After the launch of Jake Paul’s world-first ‘microbetting’ platform in the US, industry figures have labelled the phenomenon as the next big trend in the world of sports betting.
In-play betting is a widely used and popular practice in sports betting, which allows players to act upon real time events and make snap decisions dependent on how they perceive the match is unfolding.
However, microbetting is projected to be one of the main economic drivers of the gambling industry in the coming years.
The markets available to bettors go into the finer details of a sporting event, such as a footballer scoring from outside the box at a certain time of a match, or perhaps a baseball player’s chances of hitting a home run from a curveball at a particular speed.
Essentially, microbetting opens up a vast scope of markets that are highly specific and based-upon instantaneous hunches or feelings that a customer may have.
Sportradar CEO in North America Andrew Bimson, said the microbetting phenomenon represents the fastest growing subset of in-play wagering, while he also continued by stating that it could make up an estimated $20 billion worth of total wagers by 2027.
Speaking at the same SBC Summit, Keith Whyte, the Executive Director of the National Council on Problem Gambling, was eager to flag some of the trepidation amongst gambling harm prevention institutions.
He pointed out that microbetting is strikingly similar to slot machines in the sheer volume of wagers it can lead to, and the repeated, quick-fire action of many smaller bets has been statistically proven to cause more harm than traditional wagering.
Social media sensation Jake Paul recently invested in Betr, a company conceived by Joey Levy who is the founder and CEO of the world’s first microbetting company.
It is currently up and running in two states after Massachusetts joined Ohio in incorporating the company in their legal operators.