28 Jan 2023
Esports Driving the Advancement of Cryptocurrency in Sports Gambling
The use of cryptocurrency in esports betting has been on the rise recently since it enables transactions to be completed more quickly and securely
Esports, or competitive video gaming, has emerged as a popular form of entertainment and has seen a significant increase in viewership and participation. With this growth in popularity, esports has also become an essential player in online betting and gambling. As a result, cryptocurrency in esports betting has also been on the rise, as it allows for faster and more secure transactions. Additionally, blockchain technology in esports can provide increased transparency and security in the betting process. Overall, esports is one of the leading industries in adopting and integrating cryptocurrency and blockchain technology in sports betting.
Esports has become a significant player in online betting and gambling, and cryptocurrency and blockchain technology in esports betting is rising. Decentralized gambling provides faster, more secure transactions and increased transparency in the betting process, making esports a key industry in adopting cryptocurrency in sports betting.
When interest in esports rose sharply in 2020, some believed that it was a temporary trend caused by the unique circumstances of the time. After all, except for a few soccer games in the Tajikistan league, all other sports were suspended. So what other options did fans have for viewing, and, more importantly, what options did sports betting enthusiasts have for placing their bets?
The initial spike in interest in esports may have been due to the lack of other sports options, but it has become clear that esports popularity has continued to increase in the years since. CS:GO has become particularly popular for sports betting and is now featured on more mainstream betting sites. Additionally, esports has provided a source of stability for the cryptocurrency market, which otherwise had a challenging year.
The Increasing Popularity of using Cryptocurrency for Sports Betting
From the perspective of casino gaming, cryptocurrency has evolved from being a little-known niche to a widely used transaction method. The reasons for this are clear, as it is fast and convenient and requires sharing minimal personal information from the bettors. Of course, these benefits apply to sports betting as well. However, cryptocurrency in sports betting is not as prevalent as in crypto casinos.
To understand why this is the case, we must look at the laws of different countries. In some places, online casinos are not allowed to operate, but people still use them, and those who want to bet online use sites based offshore and licensed in other countries. In some jurisdictions, regulators can block bank transfers and card payments from domestic banks to betting sites. While each jurisdiction has specific laws, regulators typically have little power to prevent people from playing at offshore gambling sites. Still, they can make it difficult for people to transfer funds to and from these sites. In this situation, cryptocurrency can provide a solution.
The reasons for using cryptocurrency in sports betting may not be the same as in casino gaming, as more countries allow online sportsbooks. However, the use of cryptocurrency in sports betting or crypto betting is reportedly increasing, and esports is leading this quiet revolution. Esports fans are said to be typically 27 years old, affluent, and tech-savvy, which is different from the typical customer profile of a traditional brick-and-mortar bookmaker.
Technological Linkages and Associations
There are additional connections and complementarities between the worlds of cryptocurrency and esports that make the relationship even stronger.
Blockchain organizations such as the Tezos Foundation are utilizing the popularity of esports sponsorship as a means of promoting their coins and other projects, like NFTs. Additionally, there is a growing trend of esports offering players rewards in digital coins. This creates various opportunities in the developing metaverse. In the past, games based on cryptocurrency had difficulty gaining traction or widespread acceptance. Developers may have approached it from the wrong perspective, and the esports market presents a pre-existing solution.
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