What is the Metaverse?
It’s no secret how the internet has revolutionized the way we communicate. Despite being around…
Sports betting accounts for about one-third of the global betting market.
Technological innovations such as the metaverse are important to make sports betting more accessible and appealing to punters in this market that generates hundreds of billions of dollars annually.
Therefore, as we are preparing for the metaverse to go mainstream, it’s important to know how this disruptive technology will fare as an alternative method of sports betting compared to online and traditional gambling.
Here’s what metaverse sports betting is all about and how it can be a win-win innovation for both bookmakers and punters.
Metaverse sports betting involves using metaverse technologies such as virtual reality (VR) and augmented reality (AR) to bet on sporting events.
The metaverse offers a more exciting experience for punters as, apart from the traditional “login and place a bet experience” that punters currently experience on the internet, they also get to interact with other punters in the metaverse.
The main objective of using sports betting platforms in the metaverse is to use them as an additional platform to reach people.
However, metaverse sports betting goes beyond that. Here are other ways the metaverse can make the sports betting market better for punters.
Traditional sports betting wasn’t at this level before the arrival of the internet and smart devices.
Punters had to be physically present at a betting shop to place their bets. This made betting frustrating, time-consuming, and inaccessible to most people, as betting shops were restricted to certain locations.
However, the internet has made sports betting faster and more accessible to punters, with people now being able to access sports betting sites through their mobile phones.
Figuring out what the odds are on time is a challenge that punters are constantly facing in sports betting.
The odds of each game are constantly changing, and it can be very difficult to keep track of them with technical issues and network congestion that can cause server downtime on sports betting sites.
In addition, the odds are different from one bookmaker to another most of the time. The network congestion and server issues make it even more difficult to find the best odds, as using popular sports betting sites can be a nightmare sometimes.
The metaverse has the potential to make it easier to access live information, making it possible for people to get information about the best odds and other things in real-time without having to browse the internet.
Virtual sports involve computer-generated games that use a random number generator to simulate the action and determine the outcome of a game.
In short, virtual sports are not based on real sports events as the games are computer-generated.
With the metaverse, these virtual sports events can thrive with the 3D environments in the metaverse, making the gameplay and graphics better and more realistic.
The metaverse also presents an opportunity for punters to socialize and interact with others.
Hence, creating a realistic experience that makes virtual sports betting a fun and interactive experience for punters.
Many experts believe that the metaverse is the future of social media, as not only does the metaverse make it possible to socialize and interact, but it also makes the conversations more realistic than sending texts on Facebook, Whatsapp, and other social media apps.
With the use of their avatars, punters can meet each other in a 3D virtual betting shop and share ideas.
The betting experience for the average punter includes logging in, reading a few pundits’ tips and tricks, then placing their bet and leaving.
This is a boring experience as opposed to the entertainment that sports themselves deliver to fans.
However, Metaverse Sports Betting is a more exciting and entertaining experience due to its immersive nature.
With the metaverse, punters will not just be staring at numbers on betting sites with terrible UI/UX designs.
They will place their bets in a 3D computer-generated environment that allows them to interact with other punters in virtual casinos, thereby aiding the digital exchange of valuable information.
As the metaverse is currently a relatively new concept to most people, not many sports betting sites have been able to integrate their betting platforms with the metaverse.
Nevertheless, here are a few promising projects that are currently making efforts to expand into the metaverse.
Entain is one of the world’s largest sports betting groups, operating both online and remotely. The betting giants own Ladbrokes, Coral, and Bwin but are now looking to expand into the metaverse.
They plan to invest $133 million in a bid to create applications for NFTs and applications that aid immersive experiences with both virtual reality (VR) and augmented reality (AR) for both the sports betting and gaming industries.
In Entain’s bid to create new and exciting products and experiences for customers using cutting-edge technology in the metaverse.
They have launched the Ennovate lab, which hosts cutting-edge technology that will be used to create computer-generated environments for the metaverse.
Projected to generate more than $150 billion in gross wagers by 2025, SharpLink Gaming is an American sports betting company at the forefront of the flourishing sports betting market in the United States.
The sports betting company has teamed up with Quintar (the first fan technology platform to enable live sports metaverse experiences) to provide real-time sports betting content in the metaverse.
From online casinos to live sporting events, SharpLink Gaming and Quintar hope to offer users fully immersive gaming experiences and entirely new dimensions of betting experiences on the sports they love.
Created by ZenSports, a crypto-focused sports betting and esports tournament platform.
ZenSportsia is a metaverse ecosystem made up of gamers, sports bettors, athletes, and fans.
Zensportsia offers bettors the opportunity to create their own bets and also fund their accounts using cryptocurrencies such as USDT, Bitcoin, and SPORTS (ZenSports native token).
Using Zensportsian NFTs, users can also access discount fees and increased rewards for betting in the Zensportsia metaverse.