Sports betting software as sophisticated forecasting algorithms is able to find beneficial opportunities for gambling businesses. It’s quite difficult to estimate the global betting market value because it’s not consistent with regulations worldwide. But Statista provides the following figures in 2020: the online gambling market is $58.9 bln and its gross win is $23.66 bln. Grand View Research predicts 11.5% betting market growth until 2027. They state that cost-effective mobile apps drive this growth significantly.
Being a global tech company, Innovecs delivers iGaming solutions and is focused on the market trends constantly. We’d like to draw your attention to the following tips, making business owners aware of sports betting algorithms as valuable and demanded tools for bettors:
- BBC reports engaged online gamblers spend more during lockdown;
- Globe Newswire notices increasing popularity of gambling apps (255% more downloads);
- According to Google, the closure of brick and mortar betting venues led to the relative search interest boost;
- Gambling Commission in the UK emphasizes an increase in online betting products use due to COVID-19 (gambling industry is expecting technologies to open new opportunities);
- On August 11, 2020, the bill concerning regulations of the organization and conducting of gambling activities was signed in Ukraine. So, the gambling market of Ukraine is developing as well.
So, if you think of possible ways for your gaming business to transform and grow, it’s the perfect time to focus on artificial intelligence and sports betting algorithms to boost the revenue and meet the needs of your target audience willing to bet a different way in future. This article is designed to give deeper insight into what sports betting algorithms are, how they are created, and in which way your business benefits from outsourcing art assets or sports betting solutions. We propose to begin with the overall virtual betting products profile.