At a recent SBC Summit in North America, professional sports leagues and gambling company officials agreed that microbetting could be the next new thing. It could raise excitement and engagement in sports betting. As legal sports betting keeps expanding into new markets, this niche sector of in-play betting could become more popular.
What is microbetting?
In-play betting are bets placed after an event has already begun. Microbetting is a subset of this. It is rapid-fire betting with great specificity. This hasn’t been big yet but could be bringing in about $20 billion by 2027 according to some experts.
By using sports betting apps like the betPARX app, sports bettors could conveniently place their microbets. For example, they could bet on the likelihood of a baseball player hitting a home run on the fourth pitch of a curveball at a certain speed. They wouldn’t have to wait long for the bet to settle. This could offer a high level of engagement and excitement.
Microbetting offers instant gratification which could make it the preferred way to bet in the future. Joey Levy, founder and CEO of BetR, is counting on this. BetR is a new microbetting company that is in Massachusetts and Ohio.
Responsible gambling involves managing your gambling spend and not taking any unnecessary risks. Keith Whyte, executive director of the National Council on Problem Gambling, worries that microbetting could be a threat to responsible gambling. He is concerned about the addictive aspect of getting a hit of dopamine every few seconds. Bettors could keep betting over and over again to experience the high.
Joey Levy of BetR says it’s up to companies to offer microbetting responsibly with full disclosure of the risks. He views microbetting as a form of entertainment and suggests that bettors allocate a specific budget for small microbets.
The next level of the NBA ‘race to’ bets
Microbetting is well suited for the rapid style of play in basketball. In football, similar types of bets already exist. Will a team’s possession of the ball end in a touchdown, goal, turnover, or punt?
An area of interest in the NBA is predicting team streaks. Sportsbooks offer ‘race-to’ bets where bettors bet on which team will be the first to reach certain point milestones. These bets are made before the start of a game. What the league is interested in is crafting a similar sports betting market during the game where bettors can bet on the next sustained run of points. Microbetting that reflects the fastness of the game could provide fans with immersive, real-time betting experiences.
New technology is creating new opportunities
New technology is creating many new opportunities when it comes to sports betting. It’s becoming all about presenting the right bets to the right bettors at the right time. Companies are leveraging data analytics and real-time information to tailor engaging betting options. In-game betting on moment-to-moment experiences is likely to become very popular as legal sports betting markets continue to grow.