What impact could Web 3.0 have on the development of sports betting software?
It’s 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, as we expect a shift from today’s 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 the development of sports betting software, it is important to summarize its philosophy in a few words.
What is Web 3.0? How is it different from the present?
Web 2.0 is the community-centric Internet we are enjoying right now. The predominant functionalities are web applications, social media, content distribution and e-commerce. The transition to a decentralized, person-centric Internet that has already begun to happen is widely referred to as Web 3.0.
So how will Web 3.0 change that? It aims to create an improved and democratized Internet ecosystem devoid of a central authority. In other words, the semantic web we’re talking about is going to be more flexible than ever. Driven by artificial intelligence and Blockchain technology, Web 3.0 will offer more interactivity between humans and the Web, more ubiquity and advanced technologies such as 3D and virtual reality.
The sports betting industry in Web 3.0
The sports betting industry is booming right now, with an estimated value of around $74 billion. Experts predict it will double within a decade. Naturally, it is not unforeseen that sports betting developers will be heavily invested in implementing Web 3.0 features in their future projects. The main features of Web 3.0 that will drive sports betting software development forward are explained below.
AI-powered sports betting
Artificial intelligence is currently on the hot seat of technology. AI-driven sports betting will save dollars spent on marketing strategies on social networking sites and other media. Algorithms will collect data based on user activities and provide them with something similar to their niche. Building on user experience (UX), AI will improve front-end and back-end development without sacrificing security. This will make sports betting more specific and more profitable. For example, a person who bets 9 out of 10 bets on football matches will receive more football betting suggestions, depending on their taste.
Bookmakers are notorious for manipulating betting odds according to their interests. Web 3.0 will cancel these possibilities since a decentralized system assumes the role of intermediary. Automated odds will restore the accuracy and transparency of betting data. Being a public domain, transaction histories will also be public. However, this will not compromise user privacy. On the contrary, Web 3.0 focuses on user anonymity as Blockchain technology does not require an individual’s personal and financial details.
Blockchain technology in transactions
Blockchain technology is considered another driving force of Web 3.0 besides AI. It is essentially a shared digital ledger that stores data as blocks in a chain-like database. This digital information is immutable, making it resistant to cyberattacks. Blockchain technology has already been implemented through cryptocurrencies and Non-fungible tokens (NFT), which are recognized as viable payment options at many online casinos and sports betting sites around the world. And, they are well accepted worldwide for their instantaneity and safety.
However, a full digital takeover of finance is going to take time. Once implemented globally, financial service providers collaborating with sports betting will be of no use.
An important characteristic of the Semantic Web is homogenization with the user. Web 3.0 allows users to interact extensively. Guided by behavioral models, the web will become part of human identity. This goes hand in hand with better connectivity and ubiquity. Access to the web will be easier than ever, and that also includes betting. Whether you’re at 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 started broadcasting live scores to help the bettor in the gambling process. Now imagine them broadcasting the matches live using 3D graphics and virtual reality, with little difference in experience compared to to watch the game in person. It may seem absurd right now, but the future certainly holds such possibilities in its hands. Needless to say, sports betting will eventually become a complete digitized package in the years to come.
The bottom line
Developers are working hard to implement these technologically advanced features in their sports betting. AI and Blockchain-based sports betting should benefit users by improving transparency and fair play. However, the transition to Web 3.0 will not happen overnight, but rather slowly over the years. Until then, sports betting enthusiasts around the world are urged to embrace the ongoing changes and take advantage of them.