Bitcoin Sports Wagering: The Biggest Trend In The Global Online Gambling Industry?
This year, Bitcoin has finally reached the attention of the masses, and that automatically translates to increased demand for cryptocurrency payments. Thus, it is not much of a surprise that one of the main driving factors of online gambling in 2021 is the implementation of cryptocurrency payments.
Wyoming becomes the first state in the US to allow crypto payments for online gambling
Wyoming has passed a new law legalizing online sports betting. Governor Mark Gordon signed House Bill 133 into law in April, with new guidelines expected to take effect from Sept 1, 2021. The state’s legislature recognised cryptocurrency as suitable means of making deposits into online sports betting accounts.
According to the definitions under Article 1 of the legislation, cryptocurrency, as well as digital and virtual currencies, qualify as cash equivalents – meaning that the funds have to be instantly converted into FIAT before they can be used in online sports wagering. In a similar fashion, UK bookmakers have started accepting Bitcoin payments on their platforms since 2016.
The inclusion of crypto as approved cash equivalent is the latest example of Wyoming’s liberal policies toward bitcoin-based currency.
Watford FC Inks Branding Deal with Crypto Casino
After announcing a multi-year sponsorship deal with Sportsbet.io in 2019, Premier League football club Watford FC has inked a multi-year branding contract with Stake.com, a sports betting and casino platform supporting cryptos.
Although it was established in 2017, stake.com is among the industry leaders, with more than 30 billion transactions annually, representing more than 5% of all Bitcoin transactions globally.
In March 2021, Stake.com announced a partnership with the Ultimate Fighting Championship (UFC). UFC’s vice president of global partnerships, Nick Smith said: “We’re thrilled to partner with an exciting and emerging platform like Stake.com to offer exclusive digital and social content to our fans, as well as an innovative gaming experience.”
Nevertheless, Nitrogen Sports remains the favourite crypto betting site for seasoned punters, as they offer something very different in the world of Bitcoin: a sportsbook with juice odds and a wide variety of betting markets, full anonymity, provably-fair casino games, poker rooms and whatnot. Plus, it’s really easy to use and get started. Here’s a helpful tutorial that shows how to open a Nitrogen Sports account.
The next big crypto market could be fantasy sports
Betting and fantasy sports are expected to grow 7.2% over the next three to five years, according to PwC research. Fantasy sports are primed for significant growth due to COVID-19, and experts believe that blockchain-based applications could help boost fan engagement in this rapidly expanding market.
Fantasy games built on top of the blockchain operate by selling non fungible tokens (NFTs), that presumably increase in value based on how real athletes perform. The leading crypto fantasy sports platforms (Sorare, MLB Champions & NBA Top Shot) have already amassed over $10 million in sales.