The global sports betting market continues to grow markedly, thanks largely to the legalization of the practice in various US states.
The global sports betting market is projected to achieve a market value of $45.18 billion by the end of 2024. It will then grow at a CAGR of around 7.49% during the next five years before peaking at a value of $64.82 billion.
Of course, global sports betting is now dominated by online sportsbooks, which leverage various technologies to deliver a safe and rewarding gambling experience. But what are the precise technologies that underpin online sports betting in 2024?
128-Bit SSL Encryption – Safeguarding Financial Data and Transactions
Let’s start with the basics: online sportsbooks create a safe and transparent betting experience at least in part through the use of Secure Sockets Layer (SSL) technology.
More specifically, they leverage 128-bit SSL encryption as a minimum standard, with this integral to the design of their sites and capable of upholding the integrity of your individual transactions.
In layman’s terms, SSL encryption works by hiding the data shared by devices during financial transactions, safeguarding this at both ends of its journey. This encrypted information is almost impossible to hack or intercept, so you can credit or debit your sportsbook account with peace of mind.
But how can you tell if a sportsbook uses SSL encryption? Well, you’ll need to search for the ‘lock’ icon on the left-hand side of the URL bar when the sportsbook is loading. If a site doesn’t have this feature, it won’t be encrypted and may belong to a rogue operator.
The Use of AI When Generating Odds
Sportsbooks have always used a tried and tested formula when creating odds, combining data analysis and implied probability values with a nominal 5% or 10% commission charge.
Key datasets include form, team news, weather conditions and the impact of home-field advantage, while these were once largely accumulated and analyzed by humans.
In 2024, however, online sportsbooks are increasingly inclined to use AI algorithms to research and set odds. This leverages the sophisticated predictive analytics models that underpin AI, enabling sportsbooks to set more accurate and realistic odds that incentivize punters.
This removes the human element and such tools will become increasingly accurate over time, enriching the online sports betting experience while also making sportsbooks more transparent.
Third-Generation Cryptocurrency – Refining the Online Betting Experience
If you browse the current 1xbit casino promo codes, you’ll see that most contemporary sportsbooks allow their customers to deposit and wager using various cryptocurrencies.
These include second and third-generation tokens, which are inherently scalable and capable of unlocking instant (and cheaper) transactions. At the same time, they allow for the integration of smart contracts, creating far greater transparency when it comes to setting welcome bonus T&Cs.
Interestingly, third-gen blockchains and tokens were created in part to tackle the scalability problems associated with Bitcoin and Ethereum.
So, they can contribute to an increasingly accessible and transparent remote betting experience while also making it easier to adhere to the terms and conditions associated with bonuses.
