How technology is about to transform sports betting
It is starting to become pretty clear that sports betting is in store for some significant changes pretty soon. While the advent of the internet and online betting has already drastically changed the industry from where it was a decade ago, those changes may only be the tip of the iceberg. The digital revolution is set to change sports betting in ways that may make it wholly unrecognizable to those of previous generations. Instant mobile betting, tech company bookies, oceans of easily accessible data on athletes, computer algorithms, and Supreme Court rulings are all reshaping the industry in dramatic ways.
It is interesting that perhaps the least drastic change the industry is looking at is coming from the highest court in the United States - this should give you an idea of how dramatic the other shifts will be. The Supreme Court is on the verge of a ruling involving the state of New Jersey and the legality of online sports betting and online casinos. Interestingly enough, these two disciplines are often pitted against each other, as explained in this Simba Games article that evaluates the chances of winning in each.
Should the court rule that sports betting is legal, you are likely to see a domino effect across the US. Many professional leagues have already started the first stages of setting up officially sanctioned fantasy and gambling platforms - the NBA is currently leading the charge on that front. While this isn’t a technological change, this possibility of legality has already motivated companies to begin developing systems that will allow them to get involved should it become legal.
An interesting note on many of these systems being developed, most of the big ones set to take over are coming from the tech industry. Microsoft, Google, Sony and more have all begun submitting patents for their own proprietary bookie and data analyzation betting services. It is safe to say that the days of traditional bookie are numbered once these corporate behemoths take the stage.
As for the data, these companies are planning to analyze? Well, that is another game changer itself. Technologies are currently being developed, and deals are being made, that will allow real-time data on athlete biometrics, like heart rate, to be monitored as a game is played. There is also talk of implementing motion tracking cameras and microchips into gear. This will create an ocean of relevant data that an informed gambler will have to sort through. Soon AI will become a necessity to keep up with all the variables.
Coincidentally, this AI is the next game changer. A programmer in Indiana has already proved that he could create an algorithm that let him make remarkably accurate predictions on tennis matches. He inserts metrics like serve speed, and break-point conversions and the computer generates a number it considers to be a “fair bet.” It isn’t always right, but it is correct often enough, about both the winners and prospective risks, to allow its creators to generate consistent profit. This type of insight, or skill-based betting, is gaining momentum all across the betting-gambling world as a key focal point for the future. Even the slot machine industry, with Prime Slots, an online slot machines site as the focal point, is working on skill-based slot games, as mentioned here.
Such data-based insights coupled with the explosion of real-time athlete data will likely mean that the betting of the future will be done solely by robots backed by investors - it is hard to tell how this will effect betting systems. It is hard to imagine a world where someone will bet against a favorite whose backed by thousands of data points - though those underdog winning possibilities might motivate a few to take risks.
One of the major theories regarding the possible outcomes of these shifts is the concept of a stock market style sports betting exchange. High-level bettors will begin making much more sophisticated wagers, or investments, and the sports leagues will also be able to directly turn a profit from the legal betting.
Every one of these changes coming down the pipeline will change the face of sports betting. The fact there are so many significant changes on the horizon in such a short amount of time means that we may be looking at a sports betting scene in a couple of years that is completely unrecognizable to us today.
