Eduard Watson

8 months ago

Back in December 2017, Bitcoin hit a record high value of $19,783.21, and all looked cozy for the cryptocurrency. Fast forward just over a year and this figure has, as expected by some, decreased significantly. Despite this, Bitcoin continues to show signs of a healthy recovery while cryptocurrency in general is still enjoying a great deal of success and popularity among both traders and consumers alike.

With more and more platforms realizing the potential of the crypto market, the online sports betting industry is the latest sector to expand its services in support of digital currencies. But just what is behind the increasing popularity of cryptocurrency sports betting?

The Effect of Blockchain On The Sports Betting Industry

It goes without saying that all of the general benefits associated with cryptocurrency also apply within the sports betting landscape. Platforms which make use of the technology can process transactions at higher speeds and there are no extra associated costs of dealing with a financial middleman or intermediary. In addition to this, liquidity and security are also greatly improved – a number of sites which use crypto technology waive fees associated with withdrawals and deposits. In order to help you choose the sportsbook with the best bonuses and offers, there are review sites which scour the internet and collate the relevant data so you don't have to. With more and more sportsbooks now offering the chance to bet with digital currency, there's never been a safer time to place your bets.

We Live In A Digital World

Cryptocurrency and Blockchain projects are looking to improve their scope within the sporting arena by sponsoring various sporting events. In addition to this, cryptos such as Litecoin have endorsing athletes who support digitalization – Stratis recently offered its support to Middleweight Boxer James Degale and UFC fighter Ben Askren recently expressed his delight and excitement for Litecoin's sponsorship of his UFC 235 event. Litecoin has also recently garnered attention for partnering with well known kickboxing league “GLORY”, which has allowed customers to use the digital currency to purchase products from their official website.

Sports Betting and Cryptocurrency – A Match Made In Heaven?

It's no secret that sports betting and the online casino industry continues to grow at an encouraging rate. With cryptocurrency also looking like it's here to stay, the growing relationship between the two makes more sense than ever before. Customers wishing to place sporting bets often do so with little time to spare and so need a quick, secure transaction and cryptocurrency provides all of this and more. All in all, the relationship between the sports and cryptocurrency industries is both reciprocal and symbiotic in nature and looks set to blossom over the coming years.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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