The Booming of Blockchain Technology in the Sports Betting Industry
The booming of blockchain technology presents a fusion of technological advancements. Global sports betting relies on the universal accessibility of mobile phones. Paired with an internet connection as another brick in the wall.
By 2023, there could be 5.3 billion Internet users around the globe. More than half the population of the planet will have a Smartphone.
Explosive growth within the sports betting industry is due to ongoing legalization efforts. During the Covid-19 pandemic, online gambling soared. As restrictions lessened from mass inoculation campaigns, sports came back in full force.
Enter crypto sports betting at the height of an innovative blockchain frenzy. Why do people love crypto sports betting?
Let’s take a closer look at blockchain technology.
Explaining Blockchain Technology
To those who are new to blockchain technology, it’s complicated. The most basic blockchain definition comes from how the technology organizes digital data.
The whole blockchain process transfers user endpoints into an encrypted code or block. An individual block gets placed within the network of computers. This is the blockchain.
Think of a block within this framework as a single brick. It only takes so many bricks to build a house. Once the house gets finished, a new block of bricks gets created.
Each block houses its unique timestamp—on every single brick. This architectural style replicates itself. It goes right into another system of bricks (blocks) interconnected to their predecessors.
All the information stored within the servers and computers comprises the blockchain network. Each part makes up and contains the whole.
It’s like a Roman aqueduct built into a digital landscape flowing within a whole new paradigm.
Blockchain Technology for Everyday Purchases
To put this into context, think of a grocery store buy. Five cash registers in a row configure your transaction into a digital network. If you have a discrepancy with the sale, you can cross-reference your receipt with the others.
That discounted price on Atlantic salmon you saw earlier in the newspaper? It’s already updated within the network.
Bitcoin gets its value from a similar system based on a much larger scale. Altcoins like Ethereum, Bitcoin Cash, and Litecoin use their blockchain technologies. They have unique traits and characteristics.
Some developed better strategies for faster transactions. Like bigger blocks for less expensive transaction fees.
Multiply those five cash registers by a hundred thousand. And you’ve got a massive digital database where prices fluctuate instantly based on supply and demand.
Those cashiers might want to invest some of their paychecks. Right into Bitcoin before the blockchain renders their jobs obsolete.
Pros and Cons of Blockchain Technology
What are the disadvantages of blockchain? First, every transaction on the blockchain needs confirmation. The system of computers validates everything. So, that can lead to issues on certain blockchains if the network gets busy.
With Bitcoin gaining in popularity, you can be sure those problems will arise. When it comes to blockchain technology in sports betting, you might have to wait for a payout. A delay might last between 15 minutes and up to an hour if there’s a congested network.
That’s a minor issue, though. You can adapt by diversifying your sports betting cryptocurrency. Most sites take many different crypto types. Some might even prefer alternatives to Bitcoin, including Monero, Dash, Ripple, and Dogecoin.
Then there’s the problem with the anonymity of illicit gambling. Countries in Asia continue to crackdown on the gambling blockchain by hindering crypto.
Some of the pros of blockchain manifest as solutions. Bitcoin requires a lot of electricity in the mining process. Renewable energy sources used for creating a blockchain can help. Those benefits exist for the future economy as well as the environment.
A centerpiece of blockchain technology, though, comes from its decentralization. Unlike the banking system, the ultimate authority of blockchain derives from its users. Hackers brand themselves as such whenever they attempt to disrupt the network.
Finally, a crypto sportsbook doesn’t have to worry about predatory transaction fees. Away from banks, credit cards, and other financial vultures, cryptocurrency transacts 24/7. Without a middle-man.
Blockchain in the Sports Betting Industry
Betting on sports with crypto has never been easier. The legalization of sports betting continues to be a boon for the industry. It flows right along with the demand for cryptocurrency worldwide.
Even Nasdaq seeks to stake its share of the sports betting market. Their website addresses the similarities between in-game betting and trades made in real-time. Their head of new markets sees potential in data surveillance within the industry.
How else to do that without using blockchain technology?
The anonymity of blockchain technology is another major selling point. Gamblers who want to remain anonymous have that option when it comes to crypto.
Why Do People Love Crypto Sports Betting?
The simple answer to why people love crypto sports betting: it’s easy. Many sportsbooks that adopted cryptocurrency into their deposits offer bonuses as well. Plus, there are little to no transaction fees, and you can deposit and withdraw right away.
Crypto sports betting safety comes from better security within the blockchain framework. Not only can users maintain anonymity, but their personal data is untraceable. Two-factor authentication adds a dual-layer of protection.
When you use crypto with sportsbooks, the whole process becomes simple. All you need is a mobile phone, an internet connection, and a digital wallet. Crypto adds a level of fun to online gambling. It's new, comes with added features, special promotions, and advanced security.
What’s not to love? (Keep an eye on the crypto price dips, though, before you transfer your winnings back to crypto.)
Where Can I Bet on Sports With Crypto?
A Digital Wallet transforms the question: Where can I bet on sports with crypto? You’ll find many online sportsbooks that accept crypto. Some sites that offer users a place to store their cryptocurrency might act as an exchange as well.
It’s possible to find a crypto exchange that allows transfers for online gambling. The process of using your Bitcoin or altcoins for sports betting continues to evolve.
You can find crypto sports betting sites or use traditional sportsbooks. (It depends on which cryptocurrency you have for the best method.) For example, BetOnline, BetUS, and Bovada act as great options for gamblers in the U.S.
Some crypto sports betting sites restrict players from certain countries. You’ll still have plenty of options. So check FAQs or learn more about which platform works best for you.
Conclusion
The sports betting industry gained in popularity throughout 2020. The Covid-19 pandemic ravaged everything else. Blockchain technology originated back at the last worldwide economic crisis, with Bitcoin.
As atomized economies struggle forward, gambling and crypto join together. And they’re not looking back.
By 2025, the global online gambling market might be worth $112.09 billion.
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