Online betting has been one of the most profitable areas in the gambling industry. In fact, according to Statista, the global online gambling market is expected to reach more than $94 billion by 2024. With the current changes in the global economy, what you will see on the bet of the day page of your online bookmaker will continue to change depending on market needs.
With this, here are three big online betting trends that we will see this year and moving forward.
1. Rise of Esports Betting
The global pandemic situation had many brick-and-mortar bookmakers closed and sports events cancelled which inevitably affected the sports betting industry. To keep online betting alive, bookmakers turned to esports and virtual games to provide online bettors something to bet on while physical sports had been cancelled.
However, esports betting has long been part of the online gambling scene, but has always been overshadowed by traditional sports betting. Now that the world follows a remote lifestyle, esports tournaments have proven its versatility as it seamlessly transitions tournaments online.
It is still likely that we see the rise of esports betting post-pandemic as the global esports betting market is expected to hit $17.2 billion by the end of the year, according to Wholesale Investor.
2. Exploration of VR Gambling
Virtual reality, or VR, provides users an immersive experience just by wearing a VR set. Popularly used for gaming, VR is now also being explored in the gambling industry. However, while it may seem like a new concept, it’s not. The first VR casino was actually released in 2015 by online casino SlotsMillion.
Exploring VR in the gambling industry had been slow, but with the advancing technology and popularity of VR headsets, it has become a trending experience in online gambling.
According to Juniper Research, VR gambling will grow from $58.5 million this year to around $520 million by 2021. With VR, players or bettors can experience a more realistic and engaging online betting. This is especially immersive with online casino games where players may meet each other online.
As of now, only a few companies, such as gambling software Microgaming, are developing VR-enabled gambling experiences, but if the demand will continue to grow, especially during this time, it’s possible that VR online betting might become a norm in the future.
3. Social and Mobile Gambling
As the market continues to digitalise and as companies develop mobile apps alongside their products or services, it makes sense for the online betting industry to also take on this trend.
While mobile casino and betting games have been available for a few years now, the rise of smartphone usage and the added social element of chatting with other players and participating in discussion boards have cemented the demand for a social and mobile gambling experience.
One example of this is the use of the messaging app Telegram for online gambling. In fact, there are some casino companies that have developed Telegram gambling bots available for the Telegram community. Telegram ensured that the platform would protect the users’ data by implementing end-to-end encryption. The app has now become a platform for online gamers and gamblers to network.
Other trends that we may see this year and in the future are machine learning and AI in online betting. For now, as avid bettors, be sure to keep yourself up-to-date with the latest news and trends from esports to online football betting guides.
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