Figure 1 Cryptocurrency is becoming more common in the betting industry
As technology develops we will learn to do just about everything in a new way. Efficiency and convenience are key with most of these advancements and that can have an effect on all kinds of transactions for goods and services.
One change that is already happening is the growing acceptance of cryptocurrencies. These digital currencies can be used for a variety of purchases – from placing a bet on a sportsbook like SportsBettingSites, to buying your morning coffee at Starbucks. Crypto does seem to be the future in a lot of areas of business – could it take over sports betting and gaming too?
The Rise of Crypto
Even the most tech-averse will have noticed that there has been a digital revolution in recent years. Bitcoin takes most of the headlines, thanks to its investment opportunities, but there is a whole host of other cryptocurrencies that have entered the mainstream.
Much of the activity related to these currencies is in the investment field, as people attempt to get rich quickly in many cases. But there is also a wide range of multinational companies that now accept crypto as a payment method. These forward-thinking businesses have now made it acceptable for the industry to grow.
Betting with Cryptocurrencies
Betting firms are never slow to introduce new ways of making money and many have jumped on the crypto bandwagon, eager to see how it goes in the next few years. Although there are some sportsbooks that are purely crypto, many more established operators now just add digital to the list of acceptable payment methods.
The actual process of betting for the customers is just the same as if they were gambling with a fiat currency. To the sportsbooks it makes no difference – they are just opening themselves up to a new group of potential account holders that will bring in even more money.
Advantages of Digital Currency
The advantages of using crypto to bet are much the same as those that supporters have been claiming for just about every kind of transaction over the last few years. Transactions tend to be quicker – and that can be very important when it comes to the fast-paced world of sports betting.
There is also a lack of fees or charges, thanks to the absence of third parties. There are no credit card companies or banks wanting to take a cut. This is attractive for the sportsbooks to offer – and enticing for the potential customer account holders betting. Blockchain technology could make the entire process smoother.
Figure 2 V.R. and A.I. could be part of the future of betting too
A New Generation of Customers
We touched on this a moment ago – but one of the reasons online sportsbooks are keen to adopt cryptocurrencies is that it opens up a new revenue stream for them. Many of the crypto users are not traditional gamblers. But thanks to the 2018 Supreme Court decision, millions of Americans now have the opportunity to bet legally.
As opposed to other countries where betting has been legal for years, US customers know no different. So using a digital currency is not a brand new way of betting for them. The US is proving to be a multi-billion dollar market industry for betting firms, so accepting crypto to boost that even further is a no-brainer.
The Future of Betting?
It seems inevitable that the use of crypto for sports betting will only grow in the coming years. Even with the volatility attached, there is a dedicated section of society actively pushing for digital currencies to become more mainstream.
Crypto is likely to be only one aspect of the future of the industry though. A.I. and more e-sports markets are also set to become part of the equation, as the new generation that we spoke about become the main players in the sports betting world.