What is Micro-Betting and How is it Changing Sports Gambling?
In the five years since the U.S. Supreme Court legalized sports betting, the industry has seen an influx of over $220 billion in wagers, as reported by PBS. A significant portion of this activity is attributed to in-game micro-betting.
This type of live in-game betting is characterized by its rapid pace, is transforming the way sports fans engage with their favorite team and players. It offers a unique betting experience based on specific in-game plays, providing users with quicker payoffs.
But what is micro-betting, and how is it influencing the sports app landscape?
What Is Micro-Betting?
Micro-betting is a form of live betting focused on discrete events within a game that don’t directly impact the final score. It’s a more immediate form of in-play betting, with micro-bets resolved almost instantly. This immediacy means sports fans can engage with the game in real-time.
In-play betting is quickly gaining traction as a preferred betting method on professional sports. It’s faster than traditional in-play betting, with odds live for mere minutes, requiring a hyper-focus from fans.
How Is it Changing Sports Gambling?
Sports betting, already a fast-growing industry, is experiencing a rapid evolution thanks to the introduction of live-betting. It may be new, but micro-betting is already revolutionizing the sports gambling landscape. It creates dozens of markets across major sports and provides a fast-paced, engaging experience for bettors.
As Jason Robins, CEO of DraftKings, told PBS in a recent interview, “While the milestones of legalized sports betting that have led up to now are remarkable, this industry is excitingly still far from being fully realized […] The accessibility right now for fans to place a live, micro-bet during a game, for example, shares parallels with other smartphone-powered capabilities like hailing a ride, buying a stock, or playing a podcast.”
The Philadelphia Inquirer reported that micro-betting accounts for 25 to 30 percent of all in-play wagering. The sports betting industry, as a whole, took in $93.2 billion in bets in 2023. In-game betting could hit as much as $20 billion by 2027. The median bet total for micro-bets is in the $5 to $7 range, although the average is more like $25 to $30 per bet.
The Future of Micro-Betting
Looking ahead, J.P Morgan predicts that by 2025, there will be more than $9 billion per year spent on U.S. sports betting, with almost $7 billion of that on in-play betting and micro-bets. This new form of betting is changing how fans engage with sports. It’s also set to generate billions in new revenue for the sports betting industry.
It also influences how sports fans interact with their favorite teams and track league statistics. It encourages a trend known as “watch-and-bet,” which means more sports fans are cutting the cord and going to streaming services for their live sports content.
The NBA is even considering integrating live betting into regular telecasts in an opt-in way, foreseeing a future where they can personalize the betting experience for fans.
While there have been inevitable technological challenges because micro-betting requires instantaneous reactions to real-time events, sports app developers like Locker Room Labs are working on solutions to overcome these hurdles.
Micro-Betting: Changing the Sports Industry Forever
Micro-betting is not just a trend but a transformative force in the sports gambling industry. It’s changing the way fans engage with sports, making the viewing experience more interactive and exciting.
However, as with any innovation, it comes with its own challenges for sports app developers. Ensuring real-time data delivery and creating visually pleasing user experiences are all issues that require a skilled team of engineers to solve.
As our industry moves forward, we expect to see more integration of in-play betting into live sports broadcasts. Not to mention, more personalized betting experiences. Overall, it’s an exciting time for sports fans, bettors, and businesses alike.
Ready to join the sports betting revolution and leverage it for your app? Let’s talk.
