Are virtual sports bets changing the face of gambling?

As one of the oldest trades in the world, it’s fair to say that the gambling industry has seen a few changes over the years. From poker being played with concrete slabs in biblical times to casino resorts like Las Vegas taking over the world, betting is consistently changing and developing in line with technological advancements and evolving trends.

One of the biggest changes that has taken the gambling industry by storm in recent years is online gaming. Online casinos first started cropping up around ten years ago but they’ve come a long way, from enhanced graphics to smartphone optimized apps and websites. These advancements have helped secure the online gaming business as one of the biggest growing industries in the world today – although the numbers weren’t as expected, in New Jersey the online gambling tax revenue numbers are climbing. New Jersey is now also looking to branch out into wagering on sports.

Indeed, enhanced visuals are one of the biggest incentives for today’s gamblers, and improved technology has made the modern gambling game on par with the latest console games in terms of graphics. This is particularly true of virtual sports betting, which has seen a large increment in recent years.

Virtual betting comprises placing bets on ‘virtual’ events, such as computerized sports games or horse races. Players can place their money on virtual racers, athletes and more, who are programmed with algorithms to pay out at certain intervals, akin to slot machines. Virtual betting is a great way for bookmakers to fill time while there isn’t much on television in the sporting world, and it’s great for bettors too who want to make a few extra bucks in these free hours.

Views towards virtual betting vary from country to country. In the United Kingdom, for example, there is a legal limit on the amount of virtual betting facilities available in betting shops. However, virtual betting still accounts for half of the industry’s profits.

It’s no surprise then that virtual sports betting is particularly popular amongst today’s bettors. The industry grew from a net worth of $24 billion in 2004 to $74 billion in 2012. The benefits of virtual sports betting speak for themselves – it can be done at any time and there’s a certain feeling of eased pressure as opposed to the heat of betting on a live event. This could be why it’s one of the biggest growing bets available out there at the moment. With technology developing all the time, there’s almost limitless potential for this relatively new but impressive practice.