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The global sports betting industry is growing rapidly in recent years, with market experts projecting it to reach $143.73 billion in value by 2027. That represents a compound annual growth rate of 10.68% from 2023-2027, powered by several factors including the extensive digitization of the industry.

This digital revolution has changed how punters access and place their bets, driven by tech innovations and other rising trends in the market.

Here are five key trends shaping the future of the global sports betting market in 2024.

Online sports betting on the rise

Land-based sports betting will continue facing stiff competition from online betting sites due to their convenience, accessibility, and changing consumer preferences. With reliable online sportsbooks like DraftKings growing popular, punters can enjoy a host of unique features like the rewarding bonus at  Sporty Trader, improved user experiences, and advanced analytics. Additionally, these digital platforms leverage innovative technologies like Artificial Intelligence and machine learning to cater to the changing preferences of tech-savvy punters.

Use of big data and algorithms

Big data and algorithms are leading the way in tech innovations within the digital sports betting market. The huge amount of information received during a sports event is leveraged using these innovations to give bettors valuable insights to make accurate predictions. The information harnessed includes historical performance, statistics, injury reports, and more.

Using advanced algorithms to analyze the vast amount of data available to punters enables them to mitigate their risks when placing bets. It also allows punters to enjoy a more personalized gaming experience that’s tailored to their unique preferences.

Deeper integration of artificial intelligence and machine learning

AI has become an indispensable assistant for online betting operators as it seamlessly supports multiple functions. For starters, artificial intelligence is an innovative way to enhance security in online sportsbooks and it can efficiently assess the punters’ actions to detect cheating or fraud instantly. The technology also helps sports betting operators analyze the preferences of their punters and adjust their betting markets to suit their needs.

A deeper integration of artificial intelligence and machine learning is expected to be prevalent in 2024, as operators and punters continue looking for a competitive edge in the market. Machine learning (ML) can help sports punters analyze different betting markets and make informed bets based on the valuable tips the technology delivers. ML-based algorithms can give punters well-thought-out recommendations based on a particular criterion, which simplifies the betting process for sports enthusiasts.

VR & AR in sports betting

Virtual reality and augmented reality are two cutting-edge technologies that are already shaping numerous industries and the sports betting market isn’t an exception. VR and AR technologies are providing sports fans with an immersive viewing experience in the comfort of their homes, rivaling real-life stadium experiences.

In the sports betting market, augmented reality overlays digital information into the real world to make data visualization seamless during live games. That takes the sports betting experience to new heights and opens new channels for social and interactive gaming.

Live streaming

Live streaming allows sports bettors to watch matches in real time when placing bets, eliminating the need for third-party platforms to follow the action. Using these live streams, sports bettors can access live data feeds with up to the second data about an event, delivering an engaging and dynamic betting experience.