Bitcoin is arguably the most important and popular digital asset. The latest crypto-related figures prove it.
Statista’s recent reports show that the size of the Bitcoin blockchain was about to reach 500 gigabytes in 2023. Furthermore, Bitcoin is the world’s biggest cryptocurrency, with a market dominance of 48.19%, according to CoinMarketCap.
As Bitcoin gets bigger and becomes more important, it’s gaining relevance outside the crypto market. This online asset has revolutionized many other industries.
The sporting industry is one of them.
Since Bitcoin facilitates payments and withdrawals, making many transactions easier, watching on sports is more convenient thanks to this cryptocurrency.
That’s one of the main reasons why you can now find an online bitcoin sportsbook and use the world’s biggest cryptocurrency to bet on your favorite team.
However, there are many things to understand about Bitcoin and its impact on sports. Find more information on this interesting topic below!
Table of Contents
- How Popular Is Bitcoin When It Comes To Sports Viewership?
- Bitcoin Benefits for the Sports Industry
- Final Thoughts: Is Bitcoin an Essential Resource for Sportsbooks?
How Popular Is Bitcoin When It Comes To Sports Viewership?
The popularity of Bitcoin for sports viewership hasn’t stopped growing over the past few years. This cryptocurrency has revolutionized the industry through top-class technology and safer payment methods.
Why did this happen? Are online sportsbooks using other cryptocurrencies?
The truth is that many sportsbooks have started using multiple cryptocurrencies to streamline transactions, including Bitcoin, Ethereum, and stablecoins.
However, Bitcoin is still the most popular option due to its huge relevance and market volume.
Undoubtedly, this cryptocurrency opened up many new possibilities for online casinos and sportsbooks, especially during an era where digital technology reigns supreme.
Bitcoin Benefits for the Sports Industry
Bitcoin has brought many opportunities to this industry because it offers many benefits. Let’s go over each one to understand how this cryptocurrency has changed what you probably knew about sports.
One of the biggest advantages of Bitcoin is that it allows punters to make private payments and transactions. This is so important in the sports industry, as it guarantees that your personal and financial information won’t be vulnerable to hackers.
You can make Bitcoin transactions without revealing your identity and always protecting your sensitive information.
Also, Bitcoin offers enhanced security when it comes to sports. First, there’s the difference between crypto transactions and traditional payment methods.
Unlike traditional payment methods, which require punters to reveal their personal and financial information, you can keep all your data protected when you use Bitcoin to place bets. This decreases the risks of identity theft.
Also, Bitcoin transactions happen on the blockchain. This technology is decentralized and provides an immutable ledger. As a result, it’s quite difficult for hackers and other malicious actors to steal data or manipulate transactions and records.
Many people enjoy the app called play Hi-Lo for their favorite sports. Any action could result in a fulfilled experience if security features aren’t optimal.
However, both casinos and sportsbooks don’t experience these issues when using Bitcoin, as all transactions are well protected from start to finish.
Transparent Blockchain Technology
Blockchain technology also brought smart contracts and facilitated their adoption. These programs also offer many benefits to the sports industry.
When using smart contracts, sportsbooks can ensure the integrity of bets, providing a fair experience for all players.
That’s possible because smart contracts provide verifiable algorithms. Punters can use them to verify that the outcome of a game is accurate and fair, confirming that a third party hasn’t manipulated the results.
Global Accessibility and Inclusion
Cryptocurrencies, including Bitcoin, also break the physical barriers that limit many sportsbooks. Now, they have access to customers from all over the world, as these assets can remove financial restrictions by offering universal payment methods.
Additionally, Bitcoin transcends geographic barriers created by regulations in certain jurisdictions. Since this cryptocurrency is decentralized, any player with a crypto wallet and internet connection can participate.
Efficient, Fast, and Cost-Effective Transactions
When they use traditional payment methods, traditional sportsbooks must work with intermediary financial institutions. This often results in delays when processing transactions and additional fees.
However, things have changed for the better, thanks to cryptocurrencies. Bitcoin transactions don’t need intermediaries.
Instead, punters can make immediate peer-to-peer transactions with only minimal fees.
Thanks to Bitcoin and other cryptocurrencies, decentralization and prediction markets have earned a place in today’s digital landscape.
Blockchain-based prediction markets allow punters to place their bets on real-world events, including live game results.
With this technology, users can buy and sell shares on prediction outcomes. This creates a crowd-sourced forecasting system where punters not only engage in trades but in the entire market.
As a result, users have greater control and autonomy over their activities.
Many innovative gaming models have resulted from the adoption of cryptocurrencies and the tokenization of in-game assets.
Now, players can monetize their experiences and immersion in virtual worlds by using non-fungible tokens or NFTs.
The creation of these tokens is possible thanks to blockchain-based platforms. In addition, NFTs represent in-game assets or other items, providing more fun and immersive opportunities.
Final Thoughts: Is Bitcoin an Essential Resource for Sportsbooks?
Although it has revolutionized the sports industry and the entire world, Bitcoin is still far from becoming the definitive currency and payment method.
In many countries, punters and sportsbooks rely on traditional payment options to make their transactions since cryptocurrencies aren’t as popular or accessible there.
Therefore, it’s too early to say that Bitcoin is essential for sportsbooks. Many can survive without cryptocurrencies.
However, things are different when you think about the future. What will the new technological age bring? Will traditional transactions be enough to keep this industry afloat?
Bitcoin has brought effective solutions to many of the challenges that sportsbooks have experienced over the years. This includes identity theft, fraudulent transactions, high payment fees, and a lack of innovation.
Also, cryptocurrencies are becoming more popular in the digital world, so sportsbooks should adapt to Bitcoin and similar assets if they want to thrive in the years to come.