The sports betting industry was one of the first to fully accept cryptocurrencies and smart contracts. It’s a competitive market with countless gambling sites competing for the players, and the industry needs to keep providing better gambling experiences.
This article will outline how cryptocurrency payments have changed the sports betting industry and how they have enhanced the fan experience. The industry will probably expand and improve on these features in the years to come and introduce new ones. The scope of services will also change as there are new regulations that the industry needs to comply with.
A Global Pool of Players
Using cryptocurrencies means players can access sports betting casinos from all over the world. A global and wide pool of players makes the game better for everyone involved because the players are better and more experienced in sports betting. Governments still restrict gambling, and the use of cryptocurrencies provides a way around that.
It also allows players to bet on sports events happening anywhere in the world. This has increased the popularity of some niche sports and regional events that have become global and have a huge fan base. It’s the case for polo and fencing, for instance.
The use of crypto has also introduced decentralized platforms for transferring funds. It’s been the greatest appeal for online gamblers as it allows them to escape government and traditional financial institutions. The public has lost trust in these institutions, and crypto is a better alternative for many.
Sports gambling sites also rely on decentralized platforms as a way to avoid the restrictions of using big banks and debit cards. For instance, decentralized platforms provide online anonymity. The costs of transactions are also lower this way as there are now intermediates.
Using cryptocurrencies to bet on sports lets real money gamblers access their funds immediately. This is true regardless of how large the wagers are and how much money you’re transferring. The same goes for small and symbolic wagers that novice players often make. Funds are always available on a crypto wallet instantaneously.
This is because there are no banks and debit cards between the sports booking sites, so there’s no one to pay the fees to. This is a critical feature for those who bet small amounts and lose a lot to fees.
Cryptocurrencies used for sports betting have also made the whole process more secure. The transactions are encrypted; therefore, the players remain safe and anonymous online, regardless of the amounts they send or receive. Measures have also been put in place to avoid fraud and mistaken transactions.
Almost all betting sites have a two-step authentication system. This means the player must use two devices to authenticate their log-in or approve a transaction. That way, no transactions take place by mistake or due to fraudulent activity.
When betting on a sports event, players choose an outcome and get paid if that outcome is achieved. The terms of the wager are made into a part of the blockchain code itself. That way, the payments are automated, and the players get their winnings as soon as the terms of the bet are met.
It’s an essential safety feature that helps players commit to online betting sites they can’t control. By knowing that their winnings will be paid out automatically, players can use the sports betting sites even if they don’t have on-the-ground operations. Such a setup also allows the players to make numerous small bets at once and get paid as each is completed.
Sports events, teams, and leagues are experimenting with the use of crypto tokens. The tokens can be exchanged within the sports betting sites, for bonuses, or simply as a currency to bet with. Tokens can also unlock certain features, events, and rewards.
There are many ways in which teams can include tokens in their promotion efforts. For instance, tokens can be awarded for attending games or, purchasing certain items at the game, or based on the results or events happening during the game (such as touchdowns or goals).
In-Game Crypto Integration
Sports teams are integrating crypto into game events. This could include blockchain-based collectibles, rewards, or interactive elements that fans can engage with during live events. The goal of this approach is to completely combine the online betting experience with that of visiting an actual game.
This is further improved with the introduction of virtual and augmented reality. When this tech is used both by the players at home and those watching the games from the stands, everyone becomes a part of a communal experience that includes betting as a small part.
Loyalty Programs Based on Crypto Assets
Gambling platforms provide a variety of loyalty programs for the fans who take part in the games and who are loyal to the platform. The rewards can include bonuses, tokens that can be used for in-game or real-life purchases, and access to specialized events.
All of these features are an additional incentive for players and fans and make the overall betting experience richer and more complete. It’s also important to note that bonuses are often not free and come with wagering requirements attached. Sometimes, this means that they are worth much less than it seems. The player should be aware of these details before using the promotions.
A Better Prediction Market
Predictions are a crucial part of the sports betting industry. The odds and the cashout options are decided based on the predictions for the outcome of the game or event. Different betting sites often have different odds, and players quickly discover which are more accurate and more lucrative.
The use of blockchain and crypto has also improved this process immensely. Fans can speculate on various aspects of sports events, such as player performance, team rankings, or game outcomes. In aggregate, this makes for a better experience overall, as it uses the wisdom of crowds to get a better estimate.
Fractionalized ownership is a relatively new concept in which the fans and players earn coins, and with them, they also get a fraction of the ownership of sports-related items. This can be memorabilia or trophies and jerseys, but it can also be more than that. In some cases, the fans can be the club’s owners.
This option isn’t as popular as others we mentioned, but it’s gaining traction with some larger betting sites and their players. All the features that help the players have a deeper and lasting relationship with the betting sites help the establishments with their branding and promotion.
To Sum Up
Cryptocurrencies enhance the use of crypto betting as they provide a safer and overall better experience for the players. At the same time, using cryptocurrencies provides the player with anonymity and innovative betting and bonus features.
Sports betting is a competitive and complex industry that needs to add new features to keep players coming. This is especially important now when anyone can wager, and new establishments are open across the world to compete for the same market of players. The innovation that comes with crypto helps to provide that edge.