In the past few years, we witnessed relentless innovations in technology that completely reformed online betting. Platforms went from simply offering wagers online, to using live data, artificial intelligence and blockchain technology that are offering vastly different experiences. Personalized and more interactive interfaces became standards on many reputable platforms, with some even going a step further by introducing cryptocurrencies and live betting.
Online betting seems to be fertile ground for innovative ideas. The industry is quick to implement fresh concepts to improve users' experiences.
Live Betting and Real Time Data Feeds
Live betting revolutionized the way bettors place their wagers. Before this, we had only the traditional way of placing bets available before the match started, with static bets and odds. In play betting means that bettors can place wagers at any moment, even when the match is in progress.
To place a well-informed bet, players needed live data like changing statistics, AI speculations and predictions, and live commentary from experts and other bettors. Odds are also changeable during the match adapting to new developments on the field.
In practice, let’s assume that there’s a football match in progress. The odds on the next goal might change if the best attacker of one team got injured or got a yellow or red card. The odds of rivals go up in an instant, and bettors can cash in from these prospects. It’s an interactive betting that changes along with the circumstances of the ongoing game.
It also creates a lot of workload for sports betting platforms as they must process thousands of data points in real time and update odds across millions of user interfaces with minimal delay. For this, betting websites usually have only seconds to notify players of new odds.
To get the information to bettors quickly and effectively, online betting platforms use caching and cloud based platforms. Caching means saving information, like scores and odds, in a temporary location that is easily and quickly available. This speeds up updating, especially when thousands of people are betting on the same event at once. Cloud based networks, like Amazon Web Services or Google Cloud, are powerful online systems that store and deliver data from multiple servers across the world. So, instead of delivering information from only one server to every bettor in every corner of the world, the data is provided from the closest server which reduces lag keeping the betting process running smoothly even during big sports events.
By combining fast storage (caching) and smart delivery (cloud services), betting websites make sure users get instant updates, accurate odds, and a stable platform. On the other hand, platforms protect their interests also, by not letting bettors use the delays to profit from old odds giving them an unfair edge against the house and other players.
Voice Technology and Conversational Interfaces
Voice and conversational interfaces are the latest in online betting. Alexa, Siri and Google Assistant have been around for years, growing more capable of interacting live with users. Now, betting platforms are exploring the possibilities of how implementing voice commands can simplify and speed up wagering processes.
Voice betting would allow users to place bets just by using voice commands. This can greatly improve the interaction especially for users with accessibility needs, or casual bettors who are just looking to have a bit of fun in sports betting, NBA casinos, crypto casinos, or any other events. Imagine sitting in your living room saying, “Hey Alexa, place
100 on Denver Nuggets winning against OK City Thunder” and your bet would go through with voice authentication protocol.
This is possible with natural language processing, NLP, which is just AI understanding, processing and responding to human language with high accuracy. Betting platforms are starting to use AI assistants that would analyze statistics and interact with users on the best opportunities for placing wagers. It’s like a bettor’s helper when it comes to sorting through information and finding the best moments and events to place a bet, including sports events, esports, online casinos and everything else found on the betting platforms.
Conversational interfaces are actually chatbots that have been part of mobile apps for years. They were introduced to reduce the humans’ work and to be available 24/7, assisting new bettors, helping with websites, offering personalized service, suggesting promotions and rewards, and managing bets.
We can expect online betting platforms to further utilize voice and conversational technologies to replace humans and eliminate the possibility of errors. This will also open up new markets for platforms, and make online betting accessible to everyone.
Blockchain and Cryptocurrency Integration
Blockchain technology is also having a significant impact on online betting. The most obvious one is implementing cryptos into online betting platforms, mostly Bitcoin and Ethereum, although some meme coins have been picked up recently by gambling websites.
Blockchain offers better services to bettors, like faster and more cost effective transfers, anonymity, and another layer of protecting their personal information. This put the banking system on the back burner since their outdated ways of processing transfers through middlemen and waiting days for the funds to be available are long gone. Some banking institutions started adopting some cryptos recently, but most are too late in the game.
But beyond payments, blockchain enables provably fair gaming which is probably the most important feature for bettors. In the past, online betting platforms couldn't prove to their players that the system was not rigged, and they were not getting ripped off. However, blockchain brought with it a system that forever changes how bettors interact with platforms. It helped to build trust and achieve transparency in the industry that was plagued with shady activities just a couple of decades ago.
Today, players can check the outcomes of each game once it's finished. So, that way, bettors can check slot machines, table games, or any other game relying on random numbers. Also, smart contracts, which are just self executing agreements, can make the whole process go without a hitch by eliminating the human factor. So, now we have payouts processed way quicker once they don’t have to be done manually.
Platforms like Stake.com have embraced this model, blending the speed and cost of cryptocurrencies with enhanced transparency. Some platforms are experimenting with adding native tokens that would allow users to make decisions about operational activities on the platform. The regulations on this are still a major obstacle without a valid and meaningful solution on the horizon, but in the future, Web3 betting platforms might shake up the whole industry.
Artificial Intelligence and Predictive Analytics
Artificial intelligence has quietly become one of the most powerful tools in online betting. For users, AI is used to personalize offers, propose betting opportunities, and manage risks. Online betting platforms rely on AI when it comes to following users' betting habits, their responsiveness to promotions and rewards, interest in sports or casino games, and other patterns of behavior. Once this data is collected, it’s used to analyze what would be the best approach for each individual, by suggesting offers that would be most attractive to the particular bettor.
For online platforms, AI is irreplaceable when it comes to setting up odds and fraud protection. Algorithms sort through a massive amount of information, both historical and real time, to figure out the best possible odds and adjust them as the conditions change. Suspicious behavior is another matter in which AI helps immensely. Fixing matches have been around for centuries, especially in individual sports like tennis and boxing. Online betting had to come up with a solution for these fraudulent activities, and AI proved to be a perfect ally in fighting against any insider activity. Artificial Intelligence is on the lookout for any abnormally large wagers that are out of the ordinary behavior for bettors, particularly if the bet is placed on some vague, less attractive sports event.
Predictive analytics is something bettors swear on. It’s just another feature of AI, that can make forecasts based on past data. So, bettors are using it to predict the weather, scores, injuries of players, statistics, sentiment among players and fans, and everything else that can affect players in the game.
The Allure of VR, AR and Gamification
Virtual reality and augmented reality gained momentum in online betting, particularly in casino style games and esports. Although it’s not yet a widespread occurrence to see VR and AR available, some casinos implement these features. With VR, players can interact with dealers and other players just like they would in a traditional casino, making the social aspect of playing table games available from the comfort of your home.
Augmented reality is a bit different from VR. It can be used on smart devices for, let’s say, live betting where bettors can overlay statistics and other latest information with the interface of the game in progress. AR glasses can be also used to simultaneously get the latest data mashed together with the ongoing match.
Gamification is another trend fueled by technology. It’s a perfect mix of gaming and betting with users having access to leaderboards, awards, completed missions, and other achievements that can keep the players glued to their screens. It’s a cross between gambling and playing games, which proved to be the most engaging activity for users.
Social Betting and Community
Social media transformed the way people communicate, so the betting industry had no other choice but to jump on the wagon. Many platforms now offer community betting features, such as shared bet slips, forums, chat rooms, and tipping competitions. It turns out that bettors love to chit chat among themselves, wallow when they lose and celebrate with their online communities when they win. In any case, it’s just another social element that’s keeping the bettors entertained longer. Consulting with likeminded people proved to be a great boost especially for newcomers who are just starting to figure out the world of possibilities in online betting.
Some influencers and social media personalities are joining online betting platforms to share their betting tips and opinions with other users online. This is especially interesting during live betting when the outcomes can be seen quickly, and bettors can interact with their favorite influencers online. Some platforms are even experimenting with Twitch style live streaming of bets and game commentary, where bettors can compare their bets with streamers.
Esports and Niche Markets
Lately, there’s an explosive growth in esports betting, virtual sports, political elections, and other niche betting opportunities. Popular games like CS, LoL, Dota 2, and many more attract millions of viewers and bettors around the world. This is especially true for younger generations, like Gen Z and younger millennials, who are not attracted to traditional games or sports. Twitch and Discord communities collaborate with online platforms by implementing features of placing bets directly through their community group to the online betting platforms making it accessible to everyone.
Niche markets like virtual sports are gaining footing in online betting. For instance, AI can simulate horse races or basketball games at any time regardless of the season, which can further popularize online betting and keep the bettors engaged.
Challenges and the Future Outlook
With so many benefits of new tech, some risks need to be addressed. Money laundering and other illegal activities, obsessive gambling, and minors presenting themselves as adults to cheat the system are among many concerns. This is why regulatory bodies need to step up and control the game.
Blockchain will continue to bring many advantages to bettors, regulators and platforms alike, but there need to be some boundaries put in place like auditing, surveillance and licensing.
Looking ahead, the innovations will continue to shape the online betting industry. It’s likely to soon face new developments like VR headsets, AR glasses and other wearable devices to amplify the feel of being in a real casino while chatting with others. As long as innovation is matched with responsibility and regulatory oversight, the online betting industry will continue to grow.