We Live In A Digital World
As our society has moved further into an era of digitalisation, it comes as a natural step to see different cryptocurrencies entering more platforms and gaining popularity across different sectors. We have recently seen cryptocurrencies widen their scope and become more visible within the sporting arena by sponsoring different sporting events and endorsing athletes. Cryptos like Litecoin gave sponsorship to the UFC 235 event, and more recently gained even more attention when partnering up with the big kickboxing league “GLORY”. This move also allowed customers to use the digital currency for purchases from GLORY’s official website.
Charlie Lee, the founder of the Litecoin Foundation, had said he had seen the value in this big sporting event as it consists in large part of a younger demographic who conduct much of their lives online. Getting access to educate that audience on cryptocurrency can be very powerful for the global growth and implementation of cryptos.
As we see digital currencies getting more visible across the sport sector it comes as no surprise that a few sportsbooks and betting platforms have jumped onboard and introduced this currency option on their websites to stay ahead in a fast moving market.
The Up and Coming World of Cryptocurrency Sports Betting
The betting and gambling industry is renown to have accumulated a lot of success globally and has always been quick to adapt to the latest technology. Through the rise of smartphones, AI and digital alternatives to FIAT currencies, it is an industry that has flexibly listened to its users and moved with the time.
Blockchain technology and cryptocurrencies are able to offer great features to the online gambling and betting industry. The decentralisation and near-instantaneous withdrawals are just a couple of examples of what it brings to the table. Although sports betting and gambling have always had security as a key stone in their operations. Implementing the application of cryptos and blockchain gives an added financial security, anonymity, better odds and appeals to a wider range of players.
Bitcoins have been available on sportsbooks for a while but it is rapidly becoming more popular for betting sites to add other altcoins as cashier options. Bitcoin’s digital sibling Litecoin is one of the rising stars on the arena with Litecoins now available on Sportsbet.io, making the platform even more flexible. It is a great addition, as it is essence a copy of Bitcoin but with a different encryption and it comes with an upgrade in speed and is cheaper to use which makes it very appealing. Particularly as the value of Litecoin has had a great start in 2019 compared to other cryptocurrencies.
Additional incentives for players
One of the selling points of cryptocurrencies have always been that you can “be your own bank”. However the benefits go beyond that, think of cryptocurrency as a global currency. The location of the site you want to gamble on does not matter which makes it very appealing for players worldwide.
When a sportsbook and betting site switches to cryptocurrency, it also gives players the additional incentive to play as the decentralisation offers players more for their money. They no longer have to pay fees to banks which normally takes away from their wins and thus makes it hard to be profitable. Players become empowered and are in more control over their experience.
In the future it is likely that most online platforms will give the option of using digital currencies for its users. Although we have a while left until cryptocurrency will be universally accepted and used more generally.