Sports betting has grown into one of the most lucrative industries in the world and its rise is showing no signs of slowing down.
Changes in gambling legislation in the United States is one of the main drivers for the growth, while technology advancements are another contributory factor.
The online sport betting sector has benefited greatly from these developments and looks set to continue to do so for many years to come.
Read on as we take a look at five of the top trends that we believe will help to generate further growth in the sports betting industry in the future.
US states ready to join the party
It is just over two years since the Supreme Court lifted the federal ban on sports betting in the US and many states have already jumped on the bandwagon.
More than a third of states currently have regulated sports betting markets and many more are set to follow in their footsteps.
Washington and Virginia are amongst a handful of states that have passed legislation, while 16 others have sports betting bills.
More than $20 billion has been wagered with US sportsbooks since ban was quashed and that figure is sure to keep rising over the next few years.
New tech will revolutionise mobile betting
Advancements in technology have transformed mobile devices into the ‘must-have’ item for people across the world.
Top gambling operators have already tapped into this by ensuring that their sportsbooks are fully-optimised to work on mobile.
Developments in wireless internet speeds will take things up another notch, with the introduction of 5G opening up a host of possibilities for sports betting.
A sharp rise in the number of in-play markets offered by betting firms is one big trend that 5G is likely to spark in the future.
eSports set to join forces with betting industry
Many traditional sports fans previously treated eSports as a joke, but it is now firmly established as a bona-fide genre in its own right.
Global eSports revenues are already around the $1bn mark, and further growth will follow as more major broadcasters and sponsors get involved.
As noted by Ghost Insights, this will inevitably have an impact on the betting industry, with firms expected to increase the number of markets they offer as eSports continues to grow.
Official partnerships with players and teams are sure to follow as betting brands look to maximise the financial potential of eSports.
Virtual Reality betting set to break through
Betting on virtual sports has increased in popularity over the past few years and tech advancements could generate further growth.
Virtual reality (VR) tech has been on the periphery of the gambling industry for a while now, but it finally looks ready to make a big breakthrough.
Many betting firms will use VR to change their virtual sports betting offering by immersing users into the heart of the events.
From virtual football to horse racing and more, VR is expected to become an integral part of the sports betting landscape in the not-too-distant future.
Cryptocurrencies will shake-up payments
In a world where awareness of the need for online security is at an all-time high, it is little wonder that consumers are latching on to new payment technologies.
The progression from cash to card to e-Wallets has changed the payments landscape and cryptocurrencies could be the next big thing in the betting industry.
Many operators already facilitate Bitcoin transactions and those that don’t are likely to be left behind by their rivals.
The anonymous nature of cryptocurrencies makes them hugely attractive to punters and they are set to become firmly established as a viable payment method.