Micro Betting Set for Huge Growth as Concerns Mount

Sports wagering can trace its history back to ancient times when the Greeks bet on the outcome of the Olympics.

It has accelerated over the centuries to a point where today people can place bets through their mobile devices.

The Covid-19 pandemic boosted online sports betting dramatically. Goldman Sachs expects the market could reach $39 billion in annual revenue by 2033, up from about $900 million currently.

But betting on a game is more than a matter of who wins and who losses. People can now bet on specific events within a game.

Will the next batter in a baseball game get a hit? Will a football team get a first down in their next play.

It’s called micro betting and supporters say it heightens the experience of gambling. 

However, gambling addiction analysts warn the rapid pace of wagering that micro betting offers can make a serious problem much worse.

Most people can agree on one thing: it’s going to be big.

‘Enjoying the Excitement of the Moment’

“Micro betting will see huge growth in the U.S. and by 2024 will account for over 50% of all bets placed,” said Todd Kobrin, CEO, Oddsium, an all-in-one odds and bet placement app.

Kelly Brooks, CEO and co-founder of Quarter4, a sports betting artificial intelligence platform, said that “micro betting engages fans as well as bettors, due to the instant satisfaction of betting on live play-by-play events.”

“A fan who knows the game can be transformed into a micro-bettor that makes a quick and lower-risk bet while enjoying the excitement of the moment,” Brooks said. “Technology companies that produce in-game and event-based data are extremely valuable to sportsbooks, leagues and networks.”

In August, DraftKings  (DKNG) – Get DraftKings Inc Class A Report, the online sports gambling company, announced a multi-year agreement with the sports tech company Simplebet to launch micro-betting across the DraftKings Sportsbook.

Neither DraftKings nor Simplebet responded to a request for comment, but during a November analysts call, DraftKings CEO Jason Robins said that “integrating micro-betting technology allows our customers to engage even further with the sports they love by betting play-by-play” throughout the event.

The rapid pace of micro betting has gambling addiction organizations concerned.

Keith Whyte, executive director for National Council on Problem Gambling, said that micro betting “shortens the lag between bet and reward, increasing the speed and frequency of gambling, which increases the risk of problematic behavior and negative consequences.”

An Australian study found that betting on micro events is a public health concern “because it turns sports betting into a continuous form of gambling on which bettors can bet rapidly and impulsively, and more easily chase their losses.”

Micro event bettors, the study said, “were likely to be “younger, well-educated and single, engaged in a wider variety of gambling activities; and to have high trait impulsivity.”

‘Getting in the Zone’

“We found that there’s a very strong link between micro betting and gambling problems,” said Alex Russell, associate professor, CQ University Australia in Sydney and one of the report’s authors.

Russell, a member of the university’s Experimental Gambling Research Laboratory, said that out of roughly 1,800 people surveyed, about a third took part in micro betting.

Of those who did, 78% were classified as problem gamblers, and another 17% were at lower risk of problems, while only 5% didn’t experience any problems with their gambling.

In contrast, he said, among those who didn’t micro bet, only 28.7% were classified as problem gamblers.

Micro betting, Russell said, seems to appeal “almost exclusively to people for whom it is most dangerous.”

“This is not to say that micro betting causes problems,” Russell said. “The causes of gambling problems are complex. However, we definitely know that certain products are dangerous because of the way they work and are at least likely to exacerbate problems.”

Russell said that people can get “in the zone” with continuous gambling and “just keep betting, making it harder to keep track over how much you’ve spent, and therefore how much you’ve lost.”

“The other problem is that it promotes things like chasing losses,” he said. “Both of these things are dangerous, and the people who are most vulnerable are people who experience problems.”

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
Galliford Try appoints environmental chief thumbnail

Galliford Try appoints environmental chief

Carol HardinghamCarol Hardingham joins Galliford Try from Skanska, where she was sector sustainability manager. She has also previously worked for Costain. In Galliford Try her role is to manage the company’s environmental performance.  Targets include net zero carbon across its own operations by 2030 and across all activities by 2045. “Galliford Try has some really…
Read More
Covid drug: Federal government buys one million packs of Paxlovid thumbnail

Covid drug: Federal government buys one million packs of Paxlovid

zeit.de mit Werbung Um der Nutzung mit Werbung zuzustimmen, muss JavaScript in Ihrem Browser aktiviert sein. zeit.de mit Werbung Besuchen Sie zeit.de wie gewohnt mit Werbung und Tracking. Details zum Tracking finden Sie in der Datenschutzerklärung und im Privacy Center. zeit.de Pur Nutzen Sie zeit.de mit weniger Werbung und ohne Werbetracking für 1,20 €/Woche (für…
Read More
Did Top Three Bitcoin Addresses Just Call Another Local Bottom? thumbnail

Did Top Three Bitcoin Addresses Just Call Another Local Bottom?

The buying pattern of bitcoin whales has long been an indicator for coming market movement. While it may not happen everything, the fact remains that these top addresses control enough of the supply between them to have significant impacts on the price. This is evident in past movements coinciding with major price shifts and once…
Read More
Go-ahead for 48-storey Birmingham BTR tower thumbnail

Go-ahead for 48-storey Birmingham BTR tower

The project will deliver 462 build to rent homes, public realm, ground-floor commercial space and onsite amenities. Designed by architect Metropolitan Workshop, the proposal for 2 Snowhill Plaza would replace a vacant commercial property acquired by the duo last year. The tower will become a fresh addition to the emerging cluster of taller developments in
Read More
Ethereum Price Set to Surpass $2,000: Staking on The Rise thumbnail

Ethereum Price Set to Surpass $2,000: Staking on The Rise

Contrary to expectations, the Shanghai upgrade has not triggered an exodus of users, but rather a surge in staking deposits on Ethereum. In fact, it looks like ETH may be ready to take on the $2,000 mark, at least in the short term.Staking Activity On The RiseAccording to recent data from blockchain firm Glassnode, Ethereum
Read More
Meta may allow Facebook, Instagram users in EU to pay to avoid ads thumbnail

Meta may allow Facebook, Instagram users in EU to pay to avoid ads

© Reuters. FILE PHOTO: The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo (Reuters) -Meta Platforms is considering paid versions of Facebook (NASDAQ:) and Instagram with no advertisements for users residing in the European Union (EU) as a response to scrutiny from regulators, the New York
Read More
Index Of News
Consider making some contribution to keep us going. We are donation based team who works to bring the best content to the readers. Every donation matters.
Donate Now

Subscription Form

Liking our Index Of News so far? Would you like to subscribe to receive news updates daily?

Total
0
Share