December 8, 2021 | 1092 Views
One area that has seen significant growth since 2020 is the crypto space. Experts have noticed that the lightness in the crypto markets is not entirely unpredictable. Bitcoin and many other cryptocurrencies have enjoyed decent market share and a rise in their values since the onset of the pandemic. Therefore, it is pretty easy to understand why most projects have started resorting to cryptocurrencies to make a profit and navigate through the pandemic crisis. That said, in this blog, we shall look at how online casinos have been showing enhanced interest in the crypto gambling domain and look at what 2021 holds for Cryptocurrency.
We know it is still too early to think about when the pandemic shall come to an end. However, casino experts have already started predicting what the future holds for crypto betting. Gambling supporters started resorting to online gambling sites, which have accepted cryptocurrencies ever since the pandemic hit us. And this was the primary reason crypto gambling saw such a meteoric rise since the lockdown. However, crypto gambling will continue to enjoy such demand once the pandemic is done and dusted. Sportsbooks and online casinos have profited enormously from blockchain technology and its lack of management. Most online gambling sites and sports betting sites do not like the intervention of third parties. Therefore, when crypto gambling destroyed the need of these third parties, sportsbooks and online casinos jumped on the bandwagon. Moreover, players have an advantage over the house for the first time, and we have only cryptocurrencies to praise for this.
Wall Street has been shaping the futures market for a long time and using it to its advantage. So there are already ties between the financial and sports betting sectors. However, if crypto sports betting is introduced into the market, there will be more and more outside interference. Crypto sports betting is a favorite domain, and every trader and investor is interested in getting involved in it. This is mainly because the restrictions with fiat currency do not apply to cryptocurrencies. This is what makes the domain a prevalent and profitable one.
The ErisX leaders have presented a proposal to the Commodity Futures Trading Commission to approve crypto sports betting into the futures market. However, if the proposal gets accepted, the domain of crypto sports betting might receive a significant shock as most of its best characteristics shall no longer be valid and available.
Experts and analysts think that the online casinos and the market for sportsbooks shall increase manifold, almost by 15 percent by the year 2025. New entrepreneurs have even taken it upon themselves to introduce new privately-owned cryptocurrencies and take the market by storm. For example, the value of Dogecoin spiked due to the efforts of Elon Musk and the crypto traders of Reddit. Naturally, the gambling and the sports betting business are taking advantage of all the progress in the crypto space. Many blockchain platforms have introduced technologies that give the prediction markets the much-needed thrust for e-sports and betting. For example, Ethereum’s blockchain allows sportsbook players to use real-time information and place strategic bets. This twitches their chances of winning and helps them carve a corner for themselves.
This discussion proves that online gambling and sports betting are beginning to rely heavily on cryptocurrencies and blockchain technology. We are about to see several advancements in the next couple of years. We have reviewed some of them at length in this blog. If you are a gambling fanatic or a trader of sorts, these bits of information regarding crypto gambling might come in handy and help you make some good value out of the same.