The Evolution of Sports Betting: From Casinos to Crypto Platforms

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Sports betting has gone through a lot of changes in recent years. It’s always been an industry that was very much reliant on the changes in technology and embraced them to appeal to its users.

The introduction of online betting and the use of cryptocurrencies have been the biggest changes in the industry. Sports betting has adapted and changed to address and accept both, impacting how the industry works and its main demographic.

In this article, we’ll briefly cover the evolution of sports betting and how it may change further in the years to come.

The Old Days: On the Ground Casinos

In the old days, meaning just a few short decades ago, sports betting was limited to brick-and-mortar locations and players that actually showed up to make bets. This was the case with other forms of betting, and the casinos were the most important venue.

 A lot has changed in how sports betting is organized and marketed, but the look and feel of on-the-ground betting establishments still has a lot of sway in the industry. Online betting sites try to mimic it and provide the same experience on the internet.

Another important feature of visiting on-the-ground sports betting sites was its communal experience. Online sports betting sites often mimic this, too, especially when it comes to events that take place in real-time. Social media integration is one of the industry’s biggest trends, and many sports betting sites are pursuing it.

Globalization and the Rise of Online Sports Betting

As soon as the internet became widely available, sports betting emerged as a new venue for the old industry. It changed alongside the internet, as have so many other industries. For instance, sports betting became truly global once it moved online.

This goes both ways. The players were based all over the world, but they were also able to wager on events happening in real time across the globe. It greatly improved the offer and introduced many players to new and exciting sports they had no previous contact with.

In recent years, the introduction of e-sports has shaken the sports betting industry further as it changed what constitutes a sport in the first place. E-sports were just a niche interest until recently, and now they are a huge part of the industry, and countless players are wagering on the results of e-sports.

Integration of Cryptocurrencies

Cryptocurrencies started as a novelty that was of interest to only a small number of tech-savvy users. However, its advantages were soon apparent to the sports betting industry and beyond. Cryptocurrencies have allowed crypto sports betting sites to provide anonymous betting and decentralize transactions to make them safer and fairer. It’s becoming an increasingly important feature for players who care for internet privacy.

As cryptocurrencies are more widely accepted, more sports betting sites work primarily with players using crypto. This includes the largest and most used cryptocurrencies, such as Bitcoin and Ethereum, as well as countless small altcoins.

The use of crypto has also allowed sports betting sites to change their offers and make them fairer and more competitive. Live betting has also become easier to pull off, and the odds and the cashout bonuses are now happening instantly as the potential outcome of a sports match changes in real time.

A Competitive Market

Once it became possible for players to bet on sports events in real-time and all over the world, the market became much more competitive. This has led the sports betting site to introduce numerous bonuses and promotions to appeal to new players. These include welcome bonuses, deposit matches, and free bets.

Many betting sites also have bonus codes that can be exchanged for a variety of different promotions depending on the player’s preference. The sites teach the players how to use a bonus code, and it’s an important skill to learn as not all bonuses are made the same, and choosing the one that will suit a player makes all the difference.

Bonuses aren’t free money offered by sports betting sites. Each site has its own policy on how a bonus can be used and what wagering requirements a player needs to meet in order to be able to withdraw the bonus they’ve got. This often makes them less valuable than it might seem.

Making the Games Fairer

Blockchain technology, based on cryptocurrencies, is making the sports betting market much more fair. That’s because the terms of each bet are written into the blockchain code itself, and the payment executes automatically as soon as the terms are met.

This means that every player can inspect the code themselves and make sure that it’s fair and that the odds suit them. It means a lot when the players are based all over the world, and betting doesn’t have a physical location where they can visit and launch complaints.

Fast and Safe Payments

The use of cryptocurrencies has changed the experience for sports betting sites and their visitors. The payments made with crypto are safer than those made with traditional currencies as they are easy to trace and dispute when needed. They are also instantaneous, allowing the players to make fast decisions often while the game they are betting on is in progress.

The cost of these transactions is also lower than with fiat currencies. For players that bet small amounts, the fees cut into their winnings and take out a big chunk. Cryptocurrencies resolve this issue.

Crypto wallets are easy to get to, and they are pretty safe, meaning that once the players win at sports betting sites, their funds are available right away and very difficult to hack. When compared to the safety and the fees paid for using debit cards and bank accounts- cryptocurrencies are a big improvement.

Regulatory Challenges Ahead

 As more players use online sports betting sites and cryptocurrencies, there will also be more regulatory efforts from government agencies. This is already happening to the gambling industry and is spilling over to the sports betting world.

Sports betting sites already need to be registered with the governmental agencies that allow them to operate. Chances are that these regulations will be stricter in the years to come, and sports betting sites with a broader audience need to be more heavily regulated.

In a way, this has already been accomplished by introducing “know your customer” laws. These require sports betting sites to ask their customers and users for an ID before allowing them to set up an account in the first place.

Conclusion

Sports betting sites have gone a long way in recent years. It moved from physical sports betting casinos to online gambling and introduced cryptocurrencies as soon as they became available. There have been many advantages for players using crypto as their primary payment method – including lower costs and the ability to wager without providing personal data.

Crypto platforms have also made sports betting fairer and provided transparency for the players. The terms of sports betting wagers are written into the crypto code itself, allowing the players to inspect it and know the odds before getting into a wager. Newly discovered adoption has brought in more regulations, which is the course sports betting sites will be on in the years to come.