Applause spoke with industry experts Philippe Joos and Dave Pilgrim to get their perspectives on current industry trends and learn from their insights.
One of the most exciting developments is in esports betting. As competitive gaming becomes more mainstream, more sportsbooks are offering odds and betting options on popular esports titles.
Mobile technology
Due to online betting platforms, sports bettors are now able to place bets from the comfort of their homes with ease. A simple tap on mobile devices or computers will open an account, select their sport/team combination of choice, choose stake size accordingly and review and confirm transaction.
Esports’ rising popularity has also spurred an upsurge in betting markets. Thanks to modern smartphones’ advanced technology, which provides realistic gaming visuals and access to rich data insights – online gambling becomes much more accessible to people with limited time or resources; mobile technology has therefore transformed how people bet – something it will likely continue to do over time.
Live or in-play betting
Live betting refers to betting while an event is happening and changing constantly, giving bettors new opportunities as each play of the game unfolds. Live betting can be found across most major sports as well as eSports titles.
Some US sportsbooks provide an array of live betting options, such as moneylines, point spreads and props. Some bets rely on real-time data such as player progression or current scores to make bets; other bets depend on knowledge about specific events like batter-pitcher matchups in baseball to inform bets.
In-play betting can be a very exciting development, yet it carries with it an increased risk of problem gambling behaviors. More frequent bets, chasing losses, and placing uninformed bets are all hallmarks of problem gambling, which in-play wagering only compounds.
Cash-out features
Cash-out betting features allow bettors to settle their bets early without incurring penalties, often as an insurance policy against team collapse or as consolation for reduced losses. Sportsbooks typically provide this feature as an extra layer of security against team losses or as an option to cut losses more efficiently. Cash-out options may be offered on moneyline wagers, point spread bets, parlays and futures depending on their sport of choice.
The findings from this study demonstrate how cash-out features in online betting have revolutionized how people bet. Although these features give bettors greater control of their wagers, they also come with some drawbacks, including making hasty decisions that result in regret later on and fuelling problem gambling by encouraging more betting to compensate for financial loss.
Virtual sport betting
Virtual sports betting entails placing bets on computer-generated sports simulations, often offering captivating and realistic simulations that draw a wide variety of bettors in. Furthermore, such games feature low barriers to entry so they are accessible for many people while often employing security measures that safeguard user information and transactions.
Virtual sports, unlike their real life counterparts, rely on a random number generator for outcomes and therefore have less predictable and higher variance outcomes than real life counterparts. The virtual sports betting market is expected to expand as more states legalize online gambling; already available in New Jersey and Pennsylvania with the possibility of being brought soon in Nevada; its popularity stemming from its convenience and nonstop availability.
Social betting
Social betting (also referred to as peer-to-peer or P2P betting) is a relatively recent phenomenon that is revolutionizing how people gamble. It allows sports fans to place bets with friends without risking real money and experiencing both the thrill of victory and sorrow of defeat alongside an enthusiastic community of like-minded fans.
Social betting’s latest trend is eSports, or competitive video gaming, which has quickly gained a following among younger consumers. Furthermore, many sites now incorporate sweepstakes elements that enable their users to win real cash prizes.
Online betting trends will continue to drive growth, particularly those which target younger demographics and promote responsible gambling practices. Tools for self-exclusion and limits on betting have also become standard features of betting platforms.
