At a recent sports betting conference, industry experts projected the emergence of “microbets” as the next big trend in the sports gambling world. The concept of microbetting involves placing highly specific and rapid-fire bets on very specific moments within a sporting event, raising both excitement and apprehension among enthusiasts.
While some believe it will revolutionize the betting experience, others express concerns regarding responsible gambling practices. As legal sports betting continues to expand into new markets, the advent of technology is expected to propel this niche sector of in-play betting to new heights.
Andrew Bimson, President and Chief Operating Officer in North America for sports data firm Sportradar, stated at SBC Summit North America that microbetting currently represents the fastest-growing segment of in-play betting. Although its current market share remains relatively small, Bimson estimated that by 2027 microbetting could generate a staggering $20 billion worth of bets.
Microbetting is a subset of in-play betting, which allows wagers to be placed after a sporting event has commenced. In the world of microbets, individuals can place bets on specific occurrences, such as a baseball player’s likelihood of hitting a home run on the fourth pitch of a curveball at a certain speed. The level of detail and immediacy involved in these wagers provides a unique and engaging experience for bettors.
At present, companies offer microbets on various aspects of baseball, including predicting whether a batter will get a hit, walk, be hit by a pitch, strike out, or achieve an extra-base hit, including a home run. However, the scope of microbetting goes even further.
Gamblers can now predict the outcome of the first pitch of a game or a particular inning—whether it will be a ball or a strike, and if it will result in an out or a hit. Meanwhile, microbetting in football extends to forecasting the outcome of a team’s possession, such as whether it will culminate in a touchdown, field goal, punt, or turnover.
Mark Hughes, Chief Product Officer for PointsBet, highlighted the appeal of microbetting, stating: “Customers are immediately engaged in the bet. You don’t have to wait very long for your bet to settle. You’re going to get more play, longer sessions. It’s going to be a really popular bet going into the future.”
Joey Levy, Founder and CEO of Betr
Recognizing the potential of microbets, Joey Levy, the Founder and CEO of Betr, a microbetting company currently operational in Ohio and Massachusetts, emphasized that it introduces instant gratification to the sports betting experience.
Levy expressed his belief that microbetting could become the preferred method of sports betting for many individuals. To illustrate the possibilities, he cited the hypothetical example of betting on a specific outcome involving Aaron Judge, a prominent player for the New York Yankees.
Keith Whyte, Executive Director of the National Council on Problem Gambling
However, not everyone is enthused about the rise of microbetting. Keith Whyte, Executive Director of the National Council on Problem Gambling, expressed concern about the rapid-fire nature of these bets and their potential impact on responsible gambling behavior.
Whyte cautioned that the high frequency of microbetting resembles the continuous stimulation of slot machines, leading individuals to seek repeated bets for the thrill and dopamine rush they provide. He urged companies offering microbetting to be transparent about the associated risks and promote responsible gambling practices.
For his part, Levy responded to the concerns by emphasizing the importance of honesty and risk awareness among microbetting companies. He stated: “I may be one of the industry’s only executives who says the house always wins, and customers should expect to lose over the long run.” Levy views microbetting as a form of entertainment, suggesting that individuals allocate a specific budget for small bets, such as $2 on a pitch.
Scott Kaufman-Ross, Vice President and Head of Fantasy and Gaming for the NBA
Microbetting has found a natural fit within the high-octane world of basketball, according to Scott Kaufman-Ross, Vice President and Head of Fantasy and Gaming for the NBA. The league has recognized the potential of microbetting to enhance fan engagement, particularly due to the sport’s rapid style of play and frequent changes in scoring.
Kaufman-Ross explained: “Our game is so fast you could have three possessions in the span of eight seconds.” With the NBA’s fast-paced nature, microbetting allows fans to participate in the action on a moment-to-moment basis.
One particular area of interest for the NBA is the prediction of team streaks. Currently, numerous sportsbooks offer “race-to” bets, where customers wager on which team will be the first to reach milestones such as 8, 10, or 15 points.
While those bets are placed before a game, Kaufman-Ross revealed that the league is exploring the possibility of crafting similar betting markets that enable customers to bet on the next sustained run of points during the game itself.
As an example, Kaufman-Ross posed a hypothetical scenario: “Say the (Golden State) Warriors are down 15, and then Steph (Curry) gets hot, and the score is then tied—how do you build something around that? How do you make that something that happens in-game and predicts the next run?” By offering microbetting options that reflect the dynamic nature of basketball, the NBA aims to provide fans with immersive and real-time wagering experiences.
Kevin Fulmer, Vice President of Digital Sports for Caesars Entertainment, echoed the sentiment that emerging technology opens up new possibilities for the gambling industry.
He recognized the potential and said: “We know the technology is there. It’s all about sending the right bet to the right customer at the right time.” As advancements in data analytics and real-time information continue to enhance the sports betting experience, companies are eager to leverage these tools to provide tailored and engaging betting options to their customers.
The NBA’s enthusiastic embrace of microbetting in the context of its fast-paced gameplay underscores the evolving landscape of sports betting. With the potential for in-game betting on moment-to-moment scenarios, fans are expected to be further immersed in the sport, amplifying their overall enjoyment and interaction with the games.
Original article: https://www.yogonet.com/international/news/2023/05/15/67143-sports-betting-industry-anticipates-rise-of-microbets-as-next-34big-thing-34-for-the-sector
