Crypto witnessed tremendous growth across a range of industries globally. Similarly, the advent of crypto is now becoming apparent in the sports betting world. With many wealthy bettors these days preferring blockchain sports betting, bookmakers are also not shying away from decentralizing sports betting.
So, is sports betting a growing industry? Well, the simple answer is yes. SBS did deep market research to study the revolutionizing online sportsbook market.
Sports Betting Industry Massive Growth
Sportsbooks started experiencing rapid development after revoking the Professional and Amateur Sports Protection Act (PASPA) by the US Supreme Court in 2018. The legalization, along with the pandemic, led to the humongous online sports betting market trend.
Both US and offshore sportsbook sites are attracting several gambling enthusiasts from these past three years. According to Zion Market Research, the sportsbook industry earned US$ 131.1 billion in the year 2020, while its projected revenue for the year 2028 is about US$ 179.3 billion.
What is the best crypto sportsbook?
BetUS, Betonline, Bovada, Mybookie, Intertops, and Xbet are notable online bookmakers available worldwide for crypto players. You can wager on your favorite sports genre on these sportsbook platforms from anywhere across the world. It includes American football, Basketball, Baseball, darts, cricket, cycling, snooker, Dota 2, Call of Duty, Starcraft 2, and much more.
Cryptocurrency Impact In The Industry
Wagerr, BlitzPredict, and Edgeless are the first few operators to facilitate this new source of the financial system to sports bettors. Meanwhile, offshore bookmakers, such as BetOnline.com and Sportsbetting. Ag, have also initiated cryptocurrency as a payment mode.
Since more and more crypto owners are eager to play the odds with their tokens, sports betting sites are more than glad to integrate blockchain technology. Besides, decentralization provided by crypto facilitates reliable transparency requirements.
Currently, Bitcoin holds a significant market share in the legal gambling sphere as it’s one of the most preferred cryptocurrencies for punters. Even offshore online sportsbooks accept Bitcoin as a cashier option from US players.
However, a plethora of other cryptocurrencies are also becoming popular deposit and payment options on sportsbook sites. The list may expand as they become more prevalent.
These are the common Bitcoin alternatives you can use on blockchain sportsbooks online.
- Bitcoin Cash: After Bitcoin, this digital currency is vastly accessible on several sportsbook sites worldwide.
- Litecoin: A cheaper alternative of Bitcoin, which comes with different encryption methods, is often used as a cashier option.
- Ethereum: The biggest competitor of Bitcoin in the online sports betting market that uses smart contracts to prevent scams.
- Ripple: The Ripple-powered online sportsbooks enable betting lovers to gamble from throughout the world.
- Dogecoin: One of the popular digital currencies, Dogecoin is usually available as a deposit option on sports betting sites.
- Dash: Dash is slowly setting its foot in crypto sports betting because it’s more secure and faster than Bitcoin.
Wondering why crypto is considered a safer option to bet among modern punters? Let’s understand why switching to crypto sports betting can be a wise move.
- Seamless Payment Process
Transacting in crypto is fast, simple, and convenient as there is no centrally authorized body to scrutinize the validity of a transaction. The real-time and instant verification system of the blockchain system accelerates the transaction process on the betting sites.
Faster transactions and no third-party involvement further lower the transferring cost of crypto than traditional banking methods, like bank transfers and credit cards. Therefore, sportsbook lovers now do not hesitate to adopt cryptocurrency as a mode of payment on legal sportsbooks.
- Bonus and Promo Deals
Huge bonuses are waiting for gamblers when they use cryptocurrency over traditional banking methods. Seeing the increasing interest of players in crypto sports betting, online sportsbooks for bitcoin frequently release lucrative incentives for their new and old members alike. It includes free bets, deposit bonuses, and even VIP rewards for regular bettors.
- Less Prone to Errors
Blockchain technology can potentially remodel sportsbooks by eliminating the risk of errors. Even though bookmakers strive to facilitate the bets and set the odds without any hiccups, blunders can happen. After all, to err is to humans.
But by using cryptocurrencies, you can now directly place bets without the help of an online broker. Through an extensive network of machines used to legitimate the wagers, blockchain can help limit any possible mistakes beforehand. Thus, ensuring more transparency with lesser costs by developing a new peer-to-peer wagering system.
Is It Safe To Place Sports Bets With Crypto?
Absolutely, yes. Thought of unfair bookmaking gives jitters to sportsbook players. But not when you’ll choose to play the odds on legal betting sites using blockchain technology.
Here are the perks of gambling with cryptocurrencies.
- Secured Transactions
Betting with crypto ensures high-end and fully transparent book-keeping to bettors, leaving no room for fraudulent activities. There is no scope for cheating or meddling with outcomes or payments by operators.
The introduction of blockchain technology in the sports betting industry could provide verified and valuable records across a distributed ledger that can’t be mishandled. Eventually, offering required transparency across the platforms.
As soon as you deposit funds in cryptocurrency, your transaction and digital signature store within a block. The sportsbook operator has to alter the hash code that demands huge money and time investment for hacking the entire network to change this data. Hence, scamming players is out of the picture for the operators.
- Privacy and Anonymity
Further, decentralization protects the identity of crypto bettors by keeping users anonymous. Even the miner can’t scrutinize their deposited funds. The whole process improves players’ privacy and security reinforced by legitimate e-wallet terms for anti-money laundering regulations.
Athletes Who Are Investing In Crypto
Your favorite celebrity athletes are already putting their trust in crypto as a wealth growth option. Also, high-profile teams are releasing Crypto athletes NFT (Non-Fungible Token) as a new source of fan engagement in the sporting space.
Above all, professionals from NFL and NBA to soccer players are switching from conventional cash to bitcoin as salary. Here’s a list of high-paid sports persons accepting their salaries and sponsorship deals in cryptocurrencies:
- Russell Okung – Received half of his salary in Bitcoin
- Trevor Lawrence – Accepted signing bonus entirely in crypto
- Sean Culkin – Converted his 2021 salary into Bitcoin
- Saquon Barkley – Future endorsement deals done in crypto
- David Barral – First-ever footballer paid in crypto
- Lionel Messi – Getting paid partially in the club’s Ethereum-based ‘fan tokens.’
As blockchain becomes a more popular investment method among famous athletes, it is a sign that digital currency is overpowering the sports world.
Conclusion
Undoubtedly, crypto is no more a bubble in the sports betting industry. Since the main aim of blockchain technology is people’s interests, it gives a player complete control over their money. Moreover, crypto sportsbooks ensure that you have a fairer and betting secure experience.
SBS believes now you can try your luck in a safe mode with crypto!
Author Bio:
Sarah has been instrumental in writing about sports betting and gaming for over a decade now! Her keen eye for detail, together with her penchant for research, assures the audience gets a 360-degreecolossal view on any topic! You can read more of her work at Safest Betting Sites.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
