Microbetting is on the rise, but it’s a risky game. Critics suggest microbetting could contribute to a rise in problem gambling, necessitating specific regulation in the near future.
Key Takeaways
- Microbetting is a form of gambling where players place rapid, quick-fire bets on what could happen in the next minutes or seconds of a game.
- Safe-bet advocates are concerned that microbetting could be more addictive than other forms of gambling and cause financial harm.
- There are currently no specific regulations relating to microbetting, but this could change before long.
Now the fastest-growing segment of in-play betting, microbetting is becoming more popular by the day. In fact, its rise has been so rapid and far-reaching that experts are predicting it could constitute $20 billion worth of bets by 2027.
It’s easy to see the appeal. Microbetting allows players to bet on almost anything, at almost any point in the game — and the bets can be incredibly specific.
Say you want to put your money on the outcome of the next play of an NFL game, and you’re willing to wager on it being a touchdown. Or you’re watching the Wimbledon final unfold but instead of putting your money on the overall winner, you want to bet on who will take the next point. With microbetting, you can do just that — and if you’re lucky, you stand to win considerable sums of money.
But there’s a downside. Read on, and we’ll take you through some of the hidden risks of microbetting and explain why some are calling for tougher regulation of the market.
What is Microbetting?
Microbetting is a relatively new form of in-play betting that gives players unprecedented choice regarding the specific bets they’re placing and when they place them.
The small, rapid-fire bets can be placed at almost any point in a game, and the outcome of these wagers is decided just as quickly.
Unlike other in-play betting options, which usually rely on outcomes over the course of the entire game, microbetting is a way to bet on what’s happening right now and what’s likely to happen in just a few minutes. Bets have tight timeframes, in some cases just a few seconds of a game.
Microbetting is proving popular thanks to its fast feedback loop. Players know whether they’ve won or lost almost instantly. The fact that it works so well with mobile viewing experiences has also contributed to its rise. Fans can now place microbets from mobile devices without taking their eyes off a game as it’s live-streamed.
Why is Microbetting Dangerous?
Microbetting can be great fun — there’s no denying that. But it’s risky, particularly when we compare it to more established forms of in-play betting.
The problems of microbetting become crystal clear when we consider what happens when it goes wrong. It’s a dangerous game because it relies on very short-term outcomes.
With microbetting, bets are often placed on a whim — and they’re placed under pressure, quickly, as gameplay develops. This leaves players with far less time to consider the bets they’re placing before they do so, which can result in impulsive and ill-advised bets that players wouldn’t ordinarily place.
And these aren’t the only risks that come with microbetting.
Addiction and Problem Gambling
One of the biggest controversies surrounding microbetting is its suggested link with problem gambling. Some have argued that microbetting is more addictive than other forms of gambling, and will therefore contribute to a rise in problem gambling, particularly amongst younger demographics.
In a review of microbetting and its potential impact, the National Library of Medicine stated, “microbetting allows constant and impulsive betting, possibly augmenting the risk for gambling disorder.”
The dopamine cycles players experience when placing these rapid bets have been compared to those of slot machines, but experts are particularly concerned about the time-pressure element of microbetting.
With microbetting, bets have to be placed at such a fast pace that players have little to no time to consider the odds of the bet and the likelihood of it winning. This leaves players unable to make decisions responsibly — and in some cases, it can contribute to problem gambling.
Financial Impact
Microbetting can have a detrimental impact financially, as it encourages players to place far more bets than they might otherwise have made.
These offerings provide players with endless opportunities to bet during games and a seemingly endless array of outcomes to bet on, which means that some players will inevitably wager more money than they would have if they were betting on the winner or a final score.
Microbets tend to be relatively small in terms of the money bet on each outcome — but when a player bets constantly during a game, these small losses can soon add up. Few players stop to think about money lost while they’re still watching the action unfold.
The other issue is the temptation to recover previous losses by placing more and more small bets. This is a dangerous strategy in any form of gambling, and it’s one that all too often results in considerable amounts of money being lost.
Covers Expert Tip
Lack of Specific Regulation
Microbetting is not yet regulated separately from other forms of sports betting. This means that players currently have full rein to place as many wagers as they please during games, and they can lose significant sums of money doing so.
As microbetting grows, the extent to which it contributes to problem gambling will become clearer.
Opponents of microbetting are already seeking to establish a link between gambling addiction and these rapid, quick-fire bets. If they are successful, we can expect specific regulation of microbetting to follow in the future.
Those clamoring for stricter regulation will also be analyzing any potential rises in gambling addiction amongst younger demographics — as not only is this age group proven to be most at risk of gambling harm, it’s also a group that’s highly likely to engage in microbetting in-play.
It’s possible that regulations will be tightened even further for younger players, as they have been for online slots.
Can Microbetting Be Made Safer?
Microbetting itself isn’t dangerous if used with caution and purely for entertainment. Like all forms of gambling, it becomes problematic when used in excess. But the quick-fire nature of these bets does encourage players to take risks and chase losses in a way that other forms of gambling don’t.
Microbetting could be made safer, however. Doing so would require specific regulation of the type we’ve recently seen introduced for online slots — a form of gambling that has been compared to microbetting due to the similar dopamine cycles players experience during gameplay.
For example, this year, the UKGC introduced new regulations that limit the amount players can bet to reduce the risk of financial losses, particularly in the youngest demographic.
There is now a £5 limit for all adults and a £2 limit for those aged 18-24. The new rules state that games can have multiple cycles, but there must be at least 2.5 seconds between the start of a game and the beginning of a new cycle.
Similar regulations could soon apply to microbetting, but we’ll definitely be in for a long debate on the potential pros and cons before we see any concrete legislation.
