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The Internet of Things has influenced the sports betting industry in no small measure. Thanks to this tech advancement, bettors can enjoy a personalized and amazing experience when placing bets on sportsbooks.
But how has the Internet of Things impacted the sports betting industry? Read on to find out how, but first, a quick overview of the Internet of Things.
What is the Internet of Things (IoT)?
The Internet of Things is a remarkable technology that has garnered much interest in recent years. It is widely adopted across several industries and found excellent synergy with blockchain technology/cryptocurrency and artificial intelligence (AI). As a result, it is no longer something theoretical but a system with an enormous impact on multiple verticals.
It is estimated that 127 IoT devices will be added every second. By 2027, there will be up to 41 billion active devices. Connected devices will include:
- Computers
- Mobiles
- Heaters
- Cameras
- Watches
- Smart devices
The Internet of Things is impressive, but how does it impact the sports betting industry? You’re about to find out in the next section.
The Internet of Things: its impact on the sports betting industry
Here is how the Internet of Things has impacted the sports betting industry:
Live betting
Punters see live betting these days as a predominant option because they can place wagers right before a sporting activity commences, unlike regular betting.
Live betting allows bettors to quickly bet on games already in progress. As a result, gamblers can read games and make more accurate predictions even when the sports event is underway, making live betting one of the most beneficial impacts of the Internet of Things.
The odds are never static when it comes to live betting. They are dynamic, i.e., they change constantly as the game progresses. But it usually takes a little while before the odds are updated on the sports betting applications or sportsbook platforms. You can place a wager right before the odds change and cash in big time if you’re very observant and quick.
Mobile applications
The growing number of users of smart devices has made it highly imperative to develop top-notch sports betting apps. These intuitive sports betting applications offer more convenience, better user experience, and overall speed than regular sites.
Every millisecond counts when live betting and using a sports betting app is definitely the best option. For instance, punters can place wagers while taking advantage of Caesars sportsbook deposit promo code and even earn rewards points on every bet they make with any of their devices. They can also withdraw funds, make deposits, and even check sports betting odds on their smart devices. They can even place a bet on an upcoming sports tournament or play a quick hand of poker while cooking dinner. It is that easy.
Withdrawing their earnings to their bank account will only take one sentence, thanks to the Internet of Things.
Easy and swift access to data
Without data, gambling or betting in this day and age would not be thrilling. But unfortunately, it took a little while for sportsbooks to start incorporating crucial data on their online platforms. Before then, bettors relied heavily on external and offline sources to access relevant data.
But things have changed with the advent of the Internet of Things; sportsbooks have created sections on their platforms where bettors can see real-time statistics about teams and individuals, including results from previous clashes.
They can see the formation of a particular game, the squad lineup, including the current form of the team or particular individuals. Such data informs bettors’ decisions when placing wagers on a particular game or team.
2-factor authentication
The internet has birthed multiple ways of making money legally. But also, it has opened doors for miscreants to perpetrate fraud. As a result, fraud is one of the major concerns of organizations across several industries. It accounts for the loss of ungodly sums of money siphoned away via hacking.
The sports betting industry is not safe from these cyber criminals. It is on record that punters perform lapses that fraudsters take advantage of and hack their betting accounts. Then, these hackers withdraw the available funds and make away with them.
As a result of this development, sportsbooks have taken positive steps to safeguard their esteemed customers by adopting 2-factor authentication technology.
Before a customer withdraws their winnings, an OTP (one-time password) is sent to the registered mobile number or email address linked to that particular sportsbook account. This password must be provided, including the regular password for accessing the account, before the transaction is processed and funds are withdrawn successfully to their destination.
This wouldn’t have been possible without integrating and implementing the Internet of Things in the sports betting universe.
Increased deposit options
Sportsbooks have quickly noticed how tech advancements are making people’s lives easier and have jumped on the trend. One such trend involves diversifying they accept their customers’ deposits in order to ensure inclusiveness.
Punters make deposits to their sportsbook account via their credit or debit card, including third-party payment service providers like PayPal, Payoneer, Skrill, Stripe, etc.
Some sportsbooks even accept digital currencies such as Bitcoin, USDT, Ethereum, Dogecoin, Litecoin, etc., that usually run on blockchain technology. This is one of the most secure forms of payment online since cryptocurrency is decentralized, and every peer-to-peer transaction is on record and can never be deleted from the blockchain.
Fast payouts
One of the reasons punters choose a particular sportsbook has to do with how fast they process payouts. Sportsbooks with slow payout options are usually left in the dust in favor of those that offer, guarantee, and provide super-fast payout options.
Sportsbooks have solved the problem of waiting for days by adopting the most appropriate payment solutions, thanks partly to the Internet of Things and other technologies such as the 5G technology that is the rave of the moment.
Today, you can process withdrawals on most sportsbook platforms within 5 minutes, thanks to the significant technological advancement in recent times.
Enhanced customer support
A robust support system can be a deal breaker when a bettor chooses one sportsbook over another. As a result, business-savvy sportsbooks adopt applications such as Zendesk, chatbots powered by artificial intelligence (AI), etc., to help handle customer complaints and inquiries.
If your issue requires the intervention of a human, you will be directed accordingly by a bot and will soon be sharing your problem with a customer service agent.
Believe it or not, the Internet of Things means business. As a result, betting sites have enjoyed a significant increase in revenue generated since integrating the Internet of Things into the sports betting industry. However, only time will tell the extent of the impact of IoT in the sports betting universe.
Featured Image Credit: Pexels
