How Cryptocurrency Is Changing the Game

different cryptocurrencies - featured image

Cryptocurrencies have changed a lot of different industries and become a commonly used payment method for almost all kinds of transactions.  One of the first industries to accept the use of cryptocurrency payments was sports betting, as it was always eager to accept new technologies.

This article will outline how cryptocurrencies have changed sports betting, how they improved it for users and betting sites, and the biggest downsides.

Transition from Fiat to Crypto

The first significant change came when sports betting sites started allowing players to bet using cryptocurrencies alongside traditional fiat money.  The sites offered all the games and betting options for both types of players.  After a while, games, and betting options that are suited to cryptocurrencies only emerged.

Betting sites started with Bitcoin and Ethereum, the largest cryptocurrencies out there.  Later on, the offer expanded to many different altcoins, and new ones are added almost daily as they get a larger base of users.  The matches and events the players can bet on don’t change depending on which cryptocurrency the players are using.

Global Accessibility

Betting on sports with cryptocurrencies allows users to make wagers from anywhere in the world.  Some countries still don’t allow sports betting, but if players pay with crypto and use a VPN, they can still access any site.

Over the years, as the use of cryptocurrency has become more common, governments have started to tax the winnings made this way.  That’s something the players should be aware of and prepare for, even if their countries consider betting itself to be illegal.  One of the great things about using crypto is that the funds never have to be withdrawn to a bank account.

Better Predictions 

The key to sports betting is to make predictions about the possible outcomes based on the available information.  The betting sites produce odds using these parameters.  As the technology behind predictions has improved, the odds have become more sophisticated and fairer.

Blockchain has been one of the most important innovations in this regard.  It allowed sports betting sites to use almost countless sets of data and, therefore, have better predictions and clearer odds.  However, different sites still have varying odds, and the player often shop around to use these differences to their advantage.

Introduction of New Sports 

Global accessibility has also changed which sports players follow and bet on. For instance, betting sites with baseball odds are now popular in Asia, where the sport was rarely played.  At the same time, sports beloved in Asia, such as martial arts, are gaining followers across the globe.

Small and niche sports that have a dedicated base of followers but aren’t widely known and followed have also gained traction due to the global accessibility of betting sites.  Darts and competitive tag are good examples of such sports.  The increased popularity may even bring these sports to the Olympics at some point.

Fairer and More Transparent Odds

The odds for sports betting with crypto are written into the blockchain code itself.  They are automated, and the payments are transferred as soon as the terms of the bet are met.  This allows the players to inspect the code and make sure that the odds are satisfactory.

It’s an especially important feature for players joining sports betting sites from abroad.  Since most sites don’t have an on-the-ground facility, the players need assurances that the odds are fair and their winnings will get paid.  Blockchain automates these processes, thus eliminating the chance for fraud.

The Move to Mobile Betting

Sports betting sites that use crypto as a payment method can be used on both mobile and desktop devices, but recently, there’s been a change in attitude, and players are moving to mobile devices.  That’s primarily due to changing demographics, as younger players who use crypto are more used to using mobile devices to make wagers.

Phones and tablets can also be used to manage cryptocurrency wallets, meaning that the whole process, from depositing the funds to withdrawing the winnings, can be handled with nothing but mobile devices. The gameplay and the features are the same regardless of the device you’re using.

Fast Transactions

Transactions made with crypto are much faster than the ones made with fiat money.  No crypto intermediaries are involved, meaning no centralized structure is involved.  The payments are immediately available regardless of the amount you’re depositing or withdrawing.

With fiat currencies, withdrawing payments takes a bit longer, depending on your method and the amount you’re withdrawing.  For some banks and cards, it can take as long as a few days.  It’s especially useful to sports betting when time is of the essence, and players often want to make a wager right away.

Micro Transactions and Small Wagers

Blockchain networks are perfectly suited for micro-transactions, where small amounts are transferred instantaneously and through countless networks.  This has found an application within the sports betting industry for players who want to make small bets and cover unique events and special features.  Therefore, the introduction of crypto has allowed sports betting sites to change the nature of their wagers.

It has made the wagers much more fun and exciting, allowing players to make conditional bets that depend on how the game unfolds in real time.  Players can be on almost any event that’s identifiable and can be enumerated – such as the number of fouls, injuries, or even how many times a certain player touches the ball.

Institutional Involvement

As cryptocurrencies become more widely used and accepted, they become more institutionally involved with teams, leagues, and betting sites.  Cryptocurrency companies are sponsoring many teams in different leagues.  Many teams provide memorabilia and other unique features tied to the blockchain.

Some teams are even paying athletes in crypto, as many athletes are very business-savvy and willing to try out new investment opportunities.  Crypto companies are sponsoring betting sites and lowering fees for players that use their currency.

Greater Fan Involvement

Crypto tokens and blockchain technology also allow fans to participate in new and different ways.  For instance, winnings made on sports betting can then be used to purchase crypto tokens that unlock special features for the fans.  Some teams allow their fans to purchase tickets or other items in this fashion, and many provide digital products.

Some small teams have even gone so far as to use crypto tokens to create communal fan ownership of a portion of the team’s revenue.  In the long run, it can lead to completely fan-run sports teams.

To Sum Up

Cryptocurrencies have been widely accepted in the world of sports betting.  It’s been one of the first industries to do so, as they provided features sports betting could use.  Over the years, cryptocurrencies have changed the game in many ways and made it rely on blockchain technology.  This has been to the benefit of both the players and the betting sites.

Players can use crypto to make safe wagers, have better odds, and trust sports betting sites worldwide.  They also allow anonymous wagering, an increasingly valuable feature in a world where online transactions are tracked and recorded.  Betting sites are introducing the use of new cryptos and coins almost every day.