Sports have been an aspect of our culture dating back to the pre-historic era. Communal pastimes make for a great way to spend the day bonding with friends or family. But, they are also the perfect outlet to blow off steam or pent up energy. Of course, not only do we enjoy playing sports, we also enjoy watching them.
Today, the sports industry is bigger than ever. Football alone has over 3 billion fans around the globe. The sport generates billions from ticket sales, sponsorship deals, and betting. As most markets today, sports betting has gone digital. Online betting platforms like Puntit have redefined the way we engage with the sports that we love.
One of the most exciting evolutions of the betting industry is the integration of crypto. The rise of cryptocurrency has fascinated and intrigued the general population. Not only has it sent waves through the world of finance, but it has also made incredible changes in entertainment. The sports betting industry has not gone unscathed. Let’s take a look at how crypto and online betting have redefined the world of sports betting.
Integration of Cryptocurrency
The integration of cryptocurrency in sports betting should not go unaddressed. It was the first step in creating a crypto-friendly environment in the sports betting industry. Bitcoin served as the introduction to digital currencies for many. However, it was a while before the mainstream could accept crypto-based deposits. Even some of the most popular markets that operate using crypto today were hesitant to jump on the bandwagon throughout the 2010s.
What many don’t know is that sports betting platforms on the internet were among the first to embrace this bold new era of cryptocurrency. Bitcoin quickly became a staple of both sports betting sites and online casinos. For a long time, the first crypto was also the only option that sports gamblers had. However, as altcoins gained prominence in the mainstream, punters were noticing an increase in their availability on the numerous betting sites.
Today, sports betting fans have access to various crypto options. Despite that, Bitcoin remains the top choice. Ethereum and Tether are also quite popular. There are even certain sites that will allow customers to use some lesser-known altcoins and memecoins like Doge. Crypto-based betting has become such a hit that there are even websites entirely dedicated to deposits and withdrawals with these digital currencies. For many, the new era of crypto gambling represents a brighter future.
Blockchain-based Betting Sites
Cryptocurrencies are a byproduct of a greater invention in the digital tech sector. Blockchains are the core of the crypto industry. However, they’ve fascinated far more than just the crypto fans and Bitcoin fanatics. In fact, there are many who believe that these ledgers hold the key to the internet’s future. Anyone familiar with the concept of Web3 is almost certainly aware of what blockchains are and how they work.
Using cryptographic hashes, the ledger links together a growing list of records. These records are segmented in blocks of information. The combination of cryptographic technology and the peer-to-peer system on which these ledgers operate are at the core of cryptocurrency. But, how could blockchains help in establishing new and secure websites in the future? That is the hot button debate that many tech professionals are having today.
The idea is that one could combine the elements of blockchains with certain skills in modern programming. The result would be cryptographically protected websites. The goal is to return to an old-school imagining of the internet; one where anonymity is top priority, and where central authority figures hold no power. But, where do sports betting sites fit into all of this?
Many believe that sports betting sites could operate off of the blockchain. In such a world, crypto would become the primary currency of the gambling industry. Online sports punters would never have to worry about anonymity or security again, as their data would be cryptographically protected from external threats. Some have already taken the step towards the future.
Crypto and our Virtual Future
Virtual reality and cyberspace have fascinated science fiction writers for decades. Though the great William Gibson came up with the name, the concept of a digital world predates the 1980s by fifty years. Virtual reality is no longer a far off dream in the fast-paced tech-oriented 21st century. Recently, we got three announcements for high-budget VR video games. Museums are integrating VR in online tours. But, what does it all have to do with sports and crypto?
That is where the Metaverse comes in. A fully simulated VR world that some are calling the future of the world wide web. The Metaverse would allow sports punters to sit in on a game at the FIFA World Cup, while simultaneously relaxing on their couch. Of course, sports betting is a big part of the whole experience. The customer would be able to step into one of the most luxurious sports betting centers they’ve ever seen. The options to bet on any sport you can imagine awaits.
But, what about cryptocurrency? Crypto-based casinos and sports betting platforms are certainly going to be a huge part of the Metaverse. The Metaverse would not be possible without the cryptographic algorithms made possible by blockchain technology. The various 3D worlds that all exist in this virtual reality have to be linked in some way, after all. It wouldn’t be surprising if cryptocurrency became the central currency of our digital future.
The Pros and Cons of Crypto Betting
Many punters are well-aware of the benefits that come with sports betting using Bitcoin. Anonymity is at the top of the list. Crypto-based deposits and withdrawals operate on a peer-to-peer system. No central authority figures functions as a go-between, which means there is nobody tracking the transactions. Heightened security and financial independence are a byproduct of this freedom-oriented exchange.
However, we would be remiss if we did not mention the massive downside. Cryptocurrencies are quite volatile. Their volatility has been the topic of debate for years. Many don’t understand how it works, and thus misrepresent it. But, there is no denying that it exists. For many, it is a problem. However, those who can navigate the market can certainly overcome this issue.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
