Steven D. Thompson shares his experience and opinions on the trends fueling the growth of crypto sports betting
To say that sports betting is popular around the world would be an understatement. Online bookmakers witnessed steady growth in the past several years. Needless to say, the legalization of online bookmaking in several prominent and emerging markets around the world played a crucial role in fueling the trend. Technology, too, played a key part in boosting growth.
Among the several new technologies that have influenced the iGaming industry, blockchain deserves an honorable mention. It hasn’t just secured the industry’s financial future but has also introduced stability and anonymity.
We asked Steven D. Thompson from Betpack to share his experience and opinions on the trends of crypto sports betting and to delve deeper into the benefits of using cryptocurrencies for payments at online sportsbooks.
Growth of Crypto betting with data
Sports bettors have been searching for an alternate payment method for ages, and cryptocurrencies present the ideal solution. The lack of a central authority ensures anonymity, which is one of the primary reasons behind the sudden growth of the sport.
Emerging start-ups have seized the opportunity, which led to the formation of a thriving parallel industry. In regulated markets like Europe and the USA, there are over 120 sportsbooks that accept cryptocurrencies, while 25+ operators offer end-to-end crypto payment services.
The steady growth of the crypto betting market has the potential to change the future of sports betting as we know it. Improvements in data gathering and transmission technology boosted customer experience in the last decade, and this trend shows no signs of slowing down.
Why is Crypto Sports Betting the new black?
According to Steve, the rise of cryptos in the sports betting industry is not a coincidence. And there are three main reasons behind it.
It is no secret that one of the biggest benefits of cryptos is making an instant transaction. No matter which option players use, funding their betting accounts is a matter of seconds. This, in return, allows them to place their bets instantly without losing additional time on the nitty-gritty. And Filip claims that players appreciate that more than most of the other benefits.
Greater responsiveness in emerging markets
Another strong suit of crypto in sports betting is providing a better success rate for transactions in emerging markets. Oftentimes, conventional methods like bank transfer and e-wallets are left behind due to integration into the local market – and that helps blockchain to gain more popularity among local players.
Low transaction fees
For most crypto punters, the aforementioned benefits play a huge role in picking blockchain above fiat. However, for some of them, none of those two is as attractive as low transaction fees. While traditional methods cost a significant amount for transactions, cryptocurrencies cost almost nothing, depending on the wallet the players use. That is another reason why punters all around the world opt for cryptos, according to Steve.
NFT betting could be a big player as well
The NFT and iGaming industries recently crossed paths when Evolution Gaming purchased four CryptoPunks to give away as prizes. This is the latest merger between the industries and could spark a new wave of interest in the crypto market.
With the iGaming industry projected to breach the $516 billion mark by early 2022, and for Steve, a merger could be in NFT’s best interests. While crypto gambling has been around for a while, digital assets are fairly new. The NFT market could capitalize on the increasing demand for sports betting merchandise.
NFTs could design gambling projects especially for sports enthusiasts and offer betting rewards in the form of tickets or collectables. Another interesting development was recently made in the field of metaverse NFT.
In simple terms, the metaverse is a mirror image of the real world. Metaverse NFTs don’t just give gamblers a chance to win tokens. Players can win fractional ownership of the sportsbook itself!
Projects like these add a distinct dimension to the iGaming industry. And while metaverse NFTs are fairly new, they’re bound to get popular as the demand for Virtual Reality picks up globally. And for Steve, it will not be a surprise if NFTs beat traditional online betting.
Today, cryptocurrencies are becoming the first choice for many punters all across the globe. As the iGaming industry rapidly opens up to crypto transactions, Steve believes demand in regulated markets will soar, just like in the emerging markets. On that note, for him, the rise of crypto in sports betting is inevitable, and the future of online betting cannot be mentioned without crypto.