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The structural characteristics of online sports betting are the features that allow bettors to access and wager on sporting events. Designed and executed right, these features determine how long and how much bettors spend on betting platforms and apps. They also inform the betting experience.
Research from 2023 on utility patents in sports betting suggests that innovators want to expand the structural characteristics and capabilities of online betting. Below, we look at the current features and how the field provides better experiences.
Betting Catalogs and Slips
A betting catalog is a selection of games, sports, leagues, and events on which bettors can bet. Betting catalogs are the foundational structure of any sportsbook or online betting platform. For instance, you must find a sportsbook that offers football odds and betting lines to place a bet on a football game.
These betting lines may vary. You may be able to bet on the final winner of a game (moneyline), the total points concerning a given threshold (over/under), or combine several bets into one (parlay). Some sportsbooks like Betway have the infrastructure to support micro, live, and in-game wagers.
Payment Infrastructure
Every sportsbook worth its salt will have a payment infrastructure to facilitate your bets. This is usually one or several third-party providers integrated into a betting platform to enable you to withdraw and deposit money from and to your bankroll. Popular options include:
- Credit and debit cards
- PayPal
- MasterCard and Visa
- Direct bank or wire transfers
- Cryptocurrency
Your bankroll is the money you use to place bets, which means you cannot bet without it. It’s also the source of risk and thrill in sports betting. Platforms that offer multiple ways for bettors to manage their bankrolls are more popular than those that limit you to one transaction option.
Regulation and Security Features
Because online sports betting involves money, sportsbooks protect bettors’ personal and financial data. This is why security and regulation are online betting platforms’ third most crucial structural characteristics. The security features available on a platform vary, but top providers like Betway rely on encryption, firewalls, and malware detection software.
Regulation-wise, betting platforms must obtain licensing from the regulatory bodies in their areas of operation. These licenses, often displayed on the platform’s official website, indicate that the sportsbook provides its services legally, reasonably, and in compliance with legal regulations.
Social Elements
Although not a standard feature, more and more sports betting platforms are integrating social features into their apps and sites. These elements, which include chat rooms, forums, multiplayer setups, and virtual arenas, are designed to make online sports betting more social. They allow bettors to interact with each other, watch games, and place bets together, creating a camaraderie that is common in sporting events and has been missing from online gambling.
Balancing the Risks and Rewards
In 2023, researcher J Torrance examined eight utility patents and found that stakeholders were looking into personalized marketing, augmented reality, and gamification as the future of sports betting. If implemented, these features promise to improve the online betting experience immensely.
However, some experts worry that they could make online betting more attractive and heighten the risk of problem gambling. Policymakers, regulators, and key providers like Betway must monitor, regulate, and secure new and existing structural betting features to make online sports betting safe.
