Throughout the past few years, virtual variants of land-based sports have become increasingly popular. While, perhaps most notably, this is evident from the rise of eSports, the sports betting industry has sought to elevate this simulated consumer-focused service. As a result, this has seen digitally-created betting markets reach new, unprecedented heights. So, let’s take a look at whether this newly-developed form of wagering is more than a mere trend.
Is There Longevity to the Latest Digital Trend?
Although virtual sports betting has only recently become a new phenomenon at various operators, the concept dates back to the early 1960s. Regarding how they work, the numerous digital markets utilise random number generators in determining the result of a particular event. Interestingly, this has been the same since the sector’s origins, highlighting its consistency concerning programming. That said, over time, the market has benefited from technological advancements that have made virtual variants more lifelike from an aesthetic standpoint.
Furthermore, aside from visual improvements, this latest betting emergence has been pivotal in expanding the gambling industry’s consumer base. According to Red Bull, the shift towards virtual sports is proving to be record-breaking, as traditional audiences are beginning to explore revolutionary alternatives to land-based sports at diverse platforms. In relation to horse racing, this is evident from the fact that nearly five million viewers tuned in to watch ITV’s virtual Grand National back in April 2020, as per the Evening Standard.
Although this isn’t indicative of a widespread shift away from more traditional sports betting, it is a testament to the ever-growing nature of digital alternatives. Crucially, having first come to fruition almost 60 years ago, it’s clear that virtual games aren’t merely a flash in the pan.
The Ability to Play Alongside Land-Based Markets
Additionally, one of the other reasons behind the growth of virtual sports betting concerns the sector’s unquestionable flexibility. Unlike land-based sports – which typically don’t have year-long campaigns – there are few limitations to digital alternatives. Their fast-paced nature ensures that markets are continually available to bet on, even during land-based off-seasons. Moreover, there is also depth to the sector regarding available sports. For example, football, horse racing, and motor racing are just some of the widely-offered variants.
Given that the global online gambling market is forecast to grow at a compound annual growth rate of 11.5 percent over the next seven years, it’s not beyond the realms of possibility that virtual sports betting could sustain its new-found popularity. Interestingly, at the time of writing, the sector has proved that it can coexist with land-based betting. At 777 Casino, for example, many of the reviewed bonus-offering operators provide either virtual or live sports opportunities to prospective users. This is great news for bettors as their coexistence offers more choice and availability as well as the chance of further expansion in to yet more innovative developments.
A Fascinating Development That’s Capturing Interests
Ultimately, given the new-found accessibility of sports betting following the rise of mobile-friendly operators, it’s hardly surprising that virtual variants have established themselves as a staple of the industry. In being able to coexist, there’s scope for this emerging market to enjoy a fruitful long-term future.