The chances are that, a little over a year ago, more people knew the term ‘Bitcoin’ than they did ‘cryptocurrency,’ possibly assuming that Bitcoin was the only form of digital currency. In fairness, all of the headlines that brought mainstream attention to the industry featured either ‘Bitcoin’ or ‘BTC.’
Now, however, more people than ever are buying into the cryptocurrency market, adopting Bitcoin and the many forms of altcoin as investment vehicles and for everyday use. People are now familiar with the non-Bitcoin crypto offerings, with Ethereum gaining tremendous traction from the hype surrounding Eth2 Phase 0, as you can read about here at www.cryptoticker.io.
As such, online-based businesses are finding that customers have come to expect their platforms to offer the chance to use various cryptocurrencies on their websites. This hasn’t escaped the realms of iGaming. In this, online betting sites are being looked at as the next sector to jump into the crypto market.
Online betting websites are notoriously quick to adapt to the changes in the market and update themselves with the latest innovations.
While cryptocurrencies and their usage are still a point of contention around the world of finance – mainly due to the volatility shown – some of the best crypto betting sites in the UK at www.bettingsites.info have demonstrated the initiative to introduce crypto payments. Bitcoin is, of course, the most popular choice for vendors looking to bring in a cryptocurrency transaction option, but some have been more ambitious, offering an array of altcoin payment solutions.
The usage of cryptocurrencies in alignment with online betting ultimately comes down to the customer base, awareness of crypto options, and the adoption of digital currencies. Bitcoin made a significant stride in the right direction on this front, becoming the sleeve sponsor for Premier League club Watford.
However, the partnership goes much further than shirt sponsoring. The club has also moved to accept leading cryptocurrencies as a payment method for merchandise. A deal like this not only helps to advertise Bitcoin but also invites fans of the top-flight English club to see how easy and user-friendly using cryptocurrencies in day-to-day general purchases can be.
In the world of sports and online betting, though, it seems unlikely that the use of extreme altcoins – those outsides of Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin will spread far. So, even though we here at www.cryptoticker.io cover the bullish momentum of the likes of DASH, it seems unlikely that the mainstream will pay attention, or react to, such developments for a while.
On the traditional sports front, cryptocurrencies are trying to build a relationship of trust and awareness with potential users, with some online betting websites following suit. However, in another recent revelation of online betting, there’s a new form of sport that is growing alongside cryptocurrencies.
Digital sports and digital currencies growing hand-in-hand
Traditional sports, and sometimes politics and reality television shows, have always been the focus of online betting sites. Still, they’re having to adjust ways to two new digital phenomena: cryptocurrencies and eSports. Much like crypto, eSports was initially palmed to one side, until companies began to see how much money it could make.
The eSports industry is rapidly closing in on being a $1 billion market, with people all over the world tuning in to watch professional teams faceoff for multi-million prizes in games like League of Legends and Defence of the Ancients 2. This tech-savvy, online-based audience hasn’t escaped the attention of cryptocurrency companies, who see eSports and their industry as being intertwined moving forward, per www.bitcoin.com.
With online betting sites promoting their shiny new eSports markets and cryptocurrencies making themselves familiar with eSports audiences, betting brands should seek to piggyback the work of cryptocurrencies. Cryptocurrencies are making themselves the norm for online payments among the huge eSports crowd.
So, to connect to the crowd, online betting sites should seek to incorporate crypto payment methods by utilizing the promotion put in place by the cryptocurrency brands to immediately associate themselves with the inset preferred method of making payments while also offering another way to engage with the burgeoning sport. Some coins have already gone a step further to integrate themselves with the eSports scene, with www.venutrebeat.com reporting that Ripple has contributed to a $100 million fund for mainstream blockchain games.
Cryptocurrency continues to raise its profile around the world, integrating itself into many industries. At this stage, it seems inevitable that more and more online betting sites will begin to offer crypto transaction methods, with many entering the fray as soon as this year.