The concept of Virtual Sports Betting is very common in Europe, but is completely new in the US.
The Pala Interactive LLC, partnered with Leap Gaming earlier in 2016 to introduce virtual sports betting for the first time ever in the US. While in Europe, the idea is popular since over a decade and comprises all sorts of games from football to darts to horse races.
A quick introduction of virtual sports betting
Similar to betting in a real life sports events, contests or races, virtual sports betting involves placing bets on virtual games where the player/team performance is randomly generated by a computer.
When betting on a virtual sports event, you need to choose your bet from available options and then watch the live streaming of the event just like the real life events. The only few differences/exceptions of these virtual events are that the performance of players is randomly generated and the duration of each event is very small (even if it is a football match). The outcome of sports events is based on advanced computer algorithm, the skills of the participants, and their luck.
The biggest advantage of betting on virtual sports is that unlike real life games, you do not need to wait for next event to begin. The action is waiting for you 24/7 whenever you want to try your luck. You can watch live streaming video of the match you choose to bet on without wasting any time. And immediately after the match is over and results are announced, your bets would be settled straight away. In case your team didn’t win, you can start over every 3 minutes.
Bringing the Virtual Sports Betting to the Silver State – Nevada
In the US, Nevada is the only state where ‘Sports betting’ business is legal. So, it is naturally easier for another similar business to get a license in this state.
Earlier this month, a leading virtual reality sports company and a leading mobile gaming company named, ‘Inspired’, published a Press Releasethat confirms their agreement with the William Hill sports books and the approval from the Nevada Gaming Control Board in order to offer virtual sports betting in Nevada.
The company received the regulatory approval from Nevada’s Gambling Control Board immediately after their Virtual Sports gaming products were successfully trialled in the William Hill sportsbook in Nevada.
The chief commercial officer at Inspired, Steve Rogers, said that the regulatory approval for virtual sports betting in Nevada was a ‘fantastic news’ for their business. This agreement confirms that Inspired is the leader in virtual sports innovation, and we are all set to bring a cutting-edge entertainment package with an edge to all William Hill’s customers based in Nevada. This expansion of new sports segment in the US would be a strategic focus for Inspired, and we are ready to modify our virtual sports offering according to the specific needs of this market.”
However, the sports geek crowd will have to wait just a few months more as the full rollout of Virtual Sports Betting in Nevada is expected to occur by first quarter of 2017.
Virtual Sports in New Jersey
In addition to setting up its base in Nevada, Inspired is also set to complete its talks with two casinos ‘Golden Nugget and Resorts’ in New Jersey to bring the concept to New Jersey as well. And this deal is also expected to begin operation by spring 2017.
The New Jersey virtual sports market is quite different from that in Nevada, where the sports betting business is legal. But because this concept of virtual sports is so flexible, both companies ‘Resorts and Golden Nugget’ see a lot of potential in the business despite a lack of famous brick-and-mortar sportsbook.
In the absence of a sports betting licence in NJ, both companies still expect to run the business successfully because the outcomes of these virtual events would not be based on real-world performances of athletes. They can offer virtual sports betting online through their licenses for online gaming sites as well whether the players are at their bars or at their iGaming Lounge.
Apart from Inspired, Leap Gaming is also providing virtual sports in New Jersey since early this year, when they partnered with the Pala Interactive LLC to add virtual sports betting concept to its social casino.