Virtual sports betting is something that critics have pointed to as being ridiculous, but a new report by the Global Betting and Gaming Consultants (GBGC) based out of the Isle of Man shows that it's very much on the rise. In the tenth edition of their Global Gambling Report, they've shown that the pressure to increase profits due to higher taxes from regulation has made many operators look for new types of betting, and virtual sports betting is one of those channels that they're looking to.
How and Why Virtual Sports Betting Works
The average person who enjoys betting on sports has a problem. That problem is that sports happen in seasons, and once the season is out, a punter is basically out of luck until the next season rolls around. The key idea here is that there's a gap that can be filled because of the demand for out-of-season betting, and this demand is starting to be filled by betting on virtual sports leagues.
The way virtual sports betting works is that teams are set up in a league with different stats and players, and simulations are created the work out the results of the games that players can bet on in that league. A league can last a day or several weeks, and it gives players something to follow that comes close to the action of betting on regular sports. They also give players opportunities to try to outsmart the developers and figure out ways that the simulations work out in terms of the statistics involved that they haven't sorted out themselves in an effort to beat the games.
Other Issues From the Report
Other issues from the GBGC report included discussion of the sports betting industry in African countries. While there are a wild range of different styles of regulation in Africa, from outright bans to full regulations, but what they're finding is that the market there is much larger as a whole than was previously thought. This is leading to more operators and other companies pushing to get regulated sports betting established in these countries. Virtual sports betting could become relevant there as well as a way to give players something that meets their demands for betting.