The online sports betting industry went through some important changes last year and into 2021. But while the industry suffered a slowdown from the pandemic, it didn’t stop new trends and technological advances cementing the industry as a key option for daily sports fans’ entertainment.
Even with the pandemic slowing down almost all sporting activities around the world in 2020, sector growth was as substantial as ever, with earnings of about $1.5 billion in the US alone, despite it not yet being legal in all states. So, what are some of the main trends that the online sports betting industry has adopted to make 2021 one of its most successful years yet.
Adopting eSports as a mainstream sport option
It’s no secret that the sports betting industry took some severe hits during the first stages of the global COVID-19 pandemic, with most, if not all sports leagues coming to a screeching halt, leaving wagering fans without anything to bet on. Well, that wasn’t and still isn’t necessarily completely true. The industry just needed to look deeper into the sporting world to find the solution they needed to keep their businesses afloat. And, boy, did they find it. eSports, or professional video gaming, is an industry that attracts fans by the millions. Huge revenue streams include live streams, selling of official merchandise, official video gaming tournaments and leagues.
eSports tournaments have become the new thing for sports fans looking for alternative markets. The betting industry saw this emerging niche and ran with it, allowing betting fans to wager on the best eSports tournaments and leagues around the world. In 2021, this trend has continued to grow, with online betting platforms now seeing the value eSports alongside mainstream sporting action.
Thanks to the rise of blockchain technology, which ensures new and improved levels of safety and security when it comes to money transactions, online sports betting companies have seen this as the perfect opportunity to usher in the usage of cryptocurrencies such as Bitcoin, Dogecoin, Ethereum and others.
Cryptocurrencies are known for offering secure payment methods as well as instant transactions without the need for any middlemen like banks or financial institutions meddling in account deposits and withdrawals.
The level of privacy with cryptocurrencies is also one of the main reasons that they have become so popular for online betting fanatics from around the world. Bettors using cryptos remain anonymous, making this a perfect option for anyone trying to keep their online social presence under the radar.
Live and last-minute betting
While sports betting fans come in all shapes and sizes, that does not necessarily mean that they are all just sitting around waiting for their favorite sporting events to happen so that they can put some money on. Most of the up-and-coming fans of online betting are young adults who live faster-paced lives with little time to spare. So, the option of live betting, as well as last-minute betting, has become a popular option and trend this year.
Most online sports betting platforms offer a service for fans to place bets during games. This has become a trending and very popular option not only for busy betting fanatics but also for those indecisive fans who wait until the very last minute to bet. Since technology is such an important part of the betting industry, this has made last-minute and live event betting the most common and popular option that sports betting companies offer clients.