It has been almost 30 years since the World Wide Web became a public domain and the internet has come a long way since then. Web 1.0 is dead and buried in the past, while we are expecting a switch from the present Web 2.0 to Web 3.0. There is no doubt that the internet is going to change drastically with the implication of Web 3.0. The sports betting industry is no exception. However, to understand its impact on sportsbook software development, it is important to summarize its philosophy in a few words.
What Is Web 3.0? How Does It Differ from the Present?
Web 2.0 is the community-centric internet that we are enjoying right now. The predominant features are web applications, social media, content distribution, and e-commerce. The transition to an individual-centric decentralized internet, that has already started to take place, is broadly called Web 3.0.
So, how will Web 3.0 act as a game changer? It is aimed at creating an improved and democratized internet ecosystem devoid of a central authority. In other words, the semantic web we are talking about is going to be more flexible than ever. Driven by Artificial Intelligence and Blockchain Technology, Web 3.0 is going to provide more interactivity between man and the web, more ubiquity, and advanced technologies like 3D and Virtual Reality.
The Sports Betting Industry in Web 3.0
The sports betting industry is booming right now, with its estimated worth ranging around 74 billion USD. Experts are predicting its doubling within the span of a decade. Naturally, it is not unforeseen that the sportsbook developers are heavily invested in implementing the features of Web 3.0 in their future projects. The salient features of Web 3.0 that will drive sportsbook software development forward are explained below.
Artificial Intelligence is in the hot seat of technology right now. Sportsbooks driven by AI are going to save the dollars spent on marketing strategies over social networking sites and other media outlets. The algorithms will collect data based on user activities and provide them with something similar to their niche. Relying on User Experience (UX), AI is going to improve front-end and back-end development without sacrificing security. It is going to make sports betting more specific and profitable. For example, a person who wagers 9 out of 10 bets on soccer games is going to receive more betting suggestions on soccer, according to his taste.
Bookmakers are known to manipulate betting odds according to their interests. Web 3.0 is going to nullify such possibilities since a decentralized system takes over the role of the middleman. Automated odds will restore the accuracy and transparency of betting data. Being a public domain, transaction histories are going to be public as well. However, it won’t compromise the privacy of the users. Rather, Web 3.0 focuses on the anonymity of the users as Blockchain Technology doesn’t require the personal and financial details of an individual.
Blockchain Technology in Transactions
Blockchain Technology is claimed to be another driving force in Web 3.0 besides AI. It is basically a shared, digital ledger that stores data as blocks in a chain-like database. This digital information is immutable, making it resistant to cyber-attacks. Blockchain Technology has already been implemented via Cryptocurrencies and Non-Fungible Tokens (NFTs), which are acknowledged as viable payment options in many online casinos and sports betting sites around the world. And, they are being well-accepted around the world for their instantaneousness and security.
However, a complete digital takeover of finance is going to take some time. Once implemented to a global extent, financial service providers collaborating with sportsbooks won’t be of any use.
An important feature of the semantic web is homogenization with the user. Web 3.0 allows users to interact extensively. Being driven by behavioural models, the web is going to integrate with human identity. This comes hand-in-hand with better connectivity and ubiquity. Access to the web is going to be easier than ever, and that includes betting as well. Whether you’re in your home or driving your car, you can place your bets by communicating with an AI-driven chatbot, without even looking at the device.
3D and Virtual Reality
Sportsbooks have started to serve live scores to aid the bettor in the gambling process. Now, imagine them streaming the matches live using 3D graphics and Virtual Reality, with little difference in experience from watching the match in person. It may sound absurd right now but the future certainly holds such possibilities in its hands. Needless to say, sportsbooks will end up being a complete digitalized package in the upcoming years.
Developers are working hard to implement these technologically-advancing features in their sportsbooks. AI and Blockchain-driven sportsbooks are expected to benefit the users by improving transparency and fair play. However, the transition to Web 3.0 is not going to be a one-nighter, but will rather take place slowly over the years. Till then, sports betting enthusiasts around the world are advised to embrace the changes taking place and capitalize on them.