A quick search on micro betting will return article upon article about why is a game changer for the betting industry. Terms like “increased engagement” and “revenue driving” are often included in these articles. Despite these terms being perilously close to buzzwords, those righting them are not wrong. In this article, we will see how technology is the vehicle that drives increased engagement and revenue.
Essentially micro betting is a combination of live betting and prop betting. In a live betting scenario, a bet can be placed by the user while the game is still on. Prop betting allows the user to bet on a specific scenario occurring during the match. Prop bets need not relate to the final outcome, namely who won or lost, just that the specific event occurred.
Micro betting allows the user to place a live bet on a specific outcome to occur while the game is on and is a development of keen interest to onlinegamblers.com. They are smaller in the time frame and resolve far faster than bets dependent on a final outcome. For instance, a user could bet on the outcome of the next drive in an NFL game or who the next batter is in an MBA inning. It is this speed of the win-loss cycle that increases both engagement and revenue.
While the theory behind micro-betting has been established it is enabled at a massive scale by technology. One of the most important technological advancements that enabled micro-betting to become a reality was the smartphone and apps. Betting could now be done in the comfort of one’s home with a few simple finger presses on a smartphone’s display. Along with improved payment processing, the app can allow for the speedy topping up of digital wallets and withdrawals of winnings.
Cryptocurrency and BlockChain Technology
Increasingly, sportsbooks are looking to adopt cryptocurrencies as both a payment and withdrawal option for users. This has been welcomed by users for the increased security, privacy, and anonymity that these currencies offer. The user can feel more confident that their wallet won’t be hacked due to increased security features like multi-factor authentication. Further, users can keep their betting private as crypto-wallets do not store personal information.
Related to cryptocurrency, in the sense that it provides the infrastructure on which the currency operates is the blockchain. Some sportsbooks have opted to create apps on these decentralized networks to cater to their more privacy focussed users. The Ethereum network if exploited correctly can open new target markets.
That is not the final word on technological developments for the micro-betting industry. Promising developments in virtual reality technology could be leveraged to increase the already high level of engagement micro betting enjoys. That being said, it is in smartphone apps and the blockchain technology that the most current and successful developments have occurred.
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