Gambling has been a big part of society since the very beginning of humanity.
The first evidence of some betting activity goes all the way back to the 2300 BC China: some tiles were used to play a basic game of chance. Nowadays in the 2017 AD, virtual reality sportsbook seems ready to replace traditional betting. In this article, we will take a close look, with the support of the experts of CasinoBiggestBonus.com, at how virtual sports betting will work, what are the main benefits and what are the betting sites that are offering already this service.
What Is a VR Sportsbook?
As you would guess from the name, people will have the opportunity to place bets via VR on fantasy sports. Events can be in any sports like football, horse racing, hockey, cricket and lots more. The main difference though is that everything takes place in a virtual reality environment so punters will have the opportunity to place wagers on sports that are taking place in virtual reality at any time, not only when real-live events take place. Lots of IT companies have already understood the commercial potential of VR and have started working on services. Betting sites are also keen to develop what could be a very lucrative additional business: thanks to Virtual Reality they can offer a lot more opportunities to their customers.
But how would such a bookmaker work? Who will hold virtual reality matches so that punters can bet on it? Why would people be interested in wagering on Virtual Reality Sportsbook instead of betting on a real-life event? Will look at all those questions in the next section so read on.
How Will a Virtual Reality Sportsbook Operate?
It is all rather simple. Regular bookmakers will create and run virtual sports championship with fantastic design and features only available with VR. Generally, it will work in the same way as if you were placing a regular bet. You can, for example, invite your friends for dinner and beers to watch the race or the match in the venues where there are VR events available. One of the best things about VR is that everyone can join and that you won’t need to have any knowledge about the teams or horses that are taking part. Some people are somewhat sceptical though about the potentials of VR Sportsbook as they argue why someone would transition to an electronic medium instead of betting on real events: regardless how advanced the virtual reality is, it won’t be able to emulate all the real factors that do influence actual sports events.
Virtual Reality matches will come however with a tremendous amount of realism, and it will be the exclusive VR elements that will make the whole concept innovative and attractive to punters. It is inevitable that overtime virtual reality will attract more and more sceptics. After all, who wouldn’t want to try the thrill of virtually interacting with players, ‘visit’ a virtual arena, being immersed in the key match moments and so on. Surely fans of the sports will love those new functionalities, and for the bookmakers, the more people are immersed in the events, the more are likely to place a bet. This is already happening with live streaming functionalities that are offered by more and more operators as traction to get more people to place bets. Even though Virtual Reality is already here, we are still in a prototype phase: imagine in the next 20-30 years how things will improve and what type of technology will be able to power VR machines and Artificial Intelligence.
What are the benefits of VR Betting?
There are many benefits of VR Betting: betting events will be available 24/7, and everything will be fair and random with audited third parties algorithms that will determine the outcome of VR sporting events. Other advantages are:
Another critical aspect of Virtual Reality is that it can be used to practice for the real thing. After all, to bet in the real world, you need to make some experiences, so it is wrong to think that Virtual Reality betting will necessarily compete with traditional betting.
- No Events Cancellations – one of the most annoying things is to see your bet voided after your event has been cancelled. There won’t be risks of this happening with VR
- No Risks Of Fix Matches – fix matches do happen in real games from time to time. When you are betting on Virtual Reality, you can ensure that this won’t be possible as everything will be regulated by the algorithm and there won’t be a risk that athletes will betray you as they have been offered some money.
Is VR Betting Services Already Available in Europe and US?
Europe has had a head start in VR sportsbook area also because the regulation has been so far a lot more relaxed compared with the US in regards to online betting. Even if the medium is still at the beginning, some top bookmakers are offering the opportunity to bet on your favourite sports on VR. Things are likely to change in the US as well as a recent federal law has lifted the ban on online betting. Now every state can decide if they want to make sports betting legal: on those states were betting will be legalised you can imagine that Virtual Reality betting will be introduced soon.
So What Does the Future Have In Store?
As we mentioned, providers will continue to invest and develop VR sports betting technology further. Surely you would still find online casinos and betting shops but, as Virtual Reality will evolve, more and more people will start to make the transition as they are impressed by the new dimension of betting. Live and online betting will still have their place in the future as nothing will replace the real thing, but Virtual Reality will offer new and innovative opportunities to place additional bets which will in return increase the profits of those bookmakers that will be able to gather for all tastes.