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The sports betting industry has turned itself into one of the most profitable industries across the globe. Even after witnessing its fair share of ups and downs, legal and jurisdictional challenges, it’s evident that this industry is going to thrive no matter what. Today the sports betting industry has successfully evolved itself from land based bookies to full-blown online industry.
When anything becomes a part of the internet, it starts evolving at a rapid pace. It seems like technology can literally solve anything. And now, it even has a solution for all the punters who want betting action 24/7. A new sector has successfully stolen the spotlight in the iGaming industry. Yes, you’ve guessed it right.
It’s the virtual sports betting industry. And its future is in the air. Today, every virtual sports betting software owner knows it’s a highly profitable industry that can help them make big bucks.
So is it just a trend? A hype? Or is the virtual sports betting industry really here to stay? This blog contains everything you need to know about the virtual sports betting industry’s future. Let’s take a look at the future of this lucrative industry that has got everyone talking.
Let’s start from the beginning?
Get Latest Virtual Sports Betting Trends
History of Virtual Sports Betting Technology
Most people believe that virtual sports came into existence just a few decades ago. But, surprisingly, that’s not true. In 1961, John Burgeson coded a fantasy baseball game in his IBM 1620. The size of the program was only 20kb. This event marked the beginning of virtual sports.
After a decade, people were able to experience horse racing machines along with slot and poker in the gaming arcade as well as in the casinos. And the industry witnessed the rise of virtual sports betting.
The year 1980 was the era of technological advancements and computer software innovation. And the same year witnessed the creation of virtual sport titles and advancement in virtual sports betting technology. By the end of 1990, casinos started accommodating computer generated simulation games for the gamblers to bet on. And as the time progressed and as more innovations took place, the simulations got more refined, more advanced, we ended up with what we call virtual sports today.
Impact of COVID Pandemic on Virtual Sports Betting Trends
The COVID pandemic hit every industry differently. There were several that struggled to survive and several that finally witnessed their doom. But that wasn’t the case with the virtual sports betting industry. Instead, this was one of the industries that rose to fame. The Pandemic pushed the punters to try something new. People were already looking for new ways to get entertained. And the virtual sports betting industry filled the gaps.
The COVID pandemic not only increased the number of punters by 30% but also saw a surge in the number of virtual sports betting operators. Several new platforms emerged in a short span of time, offering various virtual sports betting opportunities to punters looking for quick cash while being entertained.
Virtual sports betting is fun to watch, each event takes only a few minutes, offers various betting options, is easily accessible, offers various odds and lastly, is supported by various devices.
Also, the advancements in gaming technology is also blurring the line between real-world events and virtual sports. Today, every virtual sport offers an exhilarating experience to punters on their fingertips, 24/7.
Doubtlessly, the virtual sports betting industry created a fan following of its own in a short time, but the industry is also booming at an unimaginable pace.
Want To Know More On How To Get Started With The Virtual Sports Betting Software?
Future of Virtual Sports Betting Industry
Assuredly, the future of virtual sports betting is shining bright. And the virtual sports betting trends and stats are also extremely impressive. The industry has already witnessed massive growth and there are several more growth opportunities in the future as well.
The industry can witness massive improvement in two areas, bet types and graphics. The graphics play a key role in virtual sports. The better the graphics, the more immersive the experience. Hence, operators that are planning to invest in this lucrative industry must invest in the latest virtual sports betting technology that enables them to craft unforgettable betting experiences.
The second area is bet types. With time, new betting markets will emerge which will add more complexity to the games, and hence new bet types will also make appearances. When punters get access to various bet types, the gambling experiences will be more engaging.
Now, let’s look at some Virtual sports betting trends.
Today, the virtual sports industry is worth around $12 Billion to $15 Billion whereas the complete sports betting industry is worth &131.1 Billion. Virtual sports betting alone makes up 3% to 5% of the revenue generated in the UK by gambling.
In the year 2020, the bets placed on virtual sports were more than the bets placed on real world events. In the same year, around 4.8 Million people watched the annual Virtual Grand National horse race. The industry also saw a hike in virtual sports betting software operators by 11% and enhanced revenue by $2.6 Million.
According to the stats, around 500,000,000 have participated in some sort of virtual sports. Betconstruct alone hosts around 32,00 virtual sports events every single day.
As per these stats, it’s safe to say that the virtual sports industry is not only going to stay for a really really long time, but is also going to grow further, advance and flourish beyond expectations. There are several virtual sports betting predictions that support the unstoppable growth of the industry. Today, the industry is not only thriving in terms of bets but also in terms of viewership, sports, Virtual sports betting software operators and new betting opportunities.
In the year 2020, the bets placed on virtual sports were more than the bets placed on real world events. In the same year, around 4.8 Million people watched the annual Virtual Grand National horse race. The industry also saw a hike in virtual sports betting software operators by 11% and enhanced revenue by $2.6 Million.
According to the stats, around 500,000,000 have participated in some sort of virtual sports. Betconstruct alone hosts around 32,00 virtual sports events every single day.
As per these stats, it’s safe to say that the virtual sports industry is not only going to stay for a really really long time, but is also going to grow further, advance and flourish beyond expectations. There are several virtual sports betting predictions that support the unstoppable growth of the industry. Today, the industry is not only thriving in terms of bets but also in terms of viewership, sports, Virtual sports betting software operators and new betting opportunities. EXPLORE MORE BLOGS FROM VARIOUS CATEGORIES
How Gammastack Can Equip You With Advanced Virtual Sports Betting Software
Equipped with two decades of extensive experience, expertise and knowledge, GammaStack brings you most advanced, innovative and state-of-the-art virtual sports software solutions that enable you to appeal to your customers, enhance engagement, maximise participation, increasing customer retention while elevating your ROI.
We specialise in providing various robust virtual sports solutions that include greyhound racing, horse racing, football, basketball, tennis and more. Our teams of designers and developers craft one of a kind software solutions for you that deliver realistic virtual sports experiences.
FAQs - The Future of Virtual Sports Betting
Some of the most popular virtual sports include football, tennis, basketball, horse racing, greyhound racing etc.
As per the records, the viewership of virtual sports betting is recorded around 500,000,000.
The average worth of the virtual sports betting industry is around $12 Billion to $15 Billion.
Yes, we specialise in turnkey as well as white label virtual sports betting software solutions.
Ofcourse, you can opt for our custom virtual sports software development services and get your unique ideas developed.
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