Thanks to all the technological advancements in recent years, the sports betting industry has evolved. Nowadays, everything is going digital and new emerging trends are quickly gaining in popularity. Such a trend is Virtual Sports betting.
This revolutionary technology with a name that looks like it comes from a science-fiction novel is one of the simplest and speediest forms of betting that players use to fuel their betting passion.
In order to make money out of betting, you need to be well informed on some of the latest trends in the betting space, and maybe this trend will prove to be the best one for you where you’ll get your entertainment and a chance to make some money.
Since virtual sports are making strong headlines these days attracting millions of people and getting a significant piece of the cake of the entire betting market, we decided to dig a bit deeper and find out what are virtual sports and how they work.
So, put your seatbelt on as we will launch you towards the future of betting.
What Are Virtual Sports?
According to 1GoodBet, the simplest way of describing Virtual Sports is by comparing them to a computer program that runs on an RNG (random number generator). The truth is, Virtual Sports share many similarities with online slots as they use the same technology for predicting the outcome of each virtual event.
Virtual Sports are a computerized program that runs a simulation of a sports match with a randomized outcome. Basically, it is like choosing to simulate a match in FIFA 22. You can see both teams competing but there isn’t human input to the game.
All virtual sports run on software and the outcome of such matches is totally randomized.
They are designed to replicate a real-world sporting event, without any real athletes competing. Alongside the processing of a virtual sporting event, the main goal of virtual sports is to open up new betting markets on which people can wager some money on.
The odds in such markets are determined due to the strength of the participants competing. It is very similar to a simulation match in some of the most popular sports games. The strength of the participants is there to determine the odds by producing favorites and outsiders.
The aim of virtual sports betting is to replicate an actual sporting event, but it is entirely fictional. The biggest benefit that comes with virtual sports is that such matches are available in 2-7 minutes intervals. This means that there is a constant sports action that people can bet on.
How are The Odds Calculated?
Since virtual sports run on software, does this mean that each team or participant should get an equal chance of winning and therefore the same odds?
Well, the odds in virtual sports use the same principles as real-world sporting events. The software designed to run such matches is using a number of factors for each match in order to define the odds.
The only difference is that in real life, you are well aware of the strength of the participants involved through their past performances.
Since the winnings in virtual sports are randomized, judging the team performances and creating the odds out of that isn’t possible. Therefore, the software that runs the algorithm is in charge of weighing the competitors.
For example, if you simulate a match in FIFA 22 between Real Madrid and Palermo, we can all agree that Real Madrid would be the clear favorite for winning the match. The same process goes for virtual sports betting.
This means that in virtual sports you can get matches between one who is far stronger than the other, or a match where both competitors are equal, just like in the real world.
Our Virtual Sports Fair?
Since there is software running a simulation, most people wonder if virtual sports are actually fair. If the program is run by the betting website, what’s stopping them to make sure they never lose on these sports?
Well, since virtual sports are growing in popularity and it is a game of chance like most other casino games, such programs need to be tested and regulated to ensure that it meets fair gaming restrictions. If the system doesn’t fulfill the expectations, it won’t be licensed and betting companies wouldn’t be allowed to use it on their website.
Secondly, if only the favorites win in virtual sports, players wouldn’t want to bet on it, which is counter-productive for the bookmaking sites.
In short, virtual sports are regulated as games of chance and not like betting on real-life sports matches. With that said, they are regulated by different organizations to ensure their fairness.
So, you can rest well the next time you place a bet on virtual sports since the outcome is totally randomized and the bookmaker cannot change it in any way.
Benefits that Come With Virtual Sports
Since Virtual Sports are getting so much attention, according to Agona Sport, it is clear that they provide many benefits over the traditional form of sports betting, Let’s find out all the benefits.
Virtual Sports are More Available
Since virtual sports are basically computerized simulations, they can run an infinite number of times. Therefore, virtual sports betting is available 24/7 every day of the year. Compared to traditional sports where you have to wait for the date when your favorite teams play together, virtual sports provide constant action.
Since Virtual Sports last for 2-6 minutes, it provides a fast-paced action and you’ll be able to receive your winnings in short intervals, unlike real sporting events where you have to wait for hours in order to find out the final result.
Since there is a randomized nature of the results in Virtual Sports, you can get some massive winnings if betting on the underdog. Remember, all the odds are calculated by the software and the results for each match are based on a random number generator.
So, placing a bet on the underdog might be profitable since the software should have a randomized pick all the time.