Even though the online casino industry is moving into cashless. However, it’s always been a flawed concept from the start.
Then again, sports betting has found a great balance between cashless betting online and cash betting in real brick-and-mortar casinos.
Maybe it’s not that surprising. When sports betting was still legal in Nevada, there were no options to bet on the internet. Betting with cash was the only way to do it when you wanted to bet on sports. This also favored made many illegal sports bookmakers, which operated in cash only.
Even when the first legalization came, it took Nevada some time to allow sports bettors to bet remotely. Initially, bettors had to bet via phone, today they can do so with smartphones.
Cashless Betting On Sports?
After the Wire Act and the PASPA revised them, other US states jumped at the opportunity. Now, they are all over sports betting. With billions in tax revenue from betting on sports; it’s a great way to fill state coffers after the COVID-9 pandemic.
The spread of sports betting is continuing. Even in Connecticut, the Indian tribes managed to make a compromise with the states. Other states are signing agreements with huge firms like Draft Kings or BetMGM.
That’s alongside sports teams signing sponsorship deals. States don’t want to make the same mistake. That’s to say when the UIGEA stifled all the tax money in 2006 from online poker.
Betting on Sports on the Rise USA
Thanks to this growth, the US sports betting revenue was $3 billion at the end of 2020. That grew by more than 50% at the start of 2021 and many experts are expecting the growth to continue. New USA online sportsbooks are appearing and there are now new types of bets, too.
Sports bettors can bet on micro-wagers, which are bets on small plays during a game. This can be on each pitch in baseball or each play in the NFL.
This isn’t happening only in the United States. The government just approved single-game sports betting.
How do bettors place these bets? As of now, it’s half in cash and half in cashless transactions. That’s only counting in the major sportsbooks.
There are many small sportsbooks that operate under the radar and therefore in cash only.
Bettors Still Prefer Cash
In short, cash is still here and cashless gaming is still a flawed idea for real-world operators. Why would you travel to a casino to spend money only to bet cashless?
It might take you hundreds or even thousands of dollars to get to, say, Nevada. Then, you enter a real casino and see all the odds. So why would you place your bet in a cashless kiosk instead of cash?
If you would want to do that, you’d do that from home, without traveling anywhere. You’d sit back, pull up your phone or your laptop and save all the traveling costs and hassles.
You’d be able to make the same bets at the same odds. Even for the same amount of cash, since the betting limits aren’t too different.
That’s the reason why cash will always rule in real-world casinos and sportsbooks. No matter how hard anyone will want to push the cashless concept further.
No matter how much popularity Bitcoin and other cryptocurrencies will gain. Even with all their advantages and promotions, cash is still king in real-world live sports betting.
Instant Betting and In-Game Betting on the Rise at USA Online Sportsbooks
US online sportsbooks are still growing. However, they need to innovate more to attract a larger segment of the sports betting market. Now, Kambi and other firms are stepping up to the plate to do more for in-game and instant betting.
For many sports bettors, a lot depends on the quality of a sportsbook’s in-play betting. It can turn an average sportsbook into a great one. Or pull a good one into an average one, it goes both ways.
For successful in-play betting, there’s a lot needed. The provider has to have data partners, successful algorithms that process the data.
The user interface also has to be fast and intuitive. Only when it all adds up is the experience top-notch and competitive.
In-Play Sports Betting on the Rise
The popularity of in-play sports betting is slowly rising. That’s been happening ever since the repeal of the infamous PASPA. Kambi states that more than half of new sports bettors placed an in-play bet in their first five sports. There’s been no decline in that since only rise right up until today.
The mobile betting regulation is another big contributor. With more and more US states allowing mobile betting, there’s even more interest. That’s logical since mobile betting is better for in-play betting than betting in a real-world casino.
Mobile Sports Betting
You can watch the game while handling your smartphone easily. Despite that, Kambi says that the difference isn’t as huge as the general expectations. That means that even kiosks are important for sportsbooks of all kinds.
All in-play suppliers are now trying to come up with the next big thing. That can be point-by-point betting in tennis or instant markets in sports like golf and soccer. There’s everything in place for US sports, now is time for other sports to provide as well.
In US sports, in-play sports betting depends on how many breaks there are. Between plays and innings, players and even operators have enough time to consider their next steps. This means it’s easy to segment bets and data points, much unlike what’s possible in other sports.
During the 2021 NFL season, the in-play sports betting handle increased by 400%. Now, providers want to give sports bettors even more opportunities to bet on smaller outcomes. In-play betting on instant markets is now worth 20% of all NFL betting, which is massive.
Why State By State Regulation is Importantant
The sports bettor can only have the best of it. That means flawless presentation, few to no delays, good odds, and moneyline.
For operators, in-play sports betting gives them a chance to be different than the rest of the competition. Some can focus on instant markets in some sports and be ahead of another sportsbook, for example. Also, it gives them a chance to interact with and engage sports bettors more thoroughly.
The goal is to keep them interested from start to finish. From the first play in the NFL to the final whistle, there can be instant markets on offer throughout.
Firms like Kambi found that US sports bettors engaged with instant wagering place more bets. This can lead to a higher volume of bets and higher turnover overall. For US states, it can also lead to more tax revenue.
This means that the government should be keen to legalize mobile sports betting and instant betting.
The bottom line is that in-play sports betting will be the make-it-or-break-it arena for US sports betting. The market is still nowhere near the finish line and innovations happen on a daily basis.
Having a good in-play betting section is now more important than ever before for sportsbooks. Hence the reason, we expect the competition to be fierce.