like sports betting It has recently become one of the most popular forms of entertainment not only in Brazil but also around the world. However, the recent growth of cryptocurrencies is taking the industry in a new direction.
The new wave of digital currency adoption is starting to impact the sports betting market, changing the way players bet, how operators conduct business, and how financial transactions take place in the sector.
According to Soft SwissCryptocurrency usage in sports betting has increased by 120% between 2021 and 2022. bitcoin eo ethereum It leads the way as the most used cryptocurrency by gamers.
Growth of the cryptocurrency market
According to a report by Grand View ResearchThe global sports betting market was valued at USD 83.65 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030.
This growth is primarily driven by increasing digitalization and the integration of new technologies, such as cryptocurrencies, into betting platforms.
Besides, it still complies with regulations. Soft Swissone of the largest iGaming platforms supporting cryptocurrency betting, more than 60% of all bets placed on the site in 2021 were made with cryptocurrencies.
These figures reflect the growing popularity of “crypto betting,” especially in markets where traditional sports betting faces legal or regulatory barriers.
What is the cat’s big leap?
The success of cryptocurrencies in sports betting can be attributed to a number of factors that make them attractive to both bettors and operators.
fast transaction
One of the main advantages of using cryptocurrency in sports betting is transaction speed.
While traditional payment methods like bank transfers or card payments can take days to process, transactions for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies are nearly instantaneous.
This allows players to quickly deposit/withdraw their winnings without having to wait for confirmation from their bank or broker.
According to block dataThe average confirmation time for a Bitcoin transaction is approximately 10 minutes. For other cryptocurrencies such as Ether or Solana, the time may be shorter.
Additionally, trading fees are generally lower compared to traditional methods, making it of interest to many bettors looking to minimize additional costs.
seclusion
Another key factor is the anonymity that cryptocurrencies provide. Traditional sports betting often requires players to provide personal and banking information to conduct transactions.
This can be especially problematic for those living in countries where betting is heavily regulated or prohibited. With cryptocurrency, transactions are carried out through a digital wallet address without the need to link any personal or banking data.
According to one study chain analysisThe use of cryptocurrencies for anonymous transactions will increase by 28% in 2023, with most of these transactions taking place in markets such as sports betting.
Global accessibility
Cryptocurrency has no borders. While many traditional payment methods are subject to banking regulations and regional restrictions, cryptocurrency allows anyone with internet access to participate in sports betting.
Again, this is especially advantageous in countries where sports betting using fiat currency is prohibited or heavily regulated.
According to politicianIn 2023, the number of cryptocurrency users worldwide will exceed 420 million, which is a significant increase compared to the previous year. This growing user base allows betting platforms that accept cryptocurrencies to reach a much larger global audience.
What are the negatives?
As with casino games, the volatility of cryptocurrencies can increase the value of winnings. If the value of the cryptocurrency rises while you bet on Bitcoin and wait for the results, you could withdraw a larger amount of profit than you initially expected.
This is one of the biggest attractions for bettors who see using cryptocurrency as a double opportunity for profits. However, while volatility can be an advantage, it can also be a risk.
The value of cryptocurrencies can fall dramatically, which could reduce the value of winnings or even make winning bets less profitable compared to traditional currencies.
The blockchain technology that underpins cryptocurrencies is known for its security and transparency. Transactions are recorded on a public ledger, making it nearly impossible to manipulate or commit fraud. This provides an additional layer of trust for both bettors and the platform.
However, using cryptocurrency can be intimidating for beginners. From setting up a digital wallet to performing transactions, the process may seem complicated to those unfamiliar with the cryptocurrency landscape.
What should we expect in the future?
Cryptocurrency’s rise in sports betting shows no signs of slowing down.
As popularity grows and acceptance grows globally, cryptocurrency betting is expected to continue to expand its market share due to the demand for fast, secure, and private transactions.
As more players and platforms embrace the use of cryptocurrencies, we can expect a greater diversification of accepted currencies and a more fluid integration between the world of sports and emerging blockchain technologies.
For those willing to embrace this new era of betting, cryptocurrency sports betting represents an exciting opportunity where innovation and entertainment meet.
Whether winning in style or exploring the frontiers of the digital future, cryptocurrencies are transforming the betting landscape and BC.GAME is at the forefront of this revolution.