How the Internet is Impacting Sports Betting
Digital technology and the abundance of information is changing numerous industries. We can analyze data like never before, opening up new possibilities and letting us refine how we achieve success.
That definitely goes for sports betting as well as other industries. Internet sports betting got its start when not everyone owned their own computer. Then the industry faced limited connection speeds and processing power as the internet continued to pick up steam.
Then technology went on hyper-speed. It opened possibilities to update betting lines quicker, accept more types of payments, and just in general make the process go smoother. The sports betting industry generated more than $100 billion in wagers each year across thousands of betting sites.
Add on mobile technology. That made it even more convenient to follow the action and place bets. Slow day at work, in a cab, at a party? Place a bet.
It’s increasingly strategic, thanks to that wealth of information. More people have the ability now to access, process and analyze data. That gives them a greater edge as they can check out historical results, player and team strengths and more that give them a better chance of success. It’s still a gamble as you try to predict the future, but digital technology is giving you a great tool and access to a vast supply of information that helps you make sure your prediction is closer to the mark.
Look at the rise of fantasy sports and sites like DraftKings, in which people can put together a fantasy team with their favorite Major League Baseball players. The daily fantasy sports market in general is expected to hit $1.18 billion by 2020. Leagues like DraftKings will likely continue to become riper with the process.
Sports betting is on the same upward path. It will likely make greater strides if online sports betting is more widely legalized in the United States, where sports betting in general is only available in a few states and there remains differences in opinion on whether online sports betting is legal.
People can place a bet legally through a Nevada casino or sports book. And estimates of illegal sports betting are reaching past $380 billion in the United States only. Technology is fueling much of that.
Apps are making it easier to place sports bets, both in Nevada and in Europe where more sports betting is legal. These apps make it even more easy to place a bet.
This technology gives players more access to data. Are the winners going to be the ones who can better access that data? It’s not just betting on your favorite team anymore. It’s doing the research and determining who’s more likely to win. It’s researching every detail you can and strategizing as best as you can. Does that give the advantage to those with the right skill set?
No matter what, it will continue to change the face of sports betting. You can make a bet on that.