BETTING-7 is simply a placeholder for a bet that will settle in seven days. Some bookmakers will use different symbols in lieu of a number to represent ‘seven’ to make it more obvious for customers. If someone bets on a horse that wins but is then disqualified for interference or foul play, the bet is void and the original stake is returned.
This sort of wager is popularized by the US state of Nevada where recreational gambling is legal. If you’re a fan of the NBA, you may recognize the 7 Symbol logo which is the state’s official mark. This is because the NBA’s Sacramento Kings are based there and the betting company, Uni-bet, is the official sponsor of the Sacramento Kings.
The logo, however, is not limited to sports betting in Nevada and is frequently used in conjunction with other wagering platforms. For example, the New York Islanders’ logo is a classic example of how a major sports team’s branding can be enhanced through smart branding and merchandising.
Increased Awareness And Education
There’s no question that legalized sports gambling in general has increased awareness of the activity. Through media coverage, books, and online resources, more people are aware of the existence of betting than ever before. Those who engage with sports betting usually begin with live betting then move on to wagering with betting systems or strategies.
However, awareness doesn’t necessarily translate to education. People are more likely to learn about sports betting if they come across an educational piece or video. Stories about sports betting mishaps, such as the infamous 2006 World Cup scandal in France where over €100 million of bets were placed on the wrong teams, are also important in raising awareness. More people are learning about the dangers of gambling but lack the education necessary to understand the nuances of betting on sports.
More Engaged Fans
One of the major draws of legalized gaming is the ability to attract new customers. Rather than forcing potential patrons to leave their homes and go to non-gaming establishments, these places of entertainment allow for a greater number of individuals to socialize and have fun. This is especially beneficial for sports teams and leagues that suffer from a lack of interest or engagement from audiences.
The data backs this up as well. According to a joint study done by the American Association of Advertising Agencies (4A’s) and the American Association of Advertising Agencies (4As), sports fans are more likely than non-sports fans to be aware of and participate in sports betting. This is despite the fact that most major sports betting operators advertise extensively, creating brand awareness amongst sports fans.
The report also noted that sports fans are slightly more likely than other fans to have attempted to place a bet on a sporting event, but that they were discouraged by the lack of available odds or the complexities of bets. The industry, therefore, should consider developing better odds, simplified bets, and more accessible platforms, all of which can increase participation.
While the above indicators all point to an increased interest in sports betting, it’s important to remember that interest doesn’t necessarily translate to interest in betting. People are more likely to try something new if there’s competition, and increased competition in the sports betting space is a good thing. This way, the industry has something to offer everyone, and the products and platforms can improve to meet customer’s needs.
The more competition in an industry, the more innovation there will be, and the better off consumers, in general, will be. The main issue, however, is that because there is no federal legislation that allows for interstate gambling, states are forced to compete with one another for customers, which, in turn, limits the amount of choice available to the average citizen. In other words, if you live in Nevada and wish to bet on the New York Knicks, you’ll have to go through a Nevada-licensed service provider rather than being able to do so straight from NY.
Regardless, at this point, the evidence suggests that the United States sports betting market is undergoing a major shift and that the industry is headed in the right direction. In the coming years, as more states legalize recreational and/or professional gambling, more people will have access to wagering and new opportunities for growth and expansion will emerge.