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How Digital Technology is Changing the Sports Betting Industry

Personal_Finance / Gambling Jan 20, 2020 - 05:27 PM GMT

By: Submissions

Personal_Finance Undeniably, digital technology has been a significant driver of the sports betting industry, with mobile betting and gambling alone accounting for more than a third of all the money staked worldwide. It is estimated that the amount will grow to more than a half by the year 2020, thanks to this technology, given, this is an industry that thrives in utilizing improved connectivity to grow their business.

Times are changing, and sports betting is no longer viewed with the same negativity as before. It is now one of the most popular leisure activities among the growing population, and an income-generating pastime for people from all walks of life.

While gambling dates back to the 15th century, sports betting did not become as popular until the advent of fast internet, and more specifically, the wireless technology. People would bet with their PCs from their offices, but that could have been all there was. Digital technology brought with it a new wave of change; betting was revolutionized, betting companies such as were born, and betting became a fun activity.

Faster betting and instant payouts

Among the developments brought about by digital technology were faster betting processes, and near-instant transactions. Initially that was a dream, and all you could do was bet and wait for the results without being able to do follow up. Withdrawals were cumbersome, and the processes were longer, sometimes involving tedious security checks and sometimes loss of winnings. With the introduction of digital technology came reliable connections, and the betting industry rolled out a better experience for its clients to rival existing high-end casinos.

Online businesses were gaining at a terrific speed, and there were concerns of security, where gaining client trust was paramount. To address that, betting companies have since invested in providing security for clients visiting their websites, as they know it is the integrity of these sites that will keep them in business.  The security assurance has made more and more new customers to feel at ease with these websites, and to transact freely without the fear of getting exposed or losing their winnings.

Mobile technology

The sports betting industry has become a mainstream activity, all thanks to the development of mobile technology. Every aspect of betting has been looked upon, and new features only mean a better user experience. With the larger percentage of persons over the age of 18 years owning a Smartphone, and enjoying more than average internet speeds, it means that betting has been taken to the people.

Worth noting, mobile banking and easy access to funds through mobile also makes it easy for customers to transact from wherever they are. Big betting companies like Betway provide their customers with secure deposits and withdrawal options right from their mobile phones, and that makes it more than convenient for these customers at all times.

Generally, a lot of industries have benefitted immensely from the advent of digital technology, but the betting industry ranks up there among the ones that have experienced the largest growth.

By Tali Haim

Copyright 2020 © Tali Haim - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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