As complicated as it may be, the penetration of gambling in professional sports is certainly an exciting prospect that also serves as a metric for growth. Despite the gravitas of this discussion in a global context, the USA is still a singular example of the Moneyball that rolls around the entertainment economy of America.
This symbiosis between sports betting and the actual sports that Americans bet on has been a staple for only a few years. The floodgates have been open since the Supreme Court’s historic overrule of the Professional and Amateur Sports Protection Act of 1992. In 2018, the Court deemed the ban on sports betting unconstitutional.
The spearhead decision in the Murphy v. NCAA of 2018 opened the New Jersey legislation to sports betting, followed by more than 30 states across the entire federation. Comically, professional sports leagues like the NBA, MLB, NHL, and the NFL were projecting irreparable harm to their product if sports betting were to open.
However, things have changed extremely fast – a trail blazed by the NBA and its partnership with MGM Resorts. Quite famously, Bobby Marks, the main financial wizard of ESPN, disclosed that his sources believe the NBA will reach $167 million in gambling-related revenue for the 2023/2024 season.
Given the immense money that goes into gambling on the foremost professional basketball league, competition is ramping up, the product rises in quality, and its popularity grows. This article will try to disclose the development of the NBA-adjacent sports betting scene and why it’s so popular.
The Hunt for Data-Driven Approaches
Thanks to data, the sportsbook products that go about the Association are rising in quality and understanding their upside party. The entire tech industry owes its progress to data-driven approaches because they provide information that allows companies to tailor their products and services according to farmed data that showcases plenty of profiles.
As you might’ve expected, the biggest and most innovative sports betting providers use data to create relevant real-time staking opportunities for all kinds of parlays. Sports technology is also a source for such advancements, one of the most prominent examples being Sportsradar.
Its new product employs new-age AI and an in-house technological project that farms data entries from individual NBA games for various purposes, including raising the immersion level.
Several exciting pieces of tech are the Virtualized Live Match Tracker, the NBA Advanced Visualizations, and the emBET platform. The first product is a method that uses data tracking and a gaming engine to create 3D animation that makes an incredible level of immersion within sportsbook platforms.
Moreover, the Advanced Visualizations also employ data by creating analytical entry points that serve as performance trackers. Giving bettors real-time data entries showcasing performance makes live betting even more exciting.
Personalized Customer Betting Experiences
Personalization is another metric of entertainment and involvement that is constantly attracting bettors. Personalization is already critical in showcasing progress in the broader digital gambling world.
Naturally, data is also at the root of this situation since gambling operators can provide custom opportunities based on a player’s behavior and choices. An online casino can tailor a no-deposit bonus or other type of reward or suggestion) based on your loyalty, investments, or even marketing.
User interfaces and personalization, just like front ends, are a battleground that Leo Gaspar, CBDO of Huddle, considers more than essential for the future of sports gambling.
Within the context of the NBA, personalization can provide proposition bets and all kinds of contextual parlays. These propositions would be the product of data analysis based on the entries created with one’s bets. Instead of manual deliberation, the bettor would have a speedy and easy experience tailored to one’s preferences.
Microbetting
On August 28, 2024, the giants DraftKings decided to buy Simplebet because it understands that in-play live betting is the future. This opportunity would also acquire a company with more than 13 million bets based on the in-play model during the 23/24 season.
This micro-betting model follows the micro-market pricing principle. In-play betting enjoys a reputation as an exciting and dynamic way of betting on any sport, and the NBA’s basketball product is the most dynamic in terms of pacing and volatility.
As such, this acquisition is also incredibly interesting because it shows that DraftKings sees a burgeoning rise in the US market. Despite representing 40% of all bets at best (down at least 30% relative to the global level), live wagering in the USA is gaining traction.
As long as data continues to be a defining factor in this discussion, technological progress will continue to create custom and dynamic betting experiences for American (and global) users.
The NBA is a vital cog in this machine because it has been the most open and collaborative of the major sports leagues. Moreover, once again, its product provides the best entries for proper betting on numerous actual games but also invites gambling addiction considerations. As such, responsible gambling becomes a must!