With the United States and other international jurisdictions removing legal obstacles for online sports betting, sportsbooks will continue to seek an edge over new competitors. Similar to the first wave of digital sports betting, companies will leverage innovation over the upcoming decade to prevent the loss of market share.
The most significant technology to impact Canadian betting sites and other North American services will include virtual reality, jurisdiction-free wagering and the upcoming blockchain revolution. VR promises to provide incredible new ways of placing a bet on games, while blockchain tech and jurisdiction-free wagers will lower costs for players and promote greater privacy for online betting activities.
Betting on Virtual Reality
Major pro sports leagues like the NBA have already embraced the myriad possibilities of VR, which allows the viewer to witness basketball greats from an amazing new perspective. Viewers have the option of setting up the camera next to the rim to witness Giannis Antetokounmpo dunking from the free throw line.
Sportsbooks will use virtual reality to create a new suite of sports betting options for punters who want to leverage in-depth knowledge of the sport. For example, basketball bettors can use their headset and controls to select an area of the court and place a wager that a specific player will hit a shot from that area.
These types of “micro bets” will become more prominent, including props which focus on extremely specific aspects of the sports, including speed, efficiency and breakdowns of individual plays.
Despite the loosening of sports betting laws across numerous markets, sportsbooks still have to deal with governments and local authorities who wish to increase their control over the industry. Restrictions on betting limits and wagering types will be removed, but the most important aspect of jurisdiction-free wagering will be the avoidance of taxation and privacy for players.
Instead of offices and servers on solid land, future sportsbooks will have the option of creating a floating betting empire, anchored just outside of land-based laws. As such, sportsbooks will be able to operate in international waters, with a continual satellite uplink to maintain contact with vital wagering databases.
Companies which operate without jurisdiction will be able to enjoy significant operational advantages, passing along these savings by reducing the burden for their customers. Sportsbooks forced to stay on the mainland won’t be able to offer the same low-cost betting as offshore services.
Blockchain Currency Betting
Another technology which will become more prominent over the next decade will be the blockchain, which is already in use among many sportsbooks. Many companies have been accepting Bitcoin for wagering deposits over the past few years. As blockchain tech continues to proliferate, numerous cryptocurrencies will be accepted by sportsbooks which are capable of processing these types of transactions.
Similar to the concept of jurisdiction-free wagering, blockchain currency promises to uphold the privacy of sports bettors while allowing sportsbooks to operate at a lower cost threshold. American and Canadian online sports betting sites will be unlikely to adapt to the rise of blockchain transactions as quickly as companies which have already been accepting Bitcoin, Ethereum and other digital money.
Technology Will Separate Betting Winners and Losers
Over the upcoming decade, sports betting sites which implement VR, cryptocurrency and wagering without jurisdiction will have a notable advantage over companies which aren’t capable of adapting. Just like the first wave of online sports betting, players will flock to services which provide superior value and privacy.
The rest of the industry will struggle to compete with innovative companies as players reject older methods of betting.