With today’s technologies evolving faster and faster, at this point, you might wonder: what should I place my bets on this year? What sports tech startup seems to be the most profitable – the one that will bring my finances higher up the scales?
Some companies have it right. By picking the right domain, they can end up quite successful in a very short time – particularly if they have the right customers viewing their data. Sports transcend borders, and with the rise in technology, it is quite expected that the sports tech sector will go up a few billion dollars in the following year.
So, as an investor, where should you be placing your bets? Regardless if you plan on getting them to bet on basketball or any other sport, here are a few methods for you to ensure that your quest is successful.
Fan Engagement Technologies
In order to be successful in the sports tech industry, you might want to keep an eye on fan engagement technologies – mostly because these are the ones to make the largest impact in the next few months.
This includes eSports and live-streaming – the ideal choice for the consumer that spends most of their time at home. Even when it comes to the Olympic Games, about 78% of the viewers prefer fan engagement technologies.
At this point, you just have to decide which sport you want to focus on – whether it’s baseball, basketball, football, or any other sport – traditional or not – that is being broadcasted. The more engagement it gets, the more you will be able to benefit from it as an investor.
Top Technologies for Investing
As an investor, it might be quite difficult to pick your technologies when it comes to your sports tech startup. That being said, most investors claim that the following are among the most efficient:
- Media and Content-Related Platforms
- Data, Biometrics, and Analytics Measurement Platforms
- eSports
Aside from those three, other efficient areas of investment include athlete performance and tech optimization, gambling and gaming, as well as in-venue technology.
eSports and Basketball – Standing at the Tech Top
When you take a close look at those that are following basketball betting odds, you can easily understand why this area generally proves to be successful. People placing bets on websites such as https://gobasketbet.com/ can easily increase their revenue – and all it takes is the right bet at the right time. Regardless if you are the investor providing the technology or the one placing the bet, this industry can bring anyone quite a lot of success.
Granted, eSports are indeed leaders when it comes to using technology. However, sports such as basketball remain top choices, mostly because they have always remained at the forefront of innovation.
What’s Holding Sports Tech Startup Adoption Back?
While for many people this seems to be like the investment of the century, there are still some that are quite uncertain whether or not they should go all in. The main reasons, like with the other technology sectors, include the following: cost, risk aversion, and unqualified decision-makers.
Indeed, while there can be a lot of blame going around, a successful company in the field will have to validate their brand outside of the sports stakeholder core. Once they understand that their revenue comes from more than properties, leagues, and teams, they should be able to improve their business and become more successful.
Final Thoughts
Creating your own sports tech startup might be quite a challenge for you. However, as long as you do your research properly, you should be able to find the right thing to pace your bets on.