Success is never guaranteed in any business, sports betting has a huge, worldwide audience, which has always been considered a safe bet. While the gambling industry is associated with a certain level of risk not only for players but for investors and operators as well. Wagering on sports betting never seems to go out of style, attracting massive audiences in markets around the globe.
But the crisis of COVID-19 in 2020 showed that nothing is certain. As sporting events were canceled, betting volume dropped drastically, forcing operators to make other options. That’s why even when your team is not playing, you can still make a bet. Simulated by software, with thousands of opportunities to bet every day — enter virtual sports betting.
- What Are Virtual Sports?
- Which Virtual Sports Can You Bet?
- Betting on Virtual Sports vs. Real Sports
- How Do Virtual Sports Work On?
- Advantages of Virtual Sports
- The Future Of Virtual Sports
What Are Virtual Sports?
For many years, the user experience of sports betting websites has significantly improved. Virtual sports are similar to real competitions and races, but instead of featuring live players, races are simulated online. Many types of virtual sports are available, including football, tennis, cycling, greyhound and horse racing, motorsports, etc. The providers offer simulations of matches, fights, or races with 3D graphics. From the perspective of the bettor, the experience looks very similar to betting on real sports, but the actual outcome is determined by an RNG.
Which Virtual Sports Can You Bet?
Virtual sports betting has been for a few years, and the range of betting options has only increased recently. Many betting websites have expanded their offerings to remain competitive.
Here are some of the most common virtual sports:
- Horse Racing
- Greyhound Racing
- Ice Hockey
The interest in betting markets continues to increase, game studios will continue to develop other virtual sports to ensure they meet demand.
Betting on Virtual Sports vs. Real Sports
How virtual sports work and how they compare to real-life sports. Despite being very different from a technical standpoint, virtual and live sports betting attract a similar audience. Live betting is associated with long waiting times between match seasons or competitions that only happen on specific days. Virtual sports are available around the clock, with no interruptions. The process is much quicker too, so the bettors can place more wagers on virtual sports than they would when betting on live sports.
On the other hand, virtual sports can’t compete with real sports regarding fan passion and enthusiasm. For those players who are die-hard fans of a specific sport or team, virtual sports might feel unsatisfying. Even though the matches resemble the real thing, it’s still a virtual game.
How Do Virtual Sports Work On?
Many players worry about the transparency and fairness of virtual sports, they might not understand how such a betting market can operate fairly. Virtual sports use a random number generator (RNG) which guarantees that all the results are fair, random, and impossible to fix.
There are many ways to set up an RNG for iGaming, with varying degrees of randomness, and complexity. Players, on the other hand, need to be sure the operator is not manipulating the outcome in any way. You have to knowledge to make the right decision, as the software controls all the outcomes rather than the player’s performance in real competition.
Advantages of Virtual Sports
One advantage of virtual sports is that players bettor any day, at any time. Alternatively, the matches happen continuously.
Additionally, virtual sports contests finish quickly. For instance, while a real-life soccer match will usually last 90 minutes, you don’t get the same satisfaction as watching a real soccer match, you can bet more.
You don’t have to be an expert in analyzing games when you’re betting. A software program determines the outcomes with random results at the end.
Not Affected by External Factors. Bad weather, injuries, suspensions, and other external factors can influence the outcome. Such factors do not affect virtual betting games and their outcomes.
The Future Of Virtual Sports
This past year has shown that there is no such thing as 100% certainty. The global sports betting industry had been steadily growing year over year. The question is: When everything goes back to normal, what share of the market will virtual sports occupy, and how will they evolve in the future?
Converting live sports bettors into virtual sports is certainly a possible option. The mission of every online casino and sportsbook is to cater to the needs of players, give them entertainment, and offer them a fair chance to win.
There’s no doubt that Virtual Sports betting is a profitable market and it is going to be interesting to see how it all unfolds over the next few years.