New markets are opening up to virtual sports betting and nowhere is this more apparent than in the US. Although the SCOTUS decision caught lotteries by surprise, they are already racing to offer a form of the product to their customers. Predictions vary, but according to some industry reports between 25 and 35 US states are likely to offer legal sports betting by 2023. And while not all states will follow the same model, most will find a way to launch a form of sportsbook to their clients. Online betting will follow suit, albeit at a gentler pace, with the same industry reports forecasting it to be legal in 1 1-22 states.
MARTIN WACHTER is CEO and founder of Golden Race. For more than 15 years, Wachter has spread innovative, tailored solutions and virtual sports worldwide. Specialised in all the areas of the company, he takes special delight in being part of marketing strategy, product management and development.
Other markets on the American continent are considered to be cash cows. The Latin American sports betting market represents a significant opportunity for any providers currently working hand in hand with regulatory bodies. We know that South America is home to millions of potential gamblers, and the best opportunities will be taken by those suppliers that already have a presence in the region, in particular Colombia, Brazil and Mexico. Virtual sports providers are trying to show regulatory bodies the appeal of this type of betting product in order to include them in the regulations of each country.
Elsewhere, companies are now competing to deliver the most realistic 3D graphics and computer effects. Innovation moves fast in this field, but stakeholders need to remember the most important thing: players need to have a satisfying betting experience. The main focus should be on offering attractive odds and a wide range of betting opportunities, while ensuring that players know they have a real chance to win.
Virtual sports betting allows a younger generation of players to cross the gap between video games, esports, other digital entertainment formats and sports betting. Players can use virtual sports betting as a way to learn about the games and the betting options, as well as an opportunity to improve their skills prior to jumping into traditional sports betting.
Virtual sports shouldn’t be seen as a replacement for the real thing, but rather a complementary gaming experience that can be played at any time of the day, every two or three minutes. When we look at a football match, for instance, bettors will have the chance to back their favourite team multiple times a day, not just once a week.
However, we are certain that virtual sports will eventually surpass real-world gaming revenues. The numbers in countries like Italy prove that virtual sports have become one of the most popular games next to sports betting. Our metrics also show that in many other countries the volume and traffic on virtual sports is almost the same size as the real thing – and way ahead of any other gaming revenue streams.
COMPANY PROFILE
•NAME GOLDEN RACE •FOUNDED 2006•SECTOR SOFTWARE •WEBSITEGOLDENRACE.COM•TWITTER@GOLDENRACE