Nothing drives revenue like the excitement of live sports events but the best sportsbook operators provide betting opportunities for players during the quieter periods too.
Virtual sports betting is seen by many bettors as the next best thing, giving them the freedom to gamble regardless of the sporting schedule.
With virtual sports available 24/7, players can place bets on fast, realistic simulations whenever they choose.
In this article we explore the benefits of offering virtual sports betting and how Altenar can help operators make the most of it to gain a competitive edge.
How Virtual Sports Content works
Virtual sports are very similar to the real sports which we are all familiar with from television coverage, but instead they are computer-simulated events which are not tied to a calendar of events.
Specialist virtual sports vendors generate content which can be seamlessly integrated into a sportsbook and betting markets are provided, allowing customers to bet on many of the same markets they enjoy for a real event.
Virtual sports content features many of the most popular sports for betting, including soccer, American football, basketball, baseball, cricket, tennis, table tennis, motor sports, ice hockey and racing - both horses and greyhounds - but events have a much shorter duration.
A standalone lobby can also ensure all virtual sports are hosted in one place, while advanced technology ensures state-of-the-art graphics which enhance the user experience.
Software is used to calculate the probability of each result and odds are set accordingly, with random number generators used to select the outcome of the event. Bets are then settled in the same way as they would be for real sporting events.
Problems Virtual Sports Content solves
Virtual sports cannot compete with major sporting events such as the World Cup or Super Bowl for generating betting traffic, but real sports have gaps in the calendar during which bettors could look elsewhere for betting opportunities.
Real sport events can also have issues such as postponements and weather delays, while some bettors will look to use inside information to profit at the expense of operators. Player behaviour must be monitored and odds adjusted when necessary to ensure a sportsbook remains profitable and margins are maintained.
Virtual sports content alleviates those issues with content which is always available, providing betting opportunities through the night, out of season, or when the rain comes.
Benefits of Virtual Sports Content
Integrating virtual sports into a sportsbook provides operators with a number of advantages, including:
No downtime: Virtual sports events are generated 24 hours a day, seven days a week, unlike real sports where fixtures are often condensed around the weekend or evenings. That means more betting opportunities for players and the flexibility to bet at a time which suits them.
Increased revenue and margins: Virtual sports events last only a few minutes, meaning bets are settled much quicker than real sports and users have the opportunity to bet more frequently. Consistent payout percentages can also be maintained and margins are more predictable, while a reduced dependence on sports rights can lower operational costs.
Improved engagement and retention: Virtual sports cater to the needs of players looking for betting opportunities during gaps in the sporting calendar and can keep them coming back to your site rather than switching to other forms of gambling. The fast pace of virtual sports also appeals to the modern player who wants fast entertainment rather than waiting several hours for a result.
Providing a standalone virtuals lobby also delivers a clearer and more organised presentation of virtual sports. With an optimised layout and improved navigation, users can explore and engage with virtual offerings more efficiently. The enhanced design provides a seamless and intuitive betting experience across all virtual categories.
Cross-sell potential: Virtual sports betting can be used to attract novice bettors who can then be encouraged to try betting on real sports events, or switching to casino products which are also settled by random number generators.
Operational efficiency: Once virtual sports content is integrated into a sportsbook, there is minimal effort required on behalf of the operator. With content, odds, results and payouts all generated automatically, the running costs are significantly lower and there is less scope for human error or player disputes.
Conclusion
Virtual sports content fills the gap in the calendar for all major sports, ensuring bets continue to be placed even when the real action is over.
That means increased revenue, more engagement opportunities and improved player retention, ultimately leading to increased profits for operators.
Altenar partners with the world’s leading virtual sports vendors to ensure our sportsbook partners can offer the best content on the market. Speak to our team to learn more about how virtual sports can elevate your brand.
