As 2023 came to a close, some notable arrivals and departures dominated the online betting landscape. DraftKings overtook FanDuel in a key market metric while Flutter Entertainment made its debut on the New York Stock Exchange.
VR and AR technologies are revolutionizing user engagement by providing real-time data insights that engage users directly. Looking forward to 2024, KT Group anticipates these transformative trends shaping the exhilarating sports betting space.
Mobile Betting
With smartphones so widely accessible, mobile betting will soon take over as the primary form of sports wagering in 2024. This brings increased convenience for sports fans who can place bets instantly from any location on their teams and games of interest.
Esports will continue to gain worldwide acclaim, drawing in global audiences. Betting on competitive gaming events like League of Legends and Counter-Strike will become mainstream, with multiple platforms providing diverse betting options for bettors.
Sportradar, with its AI technology that uses computer vision to track game-specific data during live sports and distribute it to FanDuel operators, stands to benefit greatly. Even after experiencing a difficult year — which included cutting 10% of its workforce and experiencing disappointing stock price returns — they still expect strong revenue growth this year, and following Flutter’s debut on the New York Stock Exchange Monday investor attention may rise further, providing further impetus to increase business growth for the online betting industry as a whole.
eSports
Esports have quickly become a global phenomenon, drawing millions of viewers and generating immense revenues. Attracting millions of viewers while creating massive revenues, Esports is also being used as an instrument of social inclusion with initiatives like all-female esports teams and women-only tournaments being implemented by various initiatives. Traditional sports organizations are joining in, too: NHL teams host esports events while Juventus have fielded an Esports Team targeting younger audiences.
Esports will likely remain popular in 2024, with new titles like Valorant (tactical first-person shooter developed by Riot Games) vying for their place on the competitive scene. Valorant promises deep gameplay and strategic depth which should draw in new followers.
ESports betting will continue its steady increase. Unlike traditional gambling, eSports betting can be done from anywhere with internet access without incurring expensive travel or long-term injury risks, making it more attractive as an activity for parents – leading them to enroll their children into leagues of this sort.
Personalized Experiences
Sports betting has seen a transformation as it evolves into the digital era. Online sportsbooks now provide personalized experiences that enhance betting process for users through cutting-edge technologies like VR and AR.
KT Group believes these technologies will revolutionize the betting industry by offering unprecedented levels of immersion and data insights. Virtual Reality recreates a live sporting event through immersive headsets while AR provides real-time data visualisation during matches to elevate engagement and sophistication for bettors.
Other innovations expected to have an enormous impact on the sports betting industry in 2024 include the release of ESPN Bet and Fanatics Sportsbook as well as same-game parlays becoming more popular. Furthermore, more states may pass legislation permitting wagers on sporting events, leading to further competition and growth within this space.
Legalization
The global digital revolution has altered the sports betting landscape, as more and more bettors turn to online platforms for betting. This trend is expected to continue into 2024, as online sportsbooks offer advanced statistics and tailored experiences.
Sports betting in the US market is flourishing rapidly, totalling hundreds of billions each year and growing. 2023 witnessed some exciting newcomers like ESPN Bet and Fanatics Sportsbook emerge along with some abrupt closures as well as meltdowns that led to uncertain startup environments; but overall the top players remain unchanged.
California Native American nations continue to oppose legal sports betting, while efforts in Florida, Minnesota, and Texas have been held back due to political or regulatory roadblocks. Though unlikely any of these states will legalize sports betting in 2024, industry players remain hopeful Hawaii could become the next one – perhaps with legislation coming through during Hawaii’s next legislative cycle providing an opportunity. But this remains an unlikely outcome.
