Top Emerging Trends in the Betting & Gambling Industries for 2020
Since the beginning of its existence, the sports betting and gambling worlds have witnessed a lot of changes.
What began as an insignificant idea is now a robust concept that’s widely embraced globally. Now, both the global sports industries are improving at a fast-paced speed which renders them almost impossible to stop now.
The modern-day digital innovations led to the occurrence of sports betting online that has since been promising to both online sportsbooks and punters alike. A statistical analysis valued the online gambling and betting industry at $53.7 billion in 2019. A market projection estimates that by 2027, the industry’s worth will grow up to $127.3 billion which is a CGAR of 11.4%.
Further, as the technologies advance, punters can now take advantage of betting websites to make more calculated decisions towards earning more profit. For instance, you can get the latest welcome bonus and free bets from Bettingmetrics.com. On the site, you’ll find hundreds of expert betting analysts and tipsters who give out the best tips and odds in every kind of sport.
What are the Key Trends Defining the Sports Betting Arena in 2020?
The art of betting on sports is at the brink of a high-speed revolution whereby old and outdated concepts are quickly losing their value. The ease of accessibility to the emerging trends through the mass infiltration of the internet and smartphones globally has led to the sprout of customers of all ages.
The fact that betting on sports is flourishing expeditiously means that there are noticeable and distinct improvements which exist in the industry today. Join us, as we show you in detail these advancements.
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Replacement of Hard Cash with Virtual Money
The sports betting and gambling arenas provide a vast array of games and events that have a variety of price ranges. Thus, punters can choose from options such as parlays, money line bets, treasures, and spread betting. Out of this, winners can receive awards or prizes taking the form of either money and/or physical goods.
But, to do away with the challenges related to physical cash, the industries advocate for transactions through virtual money. As such, they enable the distribution of virtual currency that a punter can later redeem as hard cash or use to play more games. Further, it makes it easy for sports vendors to keep pace with their customers’ spending history.
Another benefit attached to the virtual currency is that it offers online sportsbooks the chance to develop personalized market plans as a means of diversifying their customer populations.
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Increased Infiltration of Global Payment Methods
Among the challenges that the sports betting scene is facing includes the legal constraints in different jurisdictions. Some countries like the US and the Middle East are very stringent when it comes to the online gambling scene but permit land-based casinos as they boost their economies through tourism. But, regardless of these restrictions, gamblers can always access foreign sportsbook options with a proxy server and transact using international payment methods.
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Augmented Reality (AR) and Virtual Reality (VR)
The VR and AR already exist in the world of mobile games but they are yet to find their way into the online gambling world. Thus, in 2020, we are looking forward to more online bookmakers incorporating both the AR and VR towards giving bettors a better gambling experience.
We are looking to see this trend penetrate more into the online gambling world so that gamblers can play and interact one-on-one with other participants through a VR headset.
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Betting Through Crypto-Currency
Crypto-based gambling grants the chance to bettors and gamblers to transact and place wagers through Bitcoin and other cryptocurrencies like Litecoin, Ethereum, etc. As such, we expect this trend to sink deeper into the online betting scene with more blockchain casinos developing.
For a punter to deposit into a blockchain casino they will require a crypto wallet. Through that, there’s no sharing of personal information or credit/debit card details, thus, rendering the online bookmaker naturally safe. Additionally, it will ensure that online betting vendors can access their payer bets and games fairly and remitting wins accordingly.
Nonetheless, the cryptocurrency market is highly volatile and largely unregulated currently. But, we hope that various countries will soon regulate the crypto-market which will improve its legitimacy and make it stable.
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The Shift towards Mobile Betting and Gambling
The boom experienced in the sports betting and gambling industries is mainly due to the advancement of technology and automation of services. Thanks to the online betting options that offer the opportunity to bet through mobile devices along with secure and reliable payment options.
The past decade witnessed the boom of mobile platforms that offers consumers the chance to play on the go. Further, the mobile betting sector’s predicted to spiral more in 2020. The trend also includes mobile gaming and it’s predicted to consume more than half of the overall gaming world by 2021.
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Growth in Betting & Gambling Habits
Over the past decade, the gambling world has experienced an upward shift in consumer behaviour throughout the world. Thanks to mobile technology advancement and infiltration of broadband coverage, more people can now access online bookies, therefore, increasing their adoption.
Thus, the majority of vendors are looking to establish and improve their mobile platforms as they take the opportunity of the growing populations within the gambling and betting scenes.