Will Crypto Become The Main Banking Method For Sportsbook Gambling?

The gambling industry globally is worth in excess of USD 80 billion. That is an incredible sum of money and shows that this industry has a global impact in terms of sponsorships, employment, and more.

Cryptocurrencies are creeping into virtually every industry, but the gambling industry has been one of the fastest to adapt and adopt cryptocurrency. Some estimates state that around 36% of all bets are now placed using cryptocurrency, but this includes casino gambling, which likely increases the percentage.

In this guide, we’re exploring the role cryptocurrency has in the gambling industry in general, and making some predictions about whether crypto will play an even bigger role in sportsbook gambling.

Cryptocurrency in the Gambling Industry

You only have to look to the wider gambling industry to see what an impact cryptocurrency can potentially have.

Some estimates state that the majority of cryptocurrency transactions now take place within the casino industry. This shows how intrinsically linked crypto and gambling have become.

Players enjoy the option to make fast transactions using cryptocurrencies and games like poker continue to be among the most popular table games. The number of people playing Bitcoin poker at Ignition casino continues to grow. This is a specific cryptocurrency gambling that offers a huge number of table and slot games. The fact that crypto is the only payment option at a lot of modern online casinos shows that customers are ready to make the shift to using blockchain technology.

One of the main reasons we’ve seen this kind of growth is the extra security that is provided by cryptocurrency. The fact that users can stay anonymous in most situations, but with transactions on a public ledger for transparency, means a lot of people have been drawn to using this method to protect their data.

Crypto also provides gamblers with a faster and often more convenient way to transfer money from one place to another. Instead of having to wait for things to be approved by a bank, the blockchain transaction can take place much more speedily with no need for a middleman.

There may be some changes in the future of cryptocurrencies, and more locations are putting some regulations in place, such as New York introducing BitLicense to help regulate the industry. However, this regulation could help the industry rather than hinder it, making it even more mainstream to use blockchain payment methods for gambling as well as paying for goods and services.

Sportsbook Gambling is Starting to Embrace Crypto

Sportsbook gambling sites are not new to cryptocurrencies, of course. There are some sites now accepting cryptocurrency using specific cryptocurrency sportsbooks.

Stake Sportsbook is arguably the most common of the cryptocurrency sportsbooks out there, and there have been some high-profile celebrities who have been known to bet with the brand. Drake shared that he lost around $1 million worth of Bitcoin when he was betting on the World Cup Final between Argentina and France. He had bet on Argentina to win, but as they needed penalties to win the game the bet didn’t pay out.

Sportsbook gambling has not been quite as willing to adapt in general when compared to casino gambling. A lot of the big sites that allow people to bet on sports like football, soccer, basketball, and other sports have been around for a long time and haven’t adjusted to allow cryptocurrency.

There will need to be a shift in the industry, and this may well occur in the coming months and years as more brands become scared of losing customers to cryptocurrency betting brands.

What Does the Future Look Like?

Many sportsbook brands that don’t accept cryptocurrency are still making huge profits, even setting records.

In a growing industry though, there is still plenty of opportunity for new brands to break through. We’ve seen that somewhat with Stake, who have made huge strides and gained a lot of recognition through multi-million dollar sponsorship deals.

Some studies estimate that the industry will continue to grow quickly, and could be worth USD 153.57 billion by 2030. Even if there are still a lot of people betting with traditional currencies, it is possible that by this time, there will be many billions of sportsbook wagers placed using cryptocurrencies and on crypto sportsbook sites. As Bitcoin gambling and other cryptocurrencies take up more of the market, it may force older gambling brands to accept these payment methods, too.

Conclusion

Both the sports industry in general, and the gambling industry, continue to grow and evolve. In America alone, a Nielsen study found that 46% of adults have some interest in sports gambling, which is over 100 million people in total. As more of those people switch to using cryptocurrency as their main way of moving finances around, it is natural to expect sportsbook gambling to embrace modern methods.