5G networks are a promising wireless technology that online bookmakers and sports betting operators should factor into their business strategy. Once implemented, this technology offers the potential to serve more sports betting enthusiasts. It will also enable new product development with sportsbooks being able to offer customers new services – such as multiplayer and interactive experiences – and more ways to engage customers, including offering access to more sports, up to the minute sports news, better insights on players and games, and new tools for creating betting strategies and calculating odds.
But, what is 5G?
This article discusses what this wireless technology is about, some of the advantages 5G offers, and the future direction of 5G as it relates to online sports betting.
What is a 5G Network?
5G is the fifth generation standard for wireless mobile networks. It’s basically an improved version of the 4G network, characterized by higher data speeds, lower latency, and higher network bandwidth. These improvements will lead to an upgrade in connected services like mobile broadband, critical communications, and the Internet of Things (IoT).
5G’s low latency and fast data rates will make it possible for mobile broadband to support more immersive technologies like virtual reality (VR) and augmented reality (AR).
5G’s improved connectivity will aid critical communications, that is, devices that must have a reliable, fast, and secure connection at all times. This will open up possibilities for gaming that involve drones, autonomous vehicles, interactive experiences, and real time massively multiplayer games.
5G’s high network capacity will also support IoT networks. Since every customer’s mobile phone contains sensors and a camera, social activities (like buying a beer at half time) could become gamified and incorporated into the overall sports betting experience.
Implications of 5G for Online Sports Betting
1. Growth of the Live Sports Betting Market
Slow and unreliable networks have traditionally been an issue that deterred sports bettors from engaging in in-play or live betting. When there are too many users a network can become congested. For example, if a sports fan in a jampacked stadium tries to access an online betting site during the game, the connection may simply be too slow. Since half the crowd may be trying to do the same thing at the same time, few of them may end up placing a bet.
5G can increase a network’s load capacity, and so allow more users to access a sports betting site concurrently. As a result, the implementation of 5G is likely to lead to growth in the live sports betting market.
2. Increase in Mobile-Based Sports Betting
5G improves wireless networks, and so makes mobile-based sports betting more convenient and accessible. In 2019, there were 14.9 billion mobile devices worldwide, indicating that there is significant potential for growth in mobile sports betting.
One big advantage of mobile-based sports betting is that customers can engage in sports betting at different times and from any location. This drastically increases the potential market size for sports betting by facilitating pre match and live betting, as well as making it convenient for customers to bet from anywhere: a stadium, a pub, or a family barbeque.
3. Ease of Access to Digital Payments
There is an increasing demand for cashless transactions worldwide, with more than 750 billion non-cash transactions carried out in 2020. Although most online sportsbooks already accept credit cards, direct bank transfers, and transfers from digital wallets, 5G will almost certainly make depositing and transacting online even easier and more accessible.
Conclusion
5G is a promising wireless mobile network technology that has the potential to benefit the sports betting industry by growing the live sports betting market, increasing engagement in mobile-based sports betting, making online payments more accessible, and facilitating new product development, e.g., interactive and multiplayer games.
Despite its potential, 5G technology is simply a tool. The onus is on online bookmakers and sports betting operators to incorporate 5G technology into business strategy in order to improve their services and make sports betting more enjoyable.
As an experienced business consultant, Arnold Rogers has advised businesses across many industries in areas of lead generation, customer experience, service development, and small business cash flow and financial management. He has experience in handling diverse industries, from fast-moving consumer goods to business-to-business hardware retailers.
Image: Unsplash
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