This is a question that many fans of both cryptocurrencies and sports betting have been asking themselves recently. Yes, there are a growing number of online casinos out there which exclusively accept cryptocurrencies, but few, if any, of the major “mainstream” sports betting sites do at present. So what’s stopping them, and how soon is this likely to change?
On the face of it, you could very reasonably expect this to have happened already, if only in the name of innovation. In the two decades or so since online casinos first started appearing, there has been a history of breaking boundaries and adopting new technology as it becomes available to them. So, although sports betting is still a relatively new phenomenon in the US since the Supreme Court’s momentous decision back in 2018, you might expect this sector to follow suit.
Of course, it may also be that betting sites believe that they are doing quite enough to attract new players without having to introduce crypto-payments too. Almost from the very earliest days of online betting sites becoming widely accessible, they have offered some very generous bonuses to encourage newbies to sign up. You only have to look at the list of free bets from BonusFinder to see that this is still very much the case. In some instances this can amount to up to $1000 in bonus money, accompanied by a no-deposit bonus as well.
Then there’s the question of the volatility of cryptocurrencies. Although by no means as extreme as when it was at its height a couple of years ago, there is still a certain caution around how stable the exchange rate between cryptos and so-called fiat currencies like the dollar will be. The prospect of big changes in the value of the currency will obviously be a concern, although the acceptance of stablecoins could be the solution.
Naturally, there are many features of cryptocurrencies that make them an absolutely natural choice for sports betting. The first and most important of these is the speed at which the transactions can be carried out, followed by the security afforded by the blockchain technology. For the players, it means that they know that their bet has been definitely received and for the betting sites they have 100% confirmation too.
Then there’s the question of anonymity. Because, although sports betting is legalized with more and more states gradually coming on board, many players would prefer that their identities and personal details remain confidential.
A further encouragement could come from the fact that there are a growing number of businesses, in a wide range of sectors, that now accept Bitcoin. So quite soon we could be reaching a tipping point that sees, if not universal, at least widespread acceptance.
So, overall, the outlook is reasonably optimistic that very soon sports betting with cryptocurrencies could become a real possibility. And, for many sports fans, this will be a development that can’t come soon enough.