Technology has had a significant impact on just about every industry but the gambling industry could be considered to be one of the most impacted, with the best sports betting sites all putting in the work to make their platforms easier to use and more enjoyable where users are concerned.
The likes of online sportsbooks and casinos have bought into tech pretty heavily and will continue to make strides in that regard. Technology is improving by the day and online gambling is expected to move in step with it. A lot of focus is being placed on the mobile aspect of betting tech and the biggest companies are aiming their investments in such a direction.
The ability to place bets from one’s computer is very convenient but, even more so, is knowing you could do it from your smartphone. As of last year, there were more than 3.5 billion smartphone owners and reports claimed that over 80 percent of internet traffic was driven by mobile devices. You no longer have to be at home to place your bets or participate in online casino games, you could do that on the go.
The most successful online betting companies are the ones that offer a seamless transition from PC to mobile, meaning the experience on either device is more or less the same. A number of companies also offer rewards and bonuses specific to mobile use.
The advent of blockchain technology has also impacted the industry. The recent cryptocurrency boom has brought more awareness where it pertains to blockchain, with more and more companies taking up an interest in decentralized finance and crypto payments. Blockchain’s ability to facilitate speedy and low-cost transactions has made it quite attractive to the betting market and, in more recent times, the Ethereum blockchain has seen the rise of a platform in which users can even race and bet on digital horses.
Another notable factor when it comes to crypto transacting is the borderless feature. Crypto could be used anywhere in the world, whereas many locations don’t support online gambling and have made it impossible to make deposits or withdrawals using a credit/debit card. Blockchain does away with all of that, allowing users to transact from just about anywhere.
The technology has also made it possible for betting companies to build better and faster applications on various blockchain platforms.
Perhaps the biggest benefit that blockchain brings to online gambling is transparency. Rather than transactions taking place in a black box, all gaming transactions, including wins, losses, and payouts can be recorded permanently on the blockchain ledger. Moreover, games can be configured to be provably fair.
“Users and casino operators can benefit from instant payouts, and by operating in digital tokens rather than fiat, there’s no need to share sensitive banking or credit card information online,” an article from Newsbtc.com explains. “Regulatory compliance can also be baked in as needed. For example, if there’s an upper limit on the value a user in a particular country is allowed to gamble, then this can be programmed into the platform.
“If further proof were needed, the decentralized app (dApp) numbers say it all. While many dApps struggle to gain user adoption, the most popular dApps, by quite some distance, are gambling games. At the time of writing, dApp ranking site Dapp Radar shows that five of the top ten most-used dApps are gambling games – more than any other category.”
Blockchain oracles have also made it possible for live data to be accessed in the crypto sphere. An oracle acts as a live feed of external information such as match scores, stats, and the like for blockchains that would have otherwise had no way of accessing such information. This advent makes it possible for a betting app to be built off a certain blockchain and be just as informative as the ones which grab live data from the internet.
Safe online payments were previously reserved for the big banks and institutions but that is no longer the case as online security is now a big part of what goes on in betting. In fact, gambling companies are pumping more into research and the implementation of the strictest security protocols around.
People need to know that their money, no matter how little, will always be treated with a certain importance and simply don’t want to have to worry about whether or not their cash is safe. Bookmakers are fully aware of that and technological advances have allowed them to make their platforms as safe as possible. Of course, bad actors will always find ways of getting around that but, that’s another area in which blockchain can help strengthen the industry.