The sports betting industry is in a healthy state right now, with people across the world enjoying the thrill of placing wagers on their favourite events throughout the year.
Advancements in technology are powering huge financial growth, helping many regions to reap the benefits of significant year-on-year revenue increases.
For instance, the Legal sports betting sites in NJ generated revenues of nearly $33 million during November – a 55% increase on the same period last year.
The Supreme Court’s decision to introduce new gambling regulations during 2018 has undoubtedly had a major impact on the current state-of-play.
Experts are predicting that the lifting of the ban on sports betting will continue to drive revenues upwards, with around three-quarters of states expected to have allowed the practice by 2021.
Real-time betting is also expected to drive revenues up, as an increasing number of operators are improving that aspect of their service.
Sports events streaming will play a major part in the growth of the sector of the coming year, with punters increasingly eager to follow the progress of their wagers via this method.
Virtual reality, augmented reality and artificial intelligence are other areas that could revolutionise the sports betting experience over the coming year.
Many operators have already tested the technologies and with experts predicting that the AR/VR market alone could be worth nearly $19 billion in 2020 it is easy to see why.
AI and the internet of things will also be big buzzwords in sports betting in 2020, with the technologies likely to become far more prevalent as a mode of exchanging data.
Mobile applications will remain in the forefront of sports betting over the next 12 months, with the operators who fail to fully optimise their sites for mobile devices putting themselves at a huge disadvantage against their rivals.
Research has shown that more than half of people who bet on sports have used mobiles to place their wagers and that trend is unlikely to change for the foreseeable future.
Sports betting operators can also be expected to introduce more payment options during 2020 as consumer habits shift.
Card and e-Wallet payments remain popular, but cryptocurrencies such as Bitcoin are expected to become increasingly prevalent over the next year.
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