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Betting Industry Needs Cryptocurrency – 3 Reasons Why

Photo by Viktor Forgacs on Unsplash

In recent years, cryptocurrency has transformed the face of finance and has provided people with a number of alternatives to traditional methods of paying, trading and investing. Many have managed to extend their wealth through cryptocurrency, and many more will. What many ponder, however, is why certain industries have jumped on the bandwagon, while others have yet to get on board. With all the use cases cryptocurrency can boast, here are some of the reasons why the betting industry needs cryptocurrency.

The link between betting and crypto

The strong link between betting on sports and investing in cryptocurrency is the initial reason operators that do their bidding within the iGaming industry should consider accepting cryptocurrency. As it stands in North America, crypto betting is an exceptionally small niche, with very few betting companies accepting some of the most popular cryptocurrencies.

As it stands for example, among the list of legal and licensed betting sites in Canada, as listed by the leading sportsbook review website, mybettingsites, no operators offer payments through cryptocurrency. There is a handful of betting sites that do accept cryptocurrency, but these are not licensed in the country, and therefore cannot be trusted.

Research suggests that a large percentage of up and coming, recreational sports bettors have a big interest in crypto, which all in all is understandable. Investing in cryptocurrencies is a lot like placing bets. There’s risk involved, and the practice is characterized by placing money on an outcome and potentially seeing that money grow into something more.

Possibilities for integrating betting and crypto wallets

These days, more and more apps, and websites are launching that allow you to manage your cryptocurrencies, browse NFTs, and trade. Imagine a world in which certain cryptocurrencies and betting operators were to partner up, allowing you to share your crypto and betting wallets so that you could easily place bets from the wallet you use for crypto.

While this may sound like a far-fetched concept, businesses from different industries partner all the time, especially in cases where the two industries have users that are interested in the other. The shared nature of crypto and betting means that having one super wallet for your crypto and your betting will ensure that crypto bettors will have the easiest and most seamless experience when placing bets online, and with where cryptocurrency is heading, this will be in the vast majority of bettors in times to come.

Another payment option different from the rest

Generally, the payment methods found on betting sites tend to be a bit generic. While these can be effective due to their popularity, crypto bettors tend to have to use outdated payments that can be a bit slower, and less efficient than if they had cryptocurrency options to choose from.

The payment methods found on betting sites generally consist of more classic methods such as card payments, online transaction portals, and clumsy e-wallets that people usually use just for betting.

Cryptocurrency can add to the long list of traditional payment methods, which offers users more of a diverse selection to choose from, and may even result in a growing interest in cryptocurrency from bettors who have not yet taken an interest in crypto.

This can counteract one of the leading reasons that bookmakers have yet to accept cryptocurrencies, as mentioned by dailybitcoinnews.com. They mention that the Covid-19 pandemic has led to more older sports bettors entering the online sphere, who have no interest in cryptocurrencies, but perhaps seeing these methods can lead to more of an interest, which can, in turn, lead to more crypto users.

Written by Marcus Richards

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