Figure 1 Sports - and sports betting has embraced cryptocurrency - Source: Unsplash
There is no doubt that there has been a revolution in the world of sports betting and gambling. This is especially true for many US citizens who have only just been given the chance to join the crowd after the Supreme Court effectively gave the option for individual states to lift restrictions on betting in 2018.
There are a number of reasons why sports betting has become so popular. The high profile of some of the biggest leagues in the world, the increase in the number of free-to-download sports betting apps, and the way that the entire industry has searched out new demographics eager to see what all the fuss is about.
Another way that sports betting is changing is the way it has wholeheartedly embraced cryptocurrency. Digital currencies are finding an ever-larger share of mainstream commerce - especially online - and sports betting has benefitted from that. Both look like becoming even more important in the years ahead and it is no exaggeration to say that crypto is completely changing the way we enjoy sports betting.
The Way of the World
We have just mentioned how cryptocurrency has become a much bigger part of modern society, so it is not surprising that it has boosted sports betting as well. What was once more of an underground, niche, pastime for those in the know, using and understanding crypto has now gone overground.
There are still those who are wary of what is considered a volatile industry but with globally-renowned businesses dealing in digital currencies and even paying salaries in Bitcoin, we have now definitely reached the point where crypto is a part of everyday life for many. From buying groceries online to using Bitcoin ATMs, cryptocurrency has arrived.
Security
But why have sports bettors - and the industry as a whole - taken to crypto so well? Many of the reasons are the same as why individuals become interested in digital currencies in all walks of life. With so many financial problems and worries, being able to rely on the security of crypto is a massive plus for users.
The use of blockchain technology offers users the benefit of not having to rely on third parties. This immediately cuts down the opportunity for fraud and other online financial crime and sports bettors really appreciate that when they are dealing with their own financial transactions.
Transactions
We now live in a world where everything is expected to be delivered almost immediately. This is especially true for any kind of e-commerce. Any online operator will know that potential customers will be lost if there is any perceived delay in the transaction. By using cryptocurrencies in sports betting, customers are almost guaranteed faster transactions - something that can also result in bigger profits.
But there are other ways that crypto users can make more money when betting online. Most of the more traditional payment methods come with added fees and charges that will bump up prices and reduce potential winnings. Digital currencies typically have lower transaction fees - if any at all - so are very attractive to customer account holders.
Global Access
In the same way that cryptocurrencies escape traditional payment method charges, they also inhabit a world without borders. We have all become more used to dealing with businesses from all over the world and the use of crypto has taken that one step further in providing access for bettors.
Although many countries will have their own iGaming and sports betting laws, the use of cryptocurrency can give customers the chance to use sites outside of their immediate geographical location. Digital currencies only exist online and that gives sports bettors more scope to use more operators worldwide.
Player Benefits
As you can see, sportsbook customer account holders have been able to benefit in a whole host of ways by using cryptocurrencies when betting on sports. Personal security and global access are both very attractive to users and the increased privacy that these kinds of transactions offer have resulted in greater numbers betting this way.
In the end, the benefits a customer or player receives are always going to be the main reason for success. After the initial novelty aspect of using crypto to bet fades, users will need to think that it is still the best way to go and sportsbooks will also provide special offers and promotions for crypto users to ensure that the business remains steady.
Figure 2 More business than ever before is being conducted using cryptocurrency now - Source: Unsplash
Positives for Operators
Betting operators are some of the most forward-thinking businesses of any kind. In such a competitive industry, the need to stand out from the crowd and attract new customers is crucial to survival, So, if they think accepting cryptocurrencies as payment methods is the way to go, it has to be considered a success.
Many of the factors that customers regard as positive reasons for using crypto are exactly the same for the sportsbooks themselves. Lower transaction fees are an obvious bonus for these betting operators. With less interference from third parties, the sportsbooks can concentrate in building long-lasting relationships with their customers.
High Profile
If there was any more proof needed to show how much cryptocurrency is involved in sports betting now, you only have to look at the way that the leagues and sports have welcomed the money generated by the industry. Sponsorship of team jerseys --- and even stadiums - is just one example of the very high-profile aspect of the relationship.
As with any new way of doing things, there will be challenges and obstacles to face over the next few years. But both sports betting and the crypto industry have flourished so quickly that it seems unlikely that the bond will be broken. Both are a major part of mainstream society these days - and that doesn't look like changing anytime soon.