There have been few business sectors that have attracted as much media interest in recent years as cryptocurrency. But sports betting might be one. Thanks to the Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in 2018, millions of Americans have now had the opportunity to legally place bets on sports.
One of the results of that move has been the explosion in the number of sportsbooks online in the states that have passed legislation. The profile of sports betting has never been higher, as even major pro leagues have embraced an industry that was once taboo. As in other places in the world, betting has become a major part of the sports landscape as customer bases have grown.
It is not a coincidence that this growth in sports betting has come at the same time as technological advances and developments have made it even easier for people to bet online. Cryptocurrency has become a big part of this growth – and everyone seems to be happy with the way things are going.
Growing Industry
As a multi-billion dollar industry, sports betting is a major player in everyday society and the use of cryptocurrency within that will only increase. This is a development that is good for both sides. Events like the Super Bowl attract the main headlines but millions are bet on sports every week of the year.
As more and more people find out more about betting on sports online, that customer base becomes more used to how things work. Using cryptocurrency for betting comes with its own advantages (of which we will look at in a moment) and that helps both sectors continue to grow.
Bringing More Crypto Use
You may regard cryptocurrency on a completely individual basis. But if you have any interest at all in the wider digital community and how it might be able to influence the way mainstream society works, the inclusion and acceptance of crypto with sports betting is a big deal.
Sports – and sports betting – is about as mainstream as you can get, so if there are fans wanting to use cryptocurrencies for their gambling, it is a sign that the basics of everyday life are shifting. Many sportsbooks even offer promotions for users to claim more crypto and keep the system growing.
Transaction Speeds
Many of the reasons why sports betting fans have been so happy to accept crypto are exactly the same as why any other industry has looked towards digital in recent years. Faster transaction speeds are an obvious plus for many – but they hold even greater importance when it comes to betting.
Live betting – the placing of bets on sports events that have already started – is one of the real growth areas and the timing of wagers is hugely important in getting the best odds. Faster transaction speeds provided by crypto use are an obvious asset for anyone live betting.
Security and Transparency
As much as the predicted regulation of cryptocurrency use in sports betting may change this, there are many people who value the anonymity that digital currencies provide to their financial transactions. Without the need to share so much personal information, betting can be done more privately.
That privacy is very important to many people but the advanced security should be welcomed by everyone. Cybercriminals have targeted sports betting, as with all kinds of financial transactions, in the past and cryptocurrencies offer greater levels of security for their users.
Lower Fees
One of the biggest gripes for anyone carrying out financial transactions online has always been the fees involved. This has been a way for businesses to make more money through online commerce. However, the use of cryptocurrency for sports betting automatically decreases those kinds of charges.
As more betting sites offer crypto payment options, there will be more customer account holders able to keep hold of a greater percentage of their winnings. When it comes down to it, that is what sports betting is all about. So it makes sense for the users to want to give themselves the best chance of bigger profits this way.
Every Major League Has Embraced Betting and Crypto
Changing the Face of Sports Betting
We mentioned the massive impact both the crypto and betting industries have had on mainstream society at the beginning of this article. But cryptocurrency’s impact on sports in general cannot be underestimated. The way pro sports are broadcast and reported on is changing thanks to digital.
All major leagues have now accepted betting as part of the culture and crypto’s close relationship with betting means that it is part of that conversation as well. The sponsorship and marketing involved in both means that the mainstream, public face of crypto has never been more popular.
The Future of Crypto and Gambling
The easing of restrictions on betting has changed the sports world entirely. So, anything that has been involved in that is also playing its part in that transformation. Sports betting is getting bigger all the time and the position of crypto has changed as well. Digital betting sites are commonplace now and more customers will be given the opportunity to use cryptocurrencies in the years ahead.
The further use of blockchain technology will provide an even more stable platform for sports betting, while security continues to be a huge concern elsewhere. It will be interesting to see how more regulation changes the relationship between the two. But cryptocurrency looks like playing a major role within sports betting for quite a while yet.
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