The gambling industry is dynamic and involves certain risks not only for players but also for investors and operators. Sports betting has always been considered a win-win option – it attracts the widest audience, even fans of certain sports who are not interested in other gambling at all.
The 2020 crisis has shown that there are no guarantees. Events were canceled and rescheduled, betting volume dropped drastically, and operators had to look for other options.
Fortunately, you can place a bet even when your team is not on the field (for example, during the season break). One method that is available all year round and possible thanks to computer programs is betting on virtual sports.
What are virtual sports?
Virtual sports resemble real competitions and races but are simulated by software. Players can bet on virtual horse races, tennis matches, soccer matches, and other sports.
Many providers present games, fights, and races in 3D graphics. From the players’ point of view, the process is very similar to betting on real sports, except that the result is determined by a random number generator (RNG).
In virtual sports, the RNG determines the winner based on predetermined coefficients. Favorites and underdogs have the same chances of success, but it is absolutely impossible to predict the result. Technically, it is similar to slot machines or roulette.
To ensure that the generator is operating according to industry standards, online casinos and sports betting operators require RNG certificates from independent laboratories. This is often a prerequisite for obtaining a license or entering a regulated market.
Virtual sports, fantasy sports and traditional sports
Despite the major difference in technical content, virtual and traditional sports attract similar audiences.
The main factor in which virtual sports differ significantly from traditional ones is the speed and frequency of competitions. Traditional betting often involves a long waiting period. Virtual sports are always available. A virtual match can not be canceled or postponed, and the process is much faster, so players can place much more bets in a shorter time. Virtual events can take place every 3-4 minutes.
But the main problem of virtual sports is that they are actually slot machines. The player cannot make an informed decision, develop a strategy, or increase his chances of winning. Some operators are trying to offer “realistic odds” and provide players with an experience more akin to traditional betting, but so far the idea of a full simulation of a soccer match is not yet a standard of the market.
On the other hand, gaining players’ trust in traditional sports betting and making virtual sports a full-fledged alternative is quite feasible, but of course such an approach takes away many of the advantages of this discipline: speed, stability and simplicity. Currently, you can enjoy virtual sports without extensive knowledge of the subject and get the result in a few seconds. People can bet on their favorite team all day long, which provides the operator with a steady stream of money.
Virtual Sports is a good alternative to traditional betting for both players and bookmakers. However, users should be aware that a virtual tournament is more like a casino game than a sporting event.
Have you ever tried betting on virtual sports? Please share your experience.