Throughout the last few years, numerous sports betting industries have undergone significant developments to match the demands of modern-day users. Moreover, with betting methods continually changing following the rise of digitalisation, sports-related betting markets have had to modernise their approaches to ensure a convenient and sustainable gambling experience.
As a result, we’re going to look at how horse racing betting has changed in recent times. Additionally, we’ll also consider how such growth compares to other digital markets such as the online blackjack sector, for which surprising comparisons can be drawn.
What Has Caused the Alterations?
As stated above, the horse racing market has been at the centre of various contemporary advancements. In the United States, for example, considerations were made for the sector to implement fixed-odds wagers, while, in the United Kingdom, the idea emerged of adopting a minimum bet rule which would, in theory, reduce the total amount of closures and restrictions on individual accounts. However, in spite of these changes and propositions, doubt remains in countries like Ireland over how betting ring disputes will be resolved going forward.
Regarding the long-term sustainability of traditional in-house practices and the future outlook of the market as a whole, new government proposals in 2018 sought to ensure a windfall of approximately £100 million, which many believed would develop the sport going forward.
Mobile Betting Growth
Regardless of the particular sports betting sector, the surge in mobile betting has extensively changed the way in which modern-day bettors approach the numerous markets. In general, the global online gambling market is estimated to grow at a compound annual growth rate of 8.77 percent between 2019 and 2024. Although this is not limited to purely sports markets, it does illustrate the overall popularity of contemporary betting approaches.
Caption: The digital era has significantly contributed to the existing betting framework within horse racing.
There are many reasons why remote methods of betting have become second nature to modern-day sports fans. Crucially, the approach itself offers a much more convenient platform on which to both browse the latest odds and place bets. While traditional in-house bookmakers are still the preferred choice among some bettors, the ability to remotely access any sporting market from any location has been the pivotal factor behind the growth of mobile sports betting. Also, the racing itself is expanding worldwide, and with events such as the 2020 Dubai World Cup Carnival now a fixture, the growth of the industry from an on-track standpoint is mirroring that of the betting side of the sport.
Furthermore, many digital platforms incentivise users for signing-up and remaining loyal to their respective platforms. This means, for example, that players may receive free bets on some of the most important events within the horse racing calendar. Moreover, as many of the current platforms are regularly being updated, users don’t have to worry about any privacy issues, as the majority of the existing service providers are adequately licenced and regulated.
The “In-Play” Craze
While the above factors have altered the convenience and market choice within horse racing betting, such growth has undoubtedly increased the demand for the ever-present craze of in-play betting. At its very core, in-play betting allows users to bet on live events both after the action has started and before it finishes. This element of modern-day mobile betting has proved extremely popular in the horse racing field as it allows for spectators to assess the state of the race before choosing whether or not to take a punt on a particular horse.
Because the odds are continually changing, combined with the unpredictable nature of horse racing, there is always the possibility that bookmakers will be wrong in their predictions, giving the edge to bettors on in-play markets.
In addition to being designed to increase the chances of user success, live in-play opportunities have taken the betting industry to new, unprecedented heights by allowing bettors to get closer to the action than ever before. The spontaneous nature of this betting method captures the very essence of sport and aids to increase immersion in the race or match.
The Different Types of Horse Racing Bets
Aside from in-play opportunities, there are many different betting types within the horse racing sector. Perhaps most commonly, users will place a ‘single’ bet, which purely applies to just one event. However, much like in blackjack, bettors may instead opt for a double. In horse racing, this type of approach means that a single bet has been placed on two outcomes across different events and, in order to guarantee a return, both must be successful. In blackjack, on the other hand, a double involves taking an additional card from the dealer and then proceeding to, as the name suggests, double your bet.
Similarly to the online casino world, there are many different variants of betting possibilities. Aside from singles and doubles, bettors can also enjoy Yankee, Canadian, Heinz and Goliath opportunities which range from 11 bets to 247.
Similarities to Blackjack
Although the two sectors are very different in regards to their distinct gaming focus, there are generally more similarities between online casino games such as blackjack and horse racing than you may first think. Fundamentally, both fields have sought to create a platform that offers bettors more control and places them at the heart of the action. While sports betting markets use in-play features to do this, iGaming platforms like Wink Slots have developed a wide array of live titles across traditional tables games including baccarat, blackjack, roulette and many more.
Caption: Contemporary blackjack and horse racing share tactical similarities.
Furthermore, consider the tactical elements of horse racing and online blackjack; for example, there are also similarities between the role of the jockey and digital casino gamers. During a race, and depending on the progress of their opponents, the rider may have to alter their approach to maximise their chances of success. Meanwhile, in live blackjack, players may have to react by either hitting or surrendering their hand if there is an inclination that the dealer is in a more promising position.
Much-Needed Changes Have Created Continued Growth
Ultimately, in evolving to integrate the latest technological developments into their industry, the horse racing sector is arguably better placed than ever before to flourish in the coming years. With mobile betting helping to enhance the accessibility of in-play odds, convenience and immersion are now central to user experiences, as they so often have been in the online casino world.