After years of doubt and skepticism, the cryptocurrency has finally found its way into the financial sector of many countries. Today it is used for a variety of reasons, but the goal remains the same: to make money. Sports betting served the same purpose long before the first cryptocurrency hit the market in 2008.
It’s no surprise that cryptocurrency and sports betting are linked in terms of rules, volatility, profits, and other factors. This extensive similarity has also manifested itself in an overlap between the two. Cryptocurrencies have helped the sports betting industry by solving problems no other financial system could. This has the potential to seriously disrupt the sports betting financial market.
It was in 2008 when Bitcoin first enabled the peer-to-peer transactions that helped send and receive payments from around the world. The idea gained immense popularity and soon made progress, adding other helpful concepts such as smart contracts and decentralized apps to the offer. With this in mind, numerous small and large companies began to make extensive use of cryptocurrencies in their daily transactions.
According to them, casinos, pubs, clubs and other gambling companies have seized the opportunity to accept payments in the form of cryptocurrency.
How has cryptocurrency helped in the gambling sector?
This move towards cryptocurrency not only made sports betting payments secure, but also offered super-fast deposits and withdrawals in shorter processing times, which helped with live betting and direct betting.
This incredible crypto exposure to sports betting also proved to be a significant aid during the Covid-19 outbreak, allowing bettors to participate in online betting from home.
The three main selling points of blockchain’s decentralization, accessibility, and privacy made it pretty easy to encourage bettors to trust cryptocurrency.
Using a digital currency with just a few clicks has made betting much more convenient and has avoided players having to involve banks or other monetary systems in their bets. Unlike other investments, cryptocurrency can be owned and traded by anyone with any jurisdiction or geographic limit. It thus has the largest customer base of any investment market.
Several veteran cryptocurrency traders and celebrities have also given their views on the role of cryptocurrency trading in the gambling industry. Jan Sammut, a professional crypto trader, says blockchain technology will bring more transparency to the gaming industry, especially the B2B sector. This is an important indication that cryptocurrency trading and its financial incentives have a long-term future in the industry.
Impact of the blockchain on the gambling industry
Cryptocurrency is steadily conquering every financial area that needs a secure, efficient and decentralized payment system. The gambling industry is one of these areas. It has been proven true game changer to limit the number of scams and scams that people are exposed to while gambling. With 100% transparency on every bet, cryptocurrency has successfully made sports betting a relatively safe place to wager your money.
We all know that by being decentralized, cryptocurrency supports user anonymity. In this regard, it poses a massive threat to an online gambling industry where bettors can fall prey to scammers as well as illegal gambling activities.
Crypto payments offer improved security, more transparency, secure payments and no transaction fees, which could revolutionize sports betting.
A recent report among US bettors said that there has ever been an unexpected spike in monetary fraud in the history of sports betting apps. In this regard, the increased security and protection of blockchain becomes even more attractive when placing bets, either in casinos or online.
Use of smart contracts
The use of smart contracts in sports betting has also been an eye opener for gamblers who typically don’t know where their wagered money ends up. Similarly, it helps operators and game regulators to keep track of all of the bettors on a game and the money they are betting with.
While cryptocurrency can skyrocket due to its valuable contribution to sports betting, some still have doubts about its credibility and effectiveness. Using cryptocurrency servers as a safety net for the sports betting industry in the event of an unexpected restriction, ban or other law.
In the meantime, it remains a great way to enjoy sports betting while enjoying transparent transaction data, privacy, and cheaper payouts.