With the advent of cryptocurrency and its spread into personal wallets, or the so-called crypto wallets, it has become unbelievably convenient to place a bet anonymously without disclosing your personal and financial data. However, from a different perspective, betting companies are able to provide a higher level of safety and transparency. The current impact of Bitcoin is just at the threshold of reshaping monetary transactions as we know it today. It is promised to bring revolutionary changes in many spheres of our life, including sports betting.
While this article delves into a nuanced understanding of today’s ongoing impact of cryptocurrency on the future of the sports betting realm, there are plenty of sportsbooks you may find suitable without having to utilize the cryptocurrency. Check out the fanduel review link and see for yourself.
So, let us dive right in.
Impact of Cryptocurrency on the Future of the Sports Betting Realm
Privacy Concerns
Privacy is one of the key benefits the world of crypto has to offer. No matter which betting site or platform you are going to use, there is no chance your data will be disclosed.
Crypto-based sportsbooks utilize SSL encryption appropriately licensed and provide an even more elevated privacy protection when funding your account or withdrawing money from it, keeping your confidentiality intact.
Enhanced Transactions
Another obvious advantage of using cryptocurrency is that it makes any transaction safer, cheaper and with lowered commission. Today, it is considered by far the most rapid option when making a transaction, which is exactly suitable for sports betting. The sole prediction of the future impact on gambling is that these transactions might take less than a second.
Decentralized System
Having a decentralized system allows for more safety as you become independent of banks and both their and national regulations. What is more, in case of a country’s inflation, your budget will stay the same, regardless of what is going on with the national economy.
Plethora of Alternatives
Although Bitcoin is a leader in the crypto market, there are a myriad of other options, as well. Ethereum, Litecoin, Tether – all these cryptocurrencies are accepted by online betting platforms, offering different conditions for each one. All of this is to say that there is a certain kind of diversity in the market, which allows bettors to take advantage of what sports betting sites have to offer. For instance, many prefer not to use Bitcoin for live betting due to its volatility and pay with Tether instead.
Worldwide Acceptance
Unlike central banks or national ones, cryptocurrencies liberate you from the necessity to possess a certain citizenship or be based in this or that country.
Enhanced Engagement
Exclusive tokens and rewards programs might be introduced into the sports industry for keeping sports fans more engaged than ever. These tokens are expected to enable fans to participate in teams’ decision-making and get access to low-key information regarding internal changes, as well.
Community and Investment Growth
With an increasing number of sports fans, cryptocurrency will facilitate the investment process for the public. This way, through crypto transactions teams and athletes will be funded by their fans, which is meant to contribute to the sports betting industry.
With facilitated access to make a donation, there will be more people engaging with professional sports. Thus, the global sports community will only gain more popularity leading the betting world to expand its boundaries.
Some decentralized platforms implement special governance models driven by the community itself. Those possessing tokens may contribute to the decision-making process, thus enhancing the future development of the platform where everyone has a say in regards to the alignment of its users’ interests.
Integrated Contracts
From payouts to bonus distribution, contracts will be already integrated in the code so that you do not have to spend time worrying about them at all. This function automates the process, thus eliminating any third parties and minimizing both the operational costs and human errors. Such introduction of smart contracts is promised to ensure reliability and overall efficiency of gambling sites.
Potential Obstacles to Consider
Despite such an array of advantages mentioned above, cryptocurrency has its own flaws. The intersection of sports betting and crypto introduces risks and challenges that should be taken into consideration.
Volatility pertinent to cryptocurrencies is the underlying obstacles owing to its hardly predictable nature that may lead to value fluctuations during any given period of time and therefore have an impact on betting funds.
Anonymity with lack of any regulation in the crypto market is a significant risk due to potential illegal activities (such as fraud in the form of match-fixing or money-laundering), which will be hard to trace and impossible to undo once a transaction is made, giving more room for scammers to act accordingly.
Emergence of New Markets
Undoubtedly, the introduction of cryptocurrency and its rapid nature of development will skyrocket its spread into other countries, as well. For example, sports betting is becoming increasingly popular in such countries as Bangladesh, Zimbabwe, and Zambia, not to mention Eastern Europe that has recently started engaging with the industry.
Tokenization
Many cryptocurrency-based sports betting platforms utilize special tokens as its native currency. Such a process called tokenization ensures faster transactions, lowers the fee rate, as well as allows users to manage their funds in a more convenient way.
The tokenization also expands to offering more flexibility, tradability and engagement to bettors. For instance, in-game items, online events, event tickets, ownership stakes and much more could be achieved through token usage, leveling up the gambling experience.
Final Thoughts
With rapid and undeniable spread of blockchain-based technology and integration of cryptocurrency, the realm of sports betting will see revolutionary changes, profoundly impacting online betting sites and platforms, moving the industry beyond betting. Bettors will be not only those placing a wager on a certain team, but also those being an integral part of the decision-making process and the whole community. The change is already remarkable and expands to other countries where sports betting has only taken its root. Embracing the existing changes and challenges will allow us to rethink betting as we see it now.