Sports Betting Kiosks and Betting Machines: The Future of Sports Betting
Until May 2018, a federal law known as the Professional and Amateur Sports Protection Act (PASPA) limits most legal sports betting to Nevada and three other states. That (PASPA) was overturned by the Supreme Court in favor of New Jersey, allowing state-sponsored betting.
What to Expect in a World Where States Can Legalize Sports Betting
Anticipating PASPA’s repeal, a handful of states have started the process by passing enabling legislation. Pennsylvania is one notable example. These changes to the law are paving the way for states to start offering legal sports betting in the next couple years.
What can we expect the future of sports betting to look like? According to a May 2017 Oxford Economics report, legalized sports betting is projected to generate $8.4 billion in new tax revenues, create more than 200,000 new jobs and add over $22 billion to the nation’s GDP. With a budding new industry on the horizon, businesses are working tirelessly to capitalize on the new opportunities being presented in the world of sports gambling.
Casinos will need to be well-prepared for the influx of new customers that will be flocking to their venues in hopes of placing their first legal sports bet. As a result, many casinos are finding that sports betting kiosks provide the needed automated self-service solution to handle a higher volume of sports wagers without requiring the need for additional customer service staff.
The Impact of Sports Betting Kiosks
With such anticipated economic growth in the gambling industry, casinos will need to do their best to streamline their betting services. Sports betting kiosks will be a key factor in perfecting this process as they will improve the customer experience and will increase betting revenues for operators.
Wagering kiosks will improve the customer experience by cutting down wait time. Customers will not be waiting in line to place a bet. With multiple betting kiosks available, customers will be able to place a wager whenever they please. In turn, this will also increase revenue with more total bets placed.
Benefits of Betting Kiosks
- Line queue management for burst cycles
- Increased betting revenues for operators
- Higher wagering levels
- Operators optimize their labor costs
- Accept cash, winning tickets, and vouchers
- Provide ADA accessible betting options for customers
Background – Fixed odds betting terminal
A fixed odds betting terminal (FOBT) is a type of electronic slot machine normally found in betting shops in the United Kingdom. The terminals allow players to bet on the outcome of various games and events which have fixed odds, with the theoretical percentage return to player (RTP) being displayed on the machine by law. Typically slot machine FOBTs have an RTP of 90% to 94% depending on the chosen stake, and standard roulette FOBTs have a long-term average RTP of 97%. Fixed odds betting terminals were introduced to UK shops in 2001.
The most commonly played game is roulette. The minimum amount wagered per spin is £1. The maximum bet cannot exceed a payout of £500 (i.e. putting £14.00 on a single number on roulette). The largest single payout cannot exceed £500. Token coins can be of value as low as five pence in some UK licensed betting offices (LBOs). Other games include bingo, simulated horseracing and greyhound racing, and a range of slot machine games.
Like all casino games, the ‘house’ (i.e. the betting shop) has a built-in advantage, with current margins on roulette games being between 2.7% and 5%.
Article reprinted from https://kioskindustry.org/sports-betting-kiosks-future-sports-betting/