How the Betting Industry has Capitalised on Technology
The betting industry has enjoyed a revolution due to the progression of technology over the last 15 years. Few businesses have benefited more outside of technology-based companies than the advances made online and through mobile devices.
Perhaps the most significant bonus for betting companies has been mobile betting. Bettors are now able to wager whenever and wherever they are in the United Kingdom, with access to a diverse range of sports betting markets and odds at their fingertips. No longer do bettors need to access their desktops or travel in person to the bookies to wager on their favourite sports. It has opened up the industry to millions and has certainly contributed to the diversification of the industry itself over the last decade or so.
With expansion, there also comes pressure to deliver a high-quality product. The leading operators in the industry have always made a priority of offering their customers the best site, whether it comes in the form of the markets they provide or the value of their odds. The innovation of technology has allowed them to improve the diversity of their offerings.
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Live betting or in-play markets have become arguably the most popular form of betting online. Odds are changed in real-time to allow bettors to wager on actions that happen during a match or event as it occurs. This has been a game-changer for many companies, allowing them to increase the odds and markets provided to their users – reaching beyond 100 in-game markets on certain contests.
The ability to provide cash-out features for their customers has also been a hit. If you’re not offering a function to allow bettors to remove partial winnings from a live bet, you’re being the eight ball. That trend has been continued with the option of live streaming. Now, users with registered accounts can watch live games through betting sites and apps, even when they’re not broadcasted or streamed on television. The top operators in the business provide these options, and are continually looking to branch out even further to stay ahead of the competition.
Areas of technology that were previously seen as a niche are beginning to enter the mainstream. Cryptocurrencies are now being accepted by some bookmakers rather than the traditional forms of payment. Betting companies are also benefiting from artificial intelligence (AI) to help build their markets and odds. Users are also optimising those products to aid their football wagers and horse racing predictions, allowing the technology to remove bias from the equation and base bets off statistical knowledge.
It appeals to the casual bettor, providing quality information to utilise on their wagers without the need for detailed and arduous research. These methods are fledgling at the moment, but, with greater understanding and success, they could become just as integral a feature as live betting and streaming.
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As technology continues to progress and new innovations come to the fore, the betting industry will no doubt aim to capitalise. At its core, there will remain a human element that will always relish placing a wager in person with cash in hand, especially when attending a day at the races. Betting operators have not been afraid to chance their arm with innovative technologies, and have been rewarded with increased activity across their platforms. It will be fascinating to see whether they can sustain this growth over a period of time or if there could be a lull in the future.
