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Latest Technological Advancements in the Betting Industry

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Latest Technological Advancements in the Betting Industry

It’s no secret that technology has reshaped many industries, from restaurants to finance to commerce and so on. The betting industry is no exception. Gone are the days when you could only wager in a physical bookmaker or a land-based casino. Now, you can place bets, high or low stake, via your phone or personal computer and at the comfort of your living room. 

New Technologies in the Gambling Industry

The betting industry has changed significantly over time, especially in recent years. Let’s explore the latest technological advancements in this industry.

Mobile Sports Betting 

The gambling industry has undergone an immense shift from physical to online, more so, to mobile sports betting. Punters no longer have to go to a physical bookmaker across their street. They can wager on any sport from all over the globe with just a few phone taps. The online sports betting sector is valued at $67 billion as of 2020. This number is expected to rise to $93 billion by 2023. 

Online sports betting is attractive to most punters due to its convenience and the enormous variety of options. Perhaps one notable thing about it is it grants you access to any betting market, whether horse racing, cricket, or football. Online sports betting allows you to diversify your wagers since you can effortlessly move from one bookmaker to another. 

Blockchain Technology

Another captivating technology that has made its way into the betting industry is blockchain technology. Blockchain allows the use of cryptocurrencies to make deposits and withdrawals from online betting companies. 

Cryptocurrencies are considered a more secure payment method since they offer anonymity. On top of that, each transaction is encrypted and nearly impossible to hack. Punters don’t have to give their banking information when paying using cryptocurrencies. Most online betting companies now allow you to use cryptocurrencies to deposit and withdraw money. 

Virtual Reality Gaming

Virtual reality is another emerging game-changer in the gambling industry. This technology allows you to wager at the comfort of your home while giving you the feel of an actual casino. Once you wear the VR headset, you can walk into a land casino then sit and play poker or blackjack with other players. You’ll get to see everything in 3D. You can also interact with punters and dealers in the casino. 

According to a 2021 report by Brandessence Market Research, the global VR gaming sector will be worth approximately $52.7 billion by 2025. This number is an eight-fold increase from data recorded in 2018. Virtual reality offers you a more immersive gaming experience. Punters now don’t have to go to a land-based casino – the casino comes to them. 

Live Casinos 

Live casinos are gradually reshaping how we play table games. Thanks to this technological advancement, you can now play table games like poker online with other real-life players. All you need to do is log in to the table game interface through your screen. You’ll get to see and socialize with the other players as well as with the human dealer. 

Live casinos make the betting experience more fun and interactive. It reduces the loneliness that may come from gaming at home by allowing you to socialize with others. If you need assistance with anything, there is a live chat option that you can use to converse with the dealer. 

Live casino, however, doesn’t offer a wide variety of games. The games you may find offered in this technology are baccarat, roulette, and blackjack. 

Closing Thoughts

Technology is having an enormous impact on the betting industry. The four technological advancements that are making gambling better and more convenient include live casinos, VR gaming, blockchain technology, and mobile sports betting. These four are offering punters an immersive and more personalized gaming experience.

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