The sports betting industry is undergoing major changes around the world. In the UK alone, there is much to look forward to this year. Whether these changes are meant to have a positive or negative impact on the industry is yet to be seen.
Here is a breakdown of what betting companies and bettors can expect this 2018.
Online betting sites will have to comply with strict rules on advertising
The Free Trade Act of 1994 has allowed online betting to operate legally in the UK. Despite this, betting companies still need to comply with strict regulations such as that which entails advertising.
The new rules governing online betting sites prohibits companies from airing advertisements during live sports events. This is to prevent misleading or exploitative advertising targeting individuals who may be vulnerable to gambling addiction.
One example of a misleading advertising according to the Committee of Advertising Practices in the UK are advertisements promoting “free bets”. These are said to lead to misinterpretation as there is never truly any free bet where a user will not be required to pay a deposit.
These changes in the advertising regulation guidelines for betting companies are expected to positively impact the general population. It is meant to reduce the occurrence of controversies involving gambling campaigns that might appeal to a younger audience.
With this in mind, betting companies are still able to advertise via their ongoing sponsorships with sports teams such as those in the English Premier League.
In spite of the stricter regulations, there are still some upward trends seen in online betting. The Spanish League and the English Premier League are about to start the season and in the wake of the ongoing World Cup, fans have much to look forward to. Here are two of the latest trends affecting the world of sports betting this year:
Betting online through mobile apps. Sportsbooks have made it much easier for bettors to access their gaming accounts via the availability of online apps. While this is not widely available from all gaming companies, many are already following suit.
The flexibility of payment options. More and more new sports betting sites like LaBa360 are giving users the opportunity to pay using blockchain or cryptocurrency such as Bitcoin. While it has been present for quite some time now, it has only gained prominence in the last year. With cryptocurrency as a payment method, users have independence from financial institutions.
Online gaming is still a popular choice. While the world of mobile betting seems to be growing and getting a solid foothold in the industry, betting on online sites is still the most common means by which sports fans can place their bets. There are many to choose from, catering to the wide range of sports odds in football, baseball, basketball, and even horse racing.
While it is inevitable that governments will continue to implement regulations, it is a welcome change as it also helps users gain more confidence when entrusting their money to online betting sites.