There are two industries that have arguably been the success stories of the last decade, and they are cryptocurrency and sports betting. Both have benefited from changes in the laws and regulations across the world, as well as everyone living their lives online more to some degree or another.
It is unsurprising, therefore, that these two giants have looked to benefit yet further from each other. The similarities between the two are enough that a strong relationship has formed. It is now not uncommon for many customers using the best sports betting apps to make their predictions using cryptocurrency.
Those bettors will use a site like MyTopSportsbooks to discover the best betting sites, and then deposit, bet, and withdraw using digital funds. Any betting platform wanting to grow its customer base now accepts digital currencies, but is crypto betting still on the rise after its early peak?
Technological Advances
It might be considered fortunate that these two industries have grown so much in recent times, but a shared early adoption of technology and its advances in recent years has played a very important role in the way they have both benefited. It is not by luck that both cryptocurrency and sports betting have grown.
These are two industries that have always been keen to try new things and benefit from the way that technology has rapidly evolved. This has resulted in both being in a position to benefit from each other as well as the advances in technology of the times. Both have been able to predict the way everyday people have grown to rely on tech.
Decentralized Finance
There was a time when most people in mainstream society were skeptical of the benefits of cryptocurrency use. The volatility of the market and a lack of technological know-how prompted many to turn away from digital currency, leaving it as a niche uptake. But there have been changes on that front.
There has been a large growth in trust in decentralized finance in recent years, as traditional banking and financial models have faltered globally. Avoiding third-party involvement and higher fees has been attractive for crypto users, and betting platforms have recognized that shift, and now accept digital currencies as a default.
Blockchain Technology
More and more sports fans are placing bets using cryptocurrencies these days, partly because blockchain technology is used more widely by the sportsbooks themselves. When there is more understanding of how blockchain can help users in their online activities, the move to betting in crypto is not as big a leap.
Blockchain technology has allowed sportsbooks and iGaming platforms to offer a more reliable and credible service. Decentralized models produce automated systems that create greater trust between the bettor and the sportsbooks. Getting more accurate and up-to-date information and prices only strengthens the relationship further.
Integrated Mobile Experience
We are now approaching the point where just about everything can be done with just the use of our mobile devices. In an increasingly online world, crypto use will only surge, while betting platforms will grow customer bases due to the ease and convenience of everything being accessible in the palm of your hand.
Even with the rise in use of mobile tech, there would still be a problem if the crypto and betting sides of the equation could not talk to each other. But there has been a massive shift in integration in that regard, making it so easy for customers to place their bets using digital currencies.
Increased Crypto Betting in Core Markets
This crossover between crypto and sports betting has resulted in the core markets increasing. Football (soccer), basketball, and tennis are the big three when it comes to global betting, and sportsbooks have recorded an increase in the use of cryptocurrencies when placing bets on these markets.
Soccer still accounts for the most bets on a worldwide basis, although bigger wagers are noted with basketball. Either way, the betting platforms have noticed that there are more instances of crypto being used on their most popular markets, suggesting that the increased flexibility and speed of transactions has matched the evolution of online sports betting.
Live Betting and Faster Transactions
Speed plays an important role in the increased uptake of crypto betting in another way, as live betting has become more popular. Live betting, sometimes referred to as “in-play”, is when bettors make their predictions as an event is ongoing. This is different to the traditional way of placing a bet before an event starts.
The fast nature of sports dictates that market prices are constantly changing in accordance with what is happening on the court or field of play. A faster way of betting is needed to keep up, and crypto betting provides that. Add that to the speed and convenience of mobile betting, and customers are now shifting to this way of conducting their transactions.
New Markets and Formats
As betting platforms continue to see the benefit of offering cryptocurrency acceptance, there has also been growth in the market for crypto-specific offers. New formats and innovations, such as prediction markets, are more open than ever before to crypto involvement – and this will only fuel the shift.
As everything, including sports betting, becomes even more online and integrated with blockchain technology, crypto betting is certain to become more normalized. It has already gone far beyond the realms of “niche”, and its market share is set to grow. Crypto and sports betting are two forward-thinking industries that continue to thrive, and will no doubt explore further innovations in the years ahead.
