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The State of Finance, Crypto and The Sports Betting Industry
The way in which certain areas may evolve as time goes on, is through the adoption of new trends and different movements to better improve on their overall quality and move into the future, becoming more and more advanced as they do. The Finance world is one of these, adopting different types of currency as time passes. While the world of Finance may be rife with controversies and mishaps, such as the recent Controversies surrounding Sam Bankman-Fried, for example.
However, it is one of the most stable and significant institutions that have existed throughout our lives, and one of the most well-known inventions that it has produced as of late has been that of cryptocurrencies. The idea that underpins cryptography was originally brought to public attention in 1983 in the form of an academic article titled "On Blind Signatures and Untraceable Payments," which was written by the now-famous computer scientist David Chaum.
Because the world of cryptocurrencies and the blockchain is expanding with such vigour, many people are now able to make a variety of purchases with cryptocurrencies, such as airline tickets, cars, and even groceries. This payment method is entirely network-based, and it has recently been making heavy waves within the world of finance. Recently, many people have been able to make a number of purchases on a litany of different things, such as buying groceries with cryptocurrency.
The world of sports betting is one industry that is seeing an uptick in the use of bitcoin in recent years. Today, a growing number of online sportsbooks accept cryptocurrency as a means of payment. Some of these sportsbooks are even pushing the use of cryptocurrency as a payment method by offering specific advantages to players who make deposits using the cryptocurrency, such as weekly reload bonuses.
The world of cryptocurrency and sports betting today are intertwining heavily, with cryptocurrency being adopted into the fold of payment methods used by sportsbooks, and sportsbooks using cryptocurrency as a means for to begin to cater to a new market, and expand their reach exponentially, something which the sports betting industry, as well as the gambling industry in general are known for doing.
Within this article I will be going over the notion of crypto sportsbooks, and how they affect the overall sphere of sports betting and what may set them apart from other different sportsbooks.
The Notion of Sports Betting: A Brief Look
When it comes to the notion of sports betting, this is a practice that has been in use for generations, with some of the earliest recorded evidence of sports betting being in the 16th and 17th century, with the British betting on Horse Races during the time of the British Empire. The act of sports betting essentially involves the watching of a sport and then betting on certain aspects regarding the outcome of said sport.
There are a number of different bets, as well as different areas on which one can bet in regards to sports betting. The rule of thumb in scenarios like this is, if it’s a sport with major traction, there’s a strong market for it, and therefore Sports betting sites would want in on the action.
How do Bitcoin betting sites differentiate from the Usual betting Sites?
When it comes to the aspect of crypto betting sites, one can see that they’re becoming more and more prevalent within the sphere of online gambling and sports betting. The Sphere of Bitcoin Betting sites has grown exponentially due to the rising trend of cryptocurrency in general. These sites hold a good number of differences to the usual Sportsbooks and therefore can be classes as their own variation of sportsbooks.
The currency that players can wager in is the primary point of differentiation between Bitcoin sportsbooks and traditional sportsbooks. Bitcoin sportsbooks are the only ones that will take cryptocurrencies like Bitcoin, DogeCoin, and Ethereum, to name a few of many others. Traditional forms of currency, such as dollars and euros, are not accepted. Many people have stated that Bitcoin and cryptocurrency sportsbooks also display a higher degree of efficiency than their fiat money counterparts.
This is due to the general notion that they are more efficient and time-friendly than their fiat money counterparts, as payments and withdrawals are processed in a faster manner than by providers of fiat money, something which a lot of sportsbook users who have compared the two have been able to adequately observe. In addition to this, it has been said that they provide more sports betting markets and better odds. They are thought to be significantly safer and more secure than other methods due to the fact that they are anonymous and transparent.
Have Crypto Sportsbooks Began to Take Over the Sports Betting Sphere?
In spite of the fact that this is a reasonable assumption to make, there are a few things that the aspect of crypto sportsbooks does not have in comparison to that of sportsbooks that accept traditional currencies. For instance, the element of anonymity can be effectively used against players, particularly if they use a shady sportsbook with a poor reputation, as it may be especially difficult for stolen cryptocurrency funds to be recovered. This is especially the case if the players bet on games hosted by a shady sportsbook.
However, due to the fact that they are more efficient overall, crypto sportsbooks have the potential to lead the sports betting industry into the future. This is something that cannot be denied in the end, and is the main reason in which crypto based sportsbooks are rising heavily within the sphere.
So are they ultimately taking over the sports betting sphere? Not exactly. There is still a strong love and faith towards the use of Fiat Money in regards to betting on sports and for a good reason too, as it’s been the main way we have paid for things all our lives. Cash, cards, bank transfers have all ultimately been the go-to way for use to pay for things, and negating that would take time and influence, something which crypto, being quite recent in nature, does not ultimately achieve.
So Overall, What Does The Future Hold For Crypto Sportsbooks?
Now that we’ve gone over all of the most important elements of sports betting and the two biggest types of sportsbooks which may exist on the sports betting market, it begs the question: What can the future hold for cryptocurrency based sportsbooks?
Simply enough, one can easily see that crypto-based sportsbooks do have the potential to become more and more prevalent within the sports betting industry, or the opposite can be seen. This is mostly dependent on the factor of how the cryptocurrency industry may fare in the next few years. The biggest drawback to cryptocurrency in this day and age is the overall volatility of it, seen in a number of drops in the price of certain coins, such as DogeCoin in 2021 after Elon Musk’s comment on it.
However, as of now, the future of crypto sportsbooks is quite bright and if things continue to keep going in the same vein as they are now, they could potentially reach the highs of the fiat based sportsbooks that we know to this very day.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.