Important technological developments in the microgame industry
A quick search on microbetting will return article after article on why is a game changer for the betting industry. Terms such as “increased engagement” and “monetization” are often included in these articles. Despite the fact that these terms are dangerously close to buzzwords, those who correct them are not wrong. In this article, we will see how technology is the vehicle that drives increased engagement and revenue.
Quick definitions
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Essentially, microbetting is a combination of live betting and prop betting. In a live betting scenario, a bet can be placed by the user while the game is still on. Prop betting allows the user to bet on a specific scenario that occurs during the match. Prop bets do not have to be related to the final outcome, namely who won or lost, just that the specific event occurred.
Microbetting allows the user to place a live bet on a specific outcome to occur while the game is in progress, and is a development of great interest to onlinegamblers.com. They are smaller in time frame and settle much faster than games dependent on a final outcome. For example, a user can bet on the outcome of the next drive in an NFL game or who will be the next batter in an MBA inning. It is this speed in the win-loss cycle that increases both engagement and revenue.
Smartphone apps
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While the theory behind micro-betting has been established, it is enabled on a massive scale by technology. One of the most important technological advances that made microbetting a reality was the smartphone and apps. Games can now be played in the comfort of your own home with a few simple finger taps on a smartphone screen. Along with improved payment processing, the app can allow for quick replenishment of digital wallets and withdrawal of winnings.
Cryptocurrency and BlockChain Technology
Increasingly, sportsbooks are seeking to adopt cryptocurrency as both a payment and withdrawal option for users. This has been welcomed by users for the increased security, privacy and anonymity that these currencies offer. The user can feel more confident that their wallet will not be hacked due to increased security features such as multi-factor authentication. Furthermore, users can keep their games private since crypto wallets do not store personal information.
Related to cryptocurrency, in the sense that it provides the infrastructure on which the currency operates is the blockchain. Some sportsbooks have chosen to create apps on these decentralized networks to cater to their more privacy-focused users. If properly exploited, the Ethereum network can open up new target markets.
Conclusion
It is not the last word on the technological development of the microgaming industry. Promising developments in virtual reality technology can be leveraged to increase the already high level of engagement enjoyed by microbetting. That being said, the most current and successful developments have occurred in smartphone apps and blockchain technology.
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