Sports betting has been around for about as long as there has been competition. In ancient Rome, wealthy patrons placed wagers on chariot races and gladiator battles.
The legalities around it vary depending on where someone places a bet. Wholesale betting is legal in the US and EU. Yet, states and countries can choose to allow or ban sports betting as they wish. Online betting technology is growing quickly. Platforms like 22Bet login have made betting a popular activity. Now, people can bet wherever and whenever they want.
What’s next in the evolution of sports betting innovation? All signs point to microbetting. This growing industry may reach $20 billion in bets by 2027. This in-play option lets sports fans bet as much or as little as they like. It adds real-time stakes and excitement to every event.
What is Microbetting?
Microbetting lets you bet on specific moments during a game, not the final result. One key reason for the microbetting boom is the increase in options. Bettors have more choices, and they are placing more bets.
“Microbetting will grow significantly in the US. By 2024, it will make up over 50% of all bets,” said Todd Kobrin, CEO of the bet placement app Oddsium, to The Street. Kelly Brooks, CEO and co-founder of the sports betting AI platform Quarter 4, agrees. “Microbetting engages fans as well as bettors due to the instant satisfaction of betting on live play-by-play events,” Brooks said.
How Microbetting Boosts Fan Engagement
Traditional prop bets focus on teams, players, and games. They settle only after the games finish. Microbetting happens in an instant, providing another level of excitement and immediacy.
The possibilities are nearly endless. There’s an immediacy to these bets that can entice fans with quicker payoffs. The faster microbets resolve, the faster fans are back in play for another bet. Winning microbets can spark excitement. They often make the experience more rewarding than waiting for a game or match to finish.
Challenges of Microbetting
That’s not to say there aren’t some obstacles to deploying microbetting. At the top of the list is the technology to drive microbets at scale and resolve bets immediately. Reconciliation can no longer wait until contests are over.
Other challenges include:
Immediacy
Microbetting focuses on moments in sports. As such, latency becomes a significant issue in delivery. Delays can frustrate bettors and cause bets not to be placed. You also need advanced engines to handle microbets well. They start betting cycles and queue new bets and payouts.
Complexity
Microbets increase the complexity of the sports betting experience. They create richer betting options for fans. They need solid technology to back the variety of products that will attract more people.
Fraud Potential
Whenever money and technology come up, people often try to cheat the system. They may commit fraud or steal money from others. Robust cybersecurity must be a key component of any microbetting solution. Users must be confident that their money, accounts, and personal information are safe.
Microbetting platforms must have solid cybersecurity. They also need to be alert to block fraudulent bets and practices from the stream.
Gaming Addiction
Alex Russell is an associate professor at CQ University in Australia. He also works with the Experimental Gambling Research Laboratory. Recently, he expressed concerns about the risk of addiction. “We found that there’s a very strong link between microbetting and gambling problems,” said Russell. He notes that people can fall into a pattern of continuous betting or chasing losses. Continued betting makes it harder to keep track of how much money is being spent or lost.
In a survey of microbettors, researchers identified over 70% as problem gamblers. Additionally, 17% had a lower risk of issues. Just 5% did not show signs of gambling problems.
Platforms need to set up guardrails and rules. This will help prevent gambling addiction. The speed and ease of placing bets can lead to problems.