The betting industry has evolved remarkably over the past few decades, largely due to huge advances in technology. From the monumental rise in mobile technology to big data, several innovations have reshaped the landscape of the sports betting industry. The UK market is full of dominant global companies and startup brands, and it’s easy to find these via thorough compilations of the most suitable betting sites. To gain a deeper insight, we explore the technologies that have had the most significant impact, and we also look into the future and what to expect from this burgeoning online industry.
Mobile Technology
I think we can all accept the fact that the explosion of mobile phone devices and tablets has had a deep impact on UK bookmakers. Mobile technology has facilitated easier payments through e-wallets and other online payment methods, but above all, bookmakers have developed mobile apps that replicate the experience of betting on a desktop. These palm-sized sportsbooks are designed to be mobile-friendly, ensuring that punters have an excellent experience regardless of the device they are using and where they are. The term “betting on the go” is here to stay, and mobile technology has been the biggest game-changer since bookmakers switched on and developed their online brands.
Virtual Sports Development
One area that some still may not have experienced is virtual sports, but those who have will know all about this new dimension of online betting. With the development of graphics and simulation technology, virtual sports events mimic real-life sports, offering punters the opportunity to bet on simulated events at any time of the day. The world of virtual sports betting is particularly appealing during off-seasons or times when live sports events are scarce. It’s no secret that virtual sports betting is growing exponentially, with bookmakers offering an extensive range of virtual games, from football to horse racing. Don’t be surprised to see more niche sports hitting the market in the coming years as VR and AI become more involved – which leads us nicely to one of the biggest leaps in technology this industry is set to experience.
Artificial Intelligence & Machine Learning
It seems we can’t go a day without talking about artificial intelligence (AI) and machine learning (ML), but it must be said that these technologies have already made a significant impact in the online sportsbook sector. They are used in various forms throughout a typical online bookie, such as creating smarter customer interactions and improving best recommendations, while AI has turned out to be a huge help in detecting and preventing fraudulent activities.
Machine learning algorithms are being used to analyse betting patterns and offer more personalised services to members, which, in turn, enhances the betting experience. We have seen a lot from these two technologies, but there is still so much more to come.
Blockchain Technology
The rise of blockchain technology has presented the betting industry with a new potential avenue for secure, transparent transactions. Cryptocurrency, being a product of blockchain, allows for quicker and more anonymous transactions, while Blockchain itself can be used to verify the fairness of gambling, which adds a level of trust for punters.
Plus, the decentralised nature of this technology also means lower fees, which all helps in attracting more people. However, this is all well and good, but a long way is still to go in terms of regulating crypto-based and blockchain technology in the UK.
Big Data
No, this is not exactly that exciting to the betting community but hear us out on this one. Big data refers to the vast amounts of data generated every second, and in the betting industry, big data can be leveraged to analyse market trends, individual betting patterns and even predict outcomes. For example, by analysing past performance data, bookmakers can offer specialised bets to their members. For the punters, this data is not only critical in making more informed betting decisions, but it can create a lot more relevant bonuses and promotions appearing in your betting account inbox.
The Future of the Bookmaking Industry
There are no two ways about it. The future of online betting looks bright as it continues to embrace technology. Mobile technology will keep playing a crucial role as smartphones become even more widespread. Virtual sports are likely to become more realistic and varied. Artificial Intelligence and machine learning will continue to evolve, providing enhanced user experiences and better security. Blockchain technology could revolutionise the way transactions are made (depending on regulatory updates), and big data will undoubtedly play a significant role in shaping betting strategies. It’s a boiling pot of technologies, and we no doubt expect there could be some new technology on the horizon that could blow all our insight out of the water – such is the way with technology in the modern digital era. Ultimately, technology will continue to evolve, and because of its close ties, so will the betting industry.
