How the use of crypto became popular in football betting
Football betting has stood the test of time, enduring across centuries alongside the sport itself. Throughout this time, it has witnessed the evolution of technology and adapted accordingly. The most recent example of this in practice is the introduction of cryptocurrency as a payment mode.
If you’re curious about how crypto sports betting came to be, particularly in football, then here are a few pointers to look back on.
The rapid growth of crypto as an industry
Bitcoin (BTC) took 4 years to become mainstream. It was released in 2009 anonymously then it was circulating worldwide in 2011 before anyone noticed. Exponential growth became more observable from 2011 to 2013 when it got a surge of investors joining its blockchain. That was when Bitcoin began expanding outwards to merge with other industries as a mode of payment.
Bookmakers are among the earliest crypto adaptors which led to the introduction of crypto sports betting. There was no need to change its systems because betting platforms just needed to support crypto as another addition to their roster of currencies accepted. Scores and odds work the same way for bets in Bitcoin as they would for dollars and euros.
Regulations adapting for investors in crypto assets
While crypto faces regulatory hurdles as a mode of payment, the gambling industry has been quick to embrace digital assets. Many casinos are licenced to operate using digital assets as the default currency. A great example of this is Sportsbet.io which accepts BTC, Ethereum (ETH), and Tether (USDT).
Such services are available worldwide so bookmakers are optimising blockchain technologies’ borderless capabilities. It gives lawmakers a great use-case example to observe how it can benefit financial institutions. One of the most interesting developments regarding this is the US senators’ support for Bitcoin exchange trust funds which will boost BTC prices in 2024.
Swift and cost-efficient payment compared to fiat
There are hundreds of football matches to bet on but depositing funds to build a bankroll has a high transaction fee for fiat payment. It’s especially more expensive if you are using an international service and/or require conversion. This can add up over time and result in a large amount of money spent in an entire season.
Crypto betting became popular because its peer-to-peer payment makes transactions cheaper. Thus, punters are charged less for every deposit and withdrawal in digital assets. To top it off, bookmakers offer more generous bonuses for crypto deposits, making football betting more exciting using Bitcoin.
Anonymous or confidential betting is made possible by blockchain
Crypto is favoured by sports bettors mostly for its borderless and cost-effective network. Another aspect that is worth noting is its capability to keep users anonymous as gamblers. Anti-money laundering (AML) regulations now ask for know-your-customer (KYC) compliance for transactions exceeding 1BTC.
Even if you comply with KYC, your identity is secured between you, the bookmaker, and regulators. You can keep your personal information confidential if you so choose, adding a level of anonymity to your betting activities.
Easier to support blockchains for bookmakers
The main concern businesses have in providing international services is having to make and maintain accounts for various currencies. Most bookmakers just settle for the top two namely the United States dollar (USD) and the European euro (EUR). It’s a serviceable solution for most customers but it forces a large faction of the target audience to convert when they transfer.
Cryptocurrencies do not have the same issue. Most wallets already support hundreds of crypto. All that’s left for a bookmaker to do, aside from providing live scores and odds, is to provide a channel for the players as well as smart contracts to handle portfolio management. That’s why many football betting sites can allow deposits and withdrawals of at least 4 cryptocurrencies.
What will the future be for crypto betting in football?
The synergy between crypto and football betting is a match made in heaven because they benefit from each other. With no significant challenges on the horizon, the tandem between the two fields ensures the longevity of crypto football betting as an industry.
