The year 2020 was a tumultuous one for the sports betting industry. With the world going virtual, a lot can change. One of the biggest game changers was +400 in US sports betting markets. While this may not seem like much, consider this: up until recently, you would have placed a single-digit sports bet on the Super Bowl and odds were always in your favor. Now, with the game fully embraced by everyone as part of the social distancing rules, oddsmakers are scrambling to keep up with demand as well as keep their heads above water financially speaking. So, with the landscape changing and regulators looking at the industry with a more critical eye, what does this mean for sports bettors? Let’s take a quick look.
The Growth Of Electronic Sports Betting
It wasn’t that long ago that if you wanted to place a sports bet, you would have to go to your local bookie and place a bet on the phone. With the advent of online sportsbooks and the growth of mobile betting, this has all changed. These days, you can place a bet from the convenience of your home or office in whatever state or country you find yourself in. The growth of online sports betting is undeniable and while it brought along with it many positive changes, it also exposed many shortcomings that the industry had to address.
The Need For Faster Customer Acquisition
One of the biggest challenges for bookies and all other sports betting operators is customer acquisition. Back in the day, if you wanted to place a bet, you would have to go to a physical place and give them your money. These days, the game is mostly about marketing to potential customers and getting them to generate revenue throughout the year. The sooner you get these folks on your side, the better. This is because they are the key to your profitability and overall business success. Much like a commercial airline, if you need to upgrade your customers’ experiences just to make a profit, you might as well just pack your bags and find a new destination.
Another major change that came with the new millennium is increased competition. In the old days, if you wanted to place a bet you would have went to one place and you would have gotten the odds from one bookie. In today’s world, with competition surging, you have to work to keep your customers and generate new revenue streams. The more you can do to stand out from the crowd, the better chance you have at attracting customers and keeping them satisfied. Luckily for you, we are sportswriters and understand all too well the need to stand out from the crowd.
New York As A Mecca For Sports Betting
Even before the start of the year, New York was looking to continue its reign as the Mecca of sports betting. After temporarily banning sports betting in the city in 2019, the state legislature passed a bill to remove the ban and allow for regulated sports betting in the state. This provided the necessary framework for many offshore sportsbooks to set up shop in the state and offer their services to New York residents. But it wasn’t only about attracting sports bets from offshore; the city looked to the future and prepared to host a world-class gaming and convention center. Inauguration Day was looking to be quite the celebration as the center would open its doors to the public for the first time.
The Rise Of Mobile Sports Betting
Mobile sports betting has been around for a while now, but it was mostly limited to people using their phones to place wagers on sporting events while on the go. With the Covid-19 pandemic putting a halt to non-essential travel, many people who would normally be visiting New York for the inauguration turned toward sports betting as a way to pass the time. It wasn’t long before books made available on mobile devices changed all that. Now, with the ability to place bets from the convenience of your phone, you can look forward to a more mobile-friendly and streamlined sports betting experience. While it would be great to place all your bets from your phone, being out of state wouldn’t be allowed under the current regulations. So, for the time being, you will have to visit a casino in New York to place your wagers.
What Does The Future Of Online Sports Betting Hold?
Now that we’ve taken a quick look at what +400 means in sports betting, it’s time for us to answer the all-important question: what does the future of online sports betting hold? Let’s break it down.
First, thanks to the growth of online betting and gaming, the industry became largely digital. The casinos and other companies in the space were able to weather the pandemic largely unscathed and kept up with or even exceeded their earnings from 2019. This helped fuel the already growing demand for sports betting and gaming during the pandemic. The revenue generated from online sportsbooks and mobile betting is still relatively new, but it’s already here to stay. And as more and more people turn to online betting, the need for secure, trusted, and convenient platforms becomes more apparent.
Second, consider the cost associated with operating a traditional brick-and-mortar sportsbook. Aside from the cost of opening a physical establishment, you need to factor in hotel stays, travel costs, food, and other incidentals. With so many moving parts, it’s no wonder why so few people in the industry opt for this route. For those looking for a more modern approach to sports betting, the digital space is where it’s at. Thanks to the likes of DraftKings, FanDuel, and others who provide a more streamlined experience while also ensuring customer safety, trust, and satisfaction.
Last but not least, many people forget that the future of sports betting is still largely in New York. Just imagine, being able to place a bet on the day that your team wins the Super Bowl. Or being able to place a college football wager during the season and having it refunded to you if your team wins the all-important College Football Playoff.
While the world focuses on and tries to recover from the pandemic, sports betting and the industry that supports it continue to grow. Those who have the right approach, whether in sports or in life, will be able to prosper in the coming months and years.