Australia is home to a booming sports betting industry. Aussies wagered $50 billion online in 2023, highlighting a hunger for new ways to engage with their favourite sporting events. Several significant trends are poised to reshape the landscape of Australian sports betting as we enter 2024. Read on as we delve into four key areas to watch.
Fintech Revolution
Australian online sports betting initially relied on debit cards and bank transfers. However, financial technology is now disrupting the scene, offering faster, more secure and innovative payment options. Cryptocurrency betting is also on the rise. The advantages are clear – faster transactions, lower fees and increased anonymity. While regulatory concerns remain, we expect crypto wagers to increase significantly in 2024, especially among younger demographics.
Beyond crypto, fintech companies are developing blockchain-powered betting platforms that promise transparency, fairness and enhanced user experiences. Imagine placing bets using smart contracts that automatically execute pay-outs without intermediaries. Fintech will redefine payment methods and reshape the core architecture of sports betting in Australia.
Virtual Reality
Virtual reality promises to revolutionise sports betting by transporting bettors into the heart of the action. Tennis bettors will be able to watch the Australian Open from a virtual courtside seat, placing bets on serves and volleys in real-time, or socialise with friends in a virtual sports bar.
Companies such VR Sport and Live Nation are already developing VR experiences designed for sports betting. These developments are still in their early stages, but VR betting has immense potential. It could attract younger audiences looking for interactive and immersive experiences, boost engagement and create new revenue streams for betting companies. VR technology will mature and become more affordable – we expect Australian punters to increasingly don their headsets and step into the virtual arena this year.
eSports
Traditional sports like cricket and rugby league reign supreme, but eSports is rapidly gaining traction among Australian bettors. The rise of competitive video games like League of Legends and Counter-Strike: Global Offensive, coupled with the explosive growth of professional eSports leagues, is fuelling this trend.
Millennials and Gen Z, familiar with the world of eSports, are driving the demand for betting on these digital athletes. eSports offers unique betting opportunities compared to traditional sports. The fast-paced, unpredictable nature of games creates exciting wagering options, including live betting on in-game events and player performance.
Major operators will expand their eSports offerings in 2024, with dedicated tournaments and promotions attracting a new generation of bettors.
Mobile Betting
Smartphones are ubiquitous now, and mobile betting is experiencing explosive growth in Australia. Over 80% of sports bets were placed via mobile devices in 2023. This trend is driven by convenience, access to real-time data and in-play betting, and the proliferation of user-friendly betting apps.
Several platforms have mastered the art of mobile betting, offering intuitive interfaces, personalised recommendations, and seamless deposit and withdrawal options. Mobile betting will continue to dominate this year, with operators focusing on app personalisation, AI-powered recommendations and integration with wearable technology.
Imagine receiving real-time betting suggestions based on your preferences and the on-field action, all displayed conveniently on your smartwatch. Australian bettors are increasingly seeking social experiences and interacting with friends and fellow fans while placing wagers.
Social features such as chat rooms, leaderboards and fantasy betting pools are becoming commonplace on betting platforms. An example of these new and exciting platforms is Dabble.
According to onlyracing.com.au Dabble review, it is a particularly noteworthy app in the mobile betting space. It stands out for its innovative social features, allowing you to follow other punters and copy their bets, adding a layer of community and shared excitement to the betting experience.
This ‘copy bet’ feature lets you replicate the wagers of skilled or lucky individuals, potentially boosting your own winnings. Dabble also boasts a sleek and user-friendly interface, fast loading times and features such as Sky Racing TV, live chat and protest pay-outs.
We anticipate this trend will accelerate in 2024, with platforms creating gamified social betting experiences. The lines between social media and sports betting will blur, fostering community and shared excitement around sporting events. Australia’s love for sports and betting is not losing steam, and the coming years promise an exciting ride for punters and platforms alike.