Sports betting has been around for a very long time. In fact, different forms of wagering have been around ever since athletic competition became part of human society. In many respects, it has changed in 1000s of years. Yet, in other areas, sports wagering has changed dramatically, making it unrecognizable.
However, over the last 25 years or so, we have seen a rapid transformation, powered by the internet, yes, but also fueled by innovations that are both direct and indirect consequences of the web. It has meant that the experience of sports betting itself has changed, prompting bettors to approach it in different ways and altering their expectations of the outcomes.
Here are some ways the experience has changed over the last 25 years:
Live Betting
Technically, live betting has been around longer than 20 years, but its modern form is much more expansive. The key aspect is the term “real-time,” allowing you to instantly place bets as the action takes place. It’s so advanced that you can even bet on individual points in tennis. For bettors, live betting is both an advantage you can switch up your strategy to react to shifts in momentum but it can also be problematic, making you second-guess your strategy.
Market Expansion
The days of simply betting on the winners and losers are gone. In fact, experienced bettors will trawl through 100s of different betting lines, settling on markets that offer statistical advantages. It’s been expanded to areas outside of the game, too, from betting on NBA MVP player awards to the length of time it takes to conclude the Super Bowl halftime show. The choices are immense.
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Advanced Statistical Research
Continuing on from the above, there is now a massive marketplace in providing advanced statistics for betting. Experienced bettors will use this to their advantage, pinpointing value in the odds, looking for gaps between what is being offered and what their models say could happen. It’s caused a shift in betting platforms, too, as sportsbooks are forced to offer markets, usually specific player and team props, to meet the demand.
AI
The zeitgeist entry on this list, we are only starting to get to grips on how AI can transform sports betting. Now, we must bear in mind that AI can’t predict everything in a sports event nobody can but it is inherently valuable in analyzing the streams of data that we mentioned above. AI can spot patterns that humans miss, and it is able to analyze millions of data points within minutes. It’s not a silver bullet for betting success, but it is a helpful tool when used properly.
The Social Hub
Betting is infused with social media like never before. This includes areas like tipster communities to direct participation in wagers on social media. It’s an interesting counterweight to, say, AI, as it allows you to judge what others are thinking and what the contrarian view is. As we said with live betting, it can be advantageous as it can help you form a new opinion, but the polarized views on social media also extend to sports, so it can make you second-guess your strategy.
