Sports betting is one of the fastest growing industries in the world with a multi-billion dollar turnover every year. Top analysts say the market is poised to experience 8.6% CAGR growth from
2018 to 2022.
Reports further note that the main driver for this growth has to do with the technological advances that have been made. There’s no shortage of digital platforms from which to enjoy sporting events and since the advent of online and mobile gaming, the betting world has seen tremendous growth. If you’d like sports betting explained to understand the latest developments, read on to find out all about the disruptive technologies that are influencing the industry’s growth.
About disruptive technology
Blockchain is one of the many technologies disrupting the betting industry with innovative solutions to problems that have been plaguing the industry for years. For instance, a blockchain startup known as BlitzPredict aims to create an algorithm that will offer gamers with the best odds using an aggregator. With curated betting odds at their fingertips, bettors will be able to make more informed decisions and increase their chances of placing a winning bet.
According to the startup, bettors can also look forward to smart contracts in the near future, which will allow you to automatically place bets based on the odds, thus increasing your chances of winning once again.
It’s no secret that sports analysts cannot be trusted to provide accurate analysis all the time. This will also change as they’ll now have access to a record of their previous predictions on the blockchain. That way, analysts can go back and review their predictions and see how effective they were so that they can make better informed forecasts.
Blockchain technology also promises a solution for one of the longest-standing problems in the sports betting industry- liquidity. According to BlitzPredict, cryptocurrency coins can be utilized to offer instant payouts to bettors that make winning predictions. This means no more delays in payouts and bettors will definitely be happy about that, which is good for the industry.
There are several platforms that show promise when it comes to revolutionizing the way in which the sports betting industry works. They include Scorum, SportsBetsIO, and PredictAV. What makes these platforms unique to what’s currently available in the industry is they allow each player to get paid with a cryptocurrency like Bitcoin.
All of three platforms are growing fast and are poised to receive billions of dollars’ worth of support during their Initial Coin Offerings (ICOs).
Another online sports betting platform worth noting is FansUnite. This ICO is fast gaining popularity because it doesn’t come with hidden fees that can impact your winnings. Plus, we all know that lower fees mean better odds for the consumer.
To level out the playing field, FansUnite also offers a system that limits professional bettors from making massive bets that undercut the little guy. There’s also a reward system that allows players to earn points that can be used for betting and a community program that enables you to earn loyalty points by helping new players. This involves an online forum where experienced players share bets and tips that helps other get ahead.
Not only that, but this platform promises to provide decentralized data and maximum transparency,
where all transactions can be traced without compromising player privacy and data safety.
Because a player’s gains are balanced by those of other players, sports betting is seen as a zero-sum game. Of course, this is what keeps the industry going because it not only benefits the bettors but the bookers as well who get to keep a percentage of the winnings. According to billionaire investor and sports betting advocate Mark Cuban, the best way to increase bettors odds is to increase the quality and quantity of information available on games beforehand thus providing them with the leverage to win.
In order to be effective, this information must come from historical data, pre-match odds, player strengths and a team’s competitive edge. This is where blockchain technology comes in. It will improve analyst predictions by offering cutting edge, timely and relevant data. All told, it seems like blockchain technology is set to bring the fun back to gaming.