Sports play a pivotal role in people’s lives. Sports can bring people together and watching major sporting events can become lifelong traditions that families participate in. By simply looking at crowded baseball, football, and tennis stands you can tell how popular sports are in people’s lives.
By using mobile phones and recent technology you can participate in the enthusiasm that the matches generate online and on social media. If you log into any social media app at the time of the match, you may be presented with various ads that showcase a number of online betting opportunities on several online betting sites. However, these advertisements do not highlight any of the risks that accompany online betting from shady, unverified sites.
People needed to be educated about the costs of risking their savings in hopes of making a quick and easy profit by betting on suspicious websites.
High Returns Using Few Rules
In 2018, the Supreme Court ruled that the Professional and Amateur Sports Protection Act of 1992 that had barred states from legalizing betting on sports conflicted with the Tenth Amendment. According to the results of research, it was estimated that 32 states would legalize betting on sports over the next five years. Since PASPA was overturned, 26 states have gone on to do just that.
Research conducted by the American Gaming Association indicated that over $23 million people were expected to bet approximately $4.3 billion. What stood out was that there was a 63% increase in the number of people who would place a bet online that estimated to be around 7.6 million.
The sports betting industry has grown drastically over the past few years as it generated $1 billion in 2020. It is expected to rise six times the amount by the end of 2023. This number would surpass $19 billion if all fifty states would legalize sports betting, which would further give rise to a variety of startups and technology that aimed to profit from the new industry opportunities.
All of this indicates that people stand to make a lot of money from the betting industry.
Certain Risks of Online Sports Betting
New bettors must do their research from credible resources before placing any bets because they can make huge mistakes and suffer losses. However, this risk can be reduced if you make the effort to learn about the betting industry. Experts are aware of the tricks that can make sports betting much safer.
As access to online betting sites become easier, so does the frequency of placing bets. This can be addictive as most of us are already addicted to using phones. However, this is not a problem for adults who use their common sense to use online betting sites and apps responsibly.
Impact of Technology on Online Sports Betting
The National Council on Problem Gaming (NCPG) provided a statement about the issues of online sports betting in which they said, “…mobile and online technologies evolve to create seemingly unlimited types of wagering opportunities.”
Mobile technology has played a significant role in the growth of the online sports betting industry. Computers had made online betting very convenient, but it became even easier once smartphones came into the picture. You no longer have to be at home to place bets, but can do so from the stadium seats as the game unfolds in front of your eyes. The ease and privacy of online sports betting have made it even better.
Young adults and teenagers have also participated in online gambling and betting. 75% of students were reported to have participated in some form of online sports betting through some sport gambling sites.
Blockchain Technology in Online Sports Betting
Technology is improving daily and online sports betting is expected to advance hand in hand. In fact, the arrival of Blockchain technology has already made a big impact in the world of sports betting. The recent boom in cryptocurrency, has caused an increase in awareness and interest. Blockchain comes with various advantages such as the high-speed and low-cost of transactions. Users can bet Ethereum when betting digitally on horse races.
Cryptocurrency can also be used from any part of theworld, because many locations don’t allows deposits or withdrawals through credit cards or debit cards. Blockchain technology also offers transparency. After every transaction, the payouts are recorded, ensuring that everything is fair.
Blockchain technology has further improved the functions of various applications, making them adaptable to cryptocurrencies.
Virtual Reality Betting
Virtual Reality has been fused into sports in various ways. The NBA has included VR technology into their games, so that you cansee a slam dunk from right next to the rim. This allows you to view the matches from a whole new perspective.
Sports betting companies are now using virtual reality technology to create more options for online sports betting. So, not only can you bet on the outcome and the score, you can get a lot more specific. For example, viewers can bet on the possibility of a certain player scoring from a certain space on the court. These particular bets are expected to become increasingly popular as virtual reality becomes more common.
What Steps Should We Take?
Online sports betting and gambling can be made safer. Young sports fans are not aware of the risks involved in online sports betting. Before participating, you need to do some research to place safe bets.
About the Author
Rick is a casual gambler who has experience with online betting. He is a big fan of the National Hockey League and routinely partakes in online sports betting.