The Future of Betting: Virtual Reality and Augmented Reality Experiences
According to a report from Pune-based market research firm Fortune Business Insights, the global VR/AR market, in 2022, had a market size of $19.44 billion, which should grow to $25 billion this year and continue on its upward trajectory, showing an annual compound growth rate of 31% until 2030. The Indian company credits this dramatic spike in interest in this technology to the rising popularity of live virtual entertainment, increased application in various fields that previously neglected this tech, like healthcare, and the more widespread production of VR/AR equipment globally. Plus, it now has high levels of adoption in education, retail, and the gaming sectors. So, to say that VR/AR will have a sizeable impact on everyday life in the years to come is not unreasonable.
Online gambling:
Concerning online gambling, the Internet gaming and betting landscape has dabbled in implementing VR tech a few years back. In 2016, when everyone thought this technology would take over the video game realm, game of chance providers and operators also tried their hand at pioneering VR online gambling products. That year, Microgaming showcased a VR version of a roulette game for real money that never made it to market. In the years after, Play’n GO and NetEnt debuted VR slots that never really got off the ground, attaining any noteworthy degrees of popularity.
However, as discussed above, this technology is seemingly still going strong in the consumer electronics department, with the number of headset manufacturers increasing and most polls showing that the only reason why this market is not growing faster is on account of the lack of content offerings. The gambling sector is trying to be at the top of its game in this department; as it ranks as the industry, along with the video game one, where this tech will likely be most handy.
Enhanced Engagement & Betting Authenticity
Online bookmakers are all the rage nowadays because top-end operators stream events live; offer in-play wagering and various attractive promotions; and have responsible use features that stop gamblers from laying down more cash than they can afford to lose. For example, the best betting accounts out there have interface functions that permit users to set loss, deposit; and session limits, on top of letting them activate cooling-off periods and self-exclude.
Still, betting on one’s phone, tablet, or computer is not the same as being inside a physical sportsbook lounge; and enjoying the social interaction that happens among bettors, situations where they can watch events together; experiencing the many thrills this brings; and sharing strategies and tips through casual conversations.
VR tech can now facilitate this, and it has already happened as in 2021, UK sports betting giant Entain teamed up with Verizon to create a VR Sports Club that represented an innovation in how customers can partake in enjoying sporting events. And four years before this, the US media juggernaut, FOX, broadcasted the Super Bowl in VR. It still has this feature, available through its FOX Sports VR app; which annually shows the final NFL season game inside FOX’s virtual Sports GO Theater.
Metaverse Sportsbooks
Everyone is still waiting on Facebook’s virtual world named the Metaverse. Until it debuts, gamblers can visit multiple virtual shared spaces running economies powered by the Ethereum blockchain that boast various businesses, including gambling venues.
That is right, metaverses like Decentraland and the Sandbox have poker and casino establishments that accept crypto tokens as stakes; and these digital worlds are looking to pivot and fully embrace VR technology as they originally intended. Sportsbook betting in them seems to be on the horizon, as moves in this direction have already gotten made. For instance, fan technology platform Quintar extended its partnership agreement with SharpLin Gaming in mid-2022; looking to enable live sports Metaverse experiences. When these options become mainstream, they will deliver an authentic; and super immersive feel that suppresses what one may find at any brick-and-mortar betting locale.
