameStop short squeeze in finance, where thousands of Reddit users conspired to buy shares in the land-based video games store and caused the company’s share price to soar. Even though thousands of gamblers all betting on the same thing won’t affect the sporting event’s outcome, it could mean huge losses for Sportsbooks when these gambles come off.