Cryptocurrency is an innovation that offers extensive utility. With several activities like crypto staking, vesting, and trading, many crypto investors and traders enjoy impressive ROI. One of cryptocurrency's recently considered use cases is the sports betting niche. While sports betting is already a mature industry, there are several attempts to bring crypto sports betting to websites and wallets. However, there is a need for examining to what extent traders can benefit from such activities.
Many people already consider crypto trading as a form of betting since it revolves around market trends and price predictions. However, the introduction of sports betting in cryptocurrency is expected to take a different form and cannot serve as an alternative to crypto trading.
Will Crypto Sports Betting Be the Alternative to Crypto Trading?
By: Allan G. | 10-13-2022
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In Conclusion
As more people use cryptocurrency, businesses that want to maintain steady growth clearly need to adopt it. Brands can explore non-fungible tokens or take a bigger step into the metaverse.
However, while adopting cryptocurrency in sports betting can be a good thing, it cannot function as a competent alternative to trading because it isn’t known how many crypto traders out there love sports or participate in sports betting. Hence, the two niches can continue to operate independently.
Just like crypto trading, the answer to the question is not so clear. While sports betting is a risky venture that’s full of uncertainties, it is a fact that many people participate in these activities and earn bountifully. The same thing can be said for crypto trading. Regulators aren’t convinced that using cryptocurrency for sports betting is such a great idea.
Despite the nature of these undertakings and restrictions on crypto sports betting, many projects are moving quickly to introduce this use case. In reality, the sports betting system supported by cryptocurrency actually has several advantages for the industry.
Can crypto sports betting function as an extensive earning protocol?
Despite the increased regulations imposed on cryptocurrency, the US sports betting market is finally paying attention to the benefits of accepting virtual currency.
The value movement with cryptocurrency is seamless, fast, and requires less KYC. These incredible features can increase betting participation. Recent developments in traditional sports betting enables users to bet with their credit cards, debit cards, or even store money in a wallet. Recently, the Barstool Sportsbook began accepting cryptocurrency deposits into gaming wallets.
According to Aaron Avruskin, a co-founder of Leverage Game Media, “When it comes to sports betting, frictionless is better because you want your customer to access your product or service as quick as possible, and blockchain provides for that like nothing else in the space."
Why does sports betting need cryptocurrency?
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