Do I Need an Online Sports Betting Account
Online computer programs are being applied to the sports betting industry everyday. Sports betting has become a database of statistics and trends to follow with computer programs for support. New insights and better analysis are needed for success. What will the future of sports betting look like by 2020. You will eventually need an online sports betting account when it is legalized.
Almost all sports betting will take place online. Bettors will use their smart phones or computers to place bets – in real time.
Smart phone apps are readily available from most of the major Las Vegas sportsbooks and casinos. Estimates of all Vegas sports bets via phone apps is 40%. Bettors like the convenience of betting from home or elsewhere without going to a sportsbook. The sportsbook operators prefer bettors in their casinos but they will take any outside action to increase their handle.
The majority of bettors like the festive atmosphere and other benefits of visiting their favorite casino sportsbook. So far, the phone apps have gotten many negative reviews as bettors place phone bets with reluctance. Nevada and New Jersey should improve their apps but be wary of going cellular for a smooth betting process. Visiting a sports book, if you can, is a better venue than a shaky phone app.
Most off shore web based sites have a better layout and user friendly betting experience. Betting on a small screen phone with their software quirks is annoying. Can you withstand the uneven format just to get your NFL pick registered.
Large tech companies will emerge as mega bookmakers
The changing landscape of sports betting revolves around digital applications. Tech and media companies like Google and Microsoft are carefully following the laws regarding sports wagering. When businesses that make billions from digital platforms jump into the sports betting industry, you can assume the entire landscape is set to change.
If the innovations that tech companies bring to other industries is any indication, the sports betting world will witness some significant changes. They will compete against established U.S. and international sportsbook operators.These operators will add new and innovative ways to increase market share.
While predictive technology is gaining ground, it may be a few years to implement a global sports betting network. With tech companies entering the sports book making world, who knows what new advantages or profit making techniques they will provide.
Sports leagues will profit directly from legal sports betting activities
The majority of pro leagues are favoring online sports betting and are beginning to understand ways to increase profits. League officials have already partnered with gambling-related firms and data companies to create opportunities for shared profits. Adam Silver, NBA commissioner, has provided his support for legalized betting.
Professional hockey has approved their latest franchise expansion team in Las Vegas, Nevada. The Las Vegas Golden Knights are a big success within a legalized sports betting environment. Even the NFL is allowing the Oakland Raiders to move their franchise to Las Vegas and their new stadium by 2020.
The NFL is against legalized sports betting but the league approved the Raiders move to Vegas with the legal wagering atmosphere. They (NFL) have their lofty image to portray to the public and will probably not be a part of any shared gaming revenue. Other leagues around the world will share sports betting fees with partnership agreements.
The U.S. online sports betting market – post-legalization – will be the largest in the world and will energize the entire global market of sports betting.
This year, 97% of the 4.5 billion bet on the Super Bowl were placed illegally. Detailed investigations by The New York Times and Congress shows how bookmaking sites operate in the U.S. under the legal radar.
A legalization bill by the U.S. Congress will shift the online sports betting universe into a higher gear. If the legalization does go through, Microsoft already has a patent for real-time bet placing through mobile devices and online sites.
The Las Vegas books have a sports betting monopoly and will be the leaders if federal legislation approves online betting. Microsoft will just be another player in the field but their name recognition will provide trust and acceptance.
The huge potential of an online market in the US
A widespread fully mature online sports betting market in the U.S. would be the largest such market in the world. This according to research from the industry trade publication GamblingCompliance.
When the U.S. gets to that point, sports betting will have changed from the way bets are placed, and who is taking the bets. More sports data analytics service providers will support bettors with in-depth handicapping tools.
“Providing a mechanism for a state to legalize [sports betting] doesn’t have to be rocket science,” said Sue Schneider, an industry veteran. She has testified before Congress and consults on gaming issues. “The rest of the world has been doing this successfully for decades. We just need to look around to see the best practices”.
Pro sports leagues want public bettors
The NFL, NBA and NHL have deals with Sportradar, a Switzerland-based conglomerate that is a major player in the global sports betting industry. Major League Baseball has partnered with Genius Sports, a multi-faceted gambling data firm located in London. Even the NCAA has a commercial affiliation with Sportradar.
These partnerships represent a profound shift in the leagues’ position on line monitoring, the task of tracking gambling data. This technology will identify unusual moves or unnatural money. The integrity of any sport is a major reason to oppose regulated sports betting.
The ability to track statistical data and closely monitor sports through high tech software is prevalent. Old style concerns were relevant a few years ago but have faded with the high tech digital watch dog techniques. It will never be 100% foolproof but is a great deterrent.
With better safeguards in place to counteract any suspicions, the sports betting industry is becoming more self-regulatory.
While the leagues’ stances are shifting gradually, experts say legal sports betting is still years away. It could be legal by 2020 but the betting platforms need to beta test and gain acceptance. The legal betting structure in Europe is well established and Las Vegas is the best platform in the world.
While business is booming, Nevada remains a small portion of the enormous American sports betting pie. Experts estimate more than 90 percent of all sports betting in the U.S. takes place outside of Nevada. It mostly flows through offshore sportsbooks located in the Caribbean and Central America. Moving bettors from the unregulated market to a newer legal one is difficult but a welcome change.
There are dozens of online books, the largest handling more than a $1 billion a month during football season. The offshore industry has evaded U.S. laws and continues to serve America’s thirst for sports betting without the added costs of regulation. It is going to take more than just offering competitive odds for a new regulated market to hurt the established offshore market.
Online off shore operators are a strong competitor
The off shore operators will remain very competitive with their menu of bets, props and live betting. I see a much better variety of bets with off-shore accounts especially their extensive live betting options. It is superior to any Vegas book offering live betting.
Off-shore operators will continue to thrive if US approves legalization. US bettors will probably double or triple in volume if legaliztion happens. Online off-shore books might lose 30 to 40 percent of their American customers. Bettors can mix and match to find their betting zone between the states and off-shore to get bettor odds and options.
A global sports betting network will be a great hedge for all sports bettors
An open betting policy on a global platform is the future of sports betting. The United Kingdom is at the forefront of sophisticated online betting software and the array of betting options available. Before 2006, the UK had an open door policy for US bettors to join and place bets on US sports.
This was available using the popular Neteller clearing house for fast and cheap money transfers. US politicans made it illegal with the 2006 port security bill. The UK lost all US bettors. A real disaster for US bettors who loved the Neteller clearing house and the UK betting formats.
My accounts with spread betting operator Sporting Index and the Matchbook Exchange were a great betting experience. This happened before the 2006 Port Security made it illegal for Neteller and UK betting operators to accept US bettors.
Legislation is hurting potential revenue
Our government crackdown and threats caused Neteller and UK betting providers to close shop to all US bettors. They lost around 50% of their online business. A complete travesty as our politicians attached the illegal gambling act onto the Port Security Bill. One had nothing to do with the other, but Bush had to sign it to look good against terrorism.
A legal sports betting environment will subdue the barriers of the past and upgrade the future of sports betting with global interaction. The betting options and hedge positions will be numerous.
Bettors can compare fixed odds betting in the states with spread and exchange betting in Europe. Global peer to peer betting action will play a large part of the sports betting industry. Bettors will be using Bitcoin or Litecoin to bet directly with other bettors. Will legislation open up the sports betting industry. Only time will tell — the sooner the better.