The sports betting industry is currently worth $58.9 billion, with an estimated 30,861 businesses operating in the sector globally. In 2023, the projections suggest that online sports betting will be valued at over $92.9 billion, with the number of businesses also projected to double the current number, according to Statista.
The massive growth witnessed in NJ sports betting online and other local online sports betting sectors rely heavily on data. The growth also depends on the increasing adoption of better technology by online sports betting companies. Most of the future trends witnessed in the online sports betting sector will be data-driven technology solutions.
Technology advances have always birthed different online sports betting trends. Also, the sector’s fast growth gives rise to many new demands from users. With these new demands, different opportunities are emerging. They are set to boost the growth of online sports betting while riding on the wings of technology innovations.
Expected online sports betting trends
Technology is responsible for most of the upward trends in online sports betting. Technology solutions are easily scalable and optimized for most users. The payment methods are also more straightforward, with fewer verification requirements.
Technology will play a central role in shaping the future trends of online sports betting with simpler, more intuitive solutions and better optimization across different devices and platforms. Other than technology-inspired trends, many trends will shape the future of online sports betting.
Here are some of the trends that will shape the future of online sports betting:
- Prevalence of eSports
Virtual sports promises to be bigger in the coming years. They will provide additional betting opportunities and improved entertainment options.
- Alternative payment options
Cryptocurrency payments are expected to rise in the coming years. Many online sports betting platforms are already adopting crypto payments. Still, the anonymity of crypto payments seems to be a bottleneck. Expect stronger regulations for crypto payments.
- Social betting
Online sports betting communities are growing. Many platforms will adopt methods to improve social connectivity among players and allow group betting.
- More online sports betting platforms
Physical betting platforms will experience a drop in numbers. Many will move their operations online, while others will look for means to run an online and physical betting platform.
- Stronger sports betting regulations
Match-fixing and other dubious practices pose a threat to the online sports betting industry. In the future, we will witness the commitment of more resources to monitor games, with tighter laws that will gradually phase out match-fixing.
- Enhanced applications
As the numbers grow, the demands will also grow. Expect the proliferation of more quality applications to improve user onboarding, enforce laws and regulations, promote safe gambling, and optimize the game play experience.
Online sports betting holds huge promises but faces a big challenge in strengthening the integrity of games and the protection of users. The right technology can provide solutions to these problems and further boost the growth of online sports betting.