The gambling industry is dynamic and universal, relying on a coherent feedback mechanism to ensure an updated status. Traditional betting platform were the bet shops that allowed players to buy lottery tickets and place bets on various sporting events. These shops are still important, considering their share in the market. However, as Dusane InfoTech puts it, these shops will be subject to some stiff competition from emerging fields of technology, driven mainly by player’s lifestyle changes.
Mobile phones present an opportunity like no other in the field of gambling. Betting systems are yet to adapt and leverage this new age communication and engagement channel. The distinct growth of mobile phone usage and the versatility that has been incorporated into mobile system networks makes it an ideal prospect for wagering bets.
Tabcorp, a leading player in mobile merchandising reported a 13% growth in the digital betting market. Mobile phones accounted for 43% of the growth in the segment. Unfortunately, the growth in volumes has not been backed up by a similar growth in profit. Therein lays the challenge.
The global telecom industry gives us a feeling that mobile betting can claim a bigger volume growth in the recent future. It promotes transparency of the bets placed and live real time updates. Mobile betting can be conducted in the same way stock markets work. Every player has a virtual account which bears the activity log and transactional information. In the context of stock trading, the term is called a depository. A depository in case of betting can be a viable alternative. This can also provide targeted marketing strategy based on usage. Prime advantages of encouraging mobile channel for bet placing are listed below:
- Mobile phones enjoy wide market penetration. At the present, many bets are placed via online phone application software. Juniper Research company estimates the total volume of mobile gambling to be in the range of $50 billion in 5 years time
- Live in session trading: Mobile phone enabled gambling can make gambling flexible
- Faster execution and lowering operating costs
Smart phones and mobile apps amplify the scope of gambling in the digital space. Smart phones with fast processing speeds and wide ranging features can create a vibrant atmosphere for gambling ‘on the go’. Specific applications of online betting websites have caught the momentum of growth.
Specialized interfaces have already been developed by operators and the market is bound to spread through time. The features enable banking institutions to interact with the betting applications, providing easy applications and transfer of cash. Through mobile betting, certain challenges emerge that can limp out the positives of the industry
Mobile betting solutions have been developed and made compatible to function in a variety of devices. The applications can be programmed to perform on various tablet PCs and smart phones to allow greater access features.