PLACE YOUR BETS
The latest on the online sports betting boom
The online sports betting market has exploded since 2018 when the Supreme Court opened the way for states to legalize betting. Given the increased popularity of esports, the accessibility of online betting platforms and the emergence of new technologies, the sports betting market is projected to continue its powerful momentum. Savvy sports betting companies are now expanding their reach by providing timely social commentary on the latest buzz in sports and betting lines while incorporating the latest sounds and hashtags into their TikTok videos.
Read below as we place our bets on where the industry will go next.
Wagering on individual short-term plays during a game, such as who will get the ball or how many yards will be gained, is a new type of betting - micro betting. Apps such as Jake Paul founded Betr is a micro betting-focused sportsbook and media company that enables bettors to bet on every moment of every live sporting event. Currently, micro-betting makes up 25% to 30% of all in-play wagering and could reach as much as $20 billion by 2027. However, a word to the wise - these increased betting opportunities raise the stakes for potential scams using fake insider information to place guaranteed bets on upcoming games- so place your micro bets wisely.
AR & VR BETTING
Online sports betting is transforming, thanks to the latest developments in Augmented Reality (AR) and Virtual Reality (VR). Bettors can view live odds and relevant information on a live game and receive real-time updates on the odds as they watch the game, helping them make better betting decisions. It can also create interactive games where bettors can wager on specific markets, such as next-team-to-score, and can help reduce the risk of problem gambling as players use VR technology to make simulations that let people see what happens when they gamble too much but in a safe, controlled setting.
Recently acquired by Fanatics for $150M, PointsBet is an online sportsbook operator which has been one of the more aggressive in the market. Inking a $500M deal with NBC Sports, they are pioneering Gen Z-focused marketing strategies. These include partnerships with colleges and universities, allowing them to display signs at schools’ football and basketball venues, along with employing brand ambassadors (including former professional golfer Paige Spiranac) who promote the company on TikTok and Instagram.