As technology has continued to evolve over the years, it has helped other industries find long-term success. The sports industry specifically has seen significant growth in sports betting as a result of technological advancements. Understanding the technology behind sports betting can help those interested in trying it out with their own investments. When looking at the history of sports betting, some of the biggest factors in its evolution include the rise of the internet, the speed of technology, and mobile advancements.
The Rise Of The Internet
The internet first became available to the general public in 1991 and provided basic search services. Throughout the 1990s, as more people added internet access to their homes, the internet continued to expand. During this time, sports betting was not widely available online, as the technology was still not available. At this time those wishing to make a bet did so by either visiting a betting shop or using a telephone service. This would soon change in the early 2000s when the creation of the smartphone significantly increased access to the internet worldwide.
Speed Of Technology
Inventions like the smartphone have allowed technology users to access information faster than ever before. Users can access real-time action and instant updates from a number of sources, including news apps, online search engines, and social media properties. Updates on major sporting events spread across the virtual world at impressive speeds, making it a great resource for those interested in sports betting. By 2005, the industry reported $500 Billion in sports bet placements around the world, streamlining its footprint into the business world.
Since the early 2000’s there have been increasing talk of the use of big data and how the use of data can be used in sports. One of the most notable uses of data was made by the Baseball franchise the Oakland As this took a team with the lowest budget to the World Series and was later made into the film Moneyball with Robert Redford. As in baseball all sports now have a vast array of data available and it is the use of this data that is helping some companies develop winning strategies in the sports betting arena.
The sports betting industry experienced significant success after the creation of smartphones. The well-known iPhone would play a vital role in its evolution, as it opened up the opportunity to create phone applications. Users with iPhones could place bets through a variety of applications dedicated to placing sports bets. The use of smart technology made it easy for anyone to place sports bets in the comfort of their home. In recent years, smartphone competitors like Android have entered the market as well, offering a variety of sports bet placement applications to users as well.
As technology continues to evolve around the world, so will the sports betting industry and how it functions. These advancements will help sports bettors make more informed decisions about their investments to achieve long-term success.