The merger between crypto and gambling industries is one of the most seamless combinations in the world. So much so that it’s hard to remember what it’s like because of all the advantages it brought that are so easy to take for granted. Here are some of the ways on how crypto was integrated into gambling to understand how the two benefit from each other:
Online bookmakers began accepting crypto bets
The official start of crypto and gambling merger was when the latter started accepting digital assets for placing bets. This made online casinos and sportsbooks popular among crypto traders during the early days of the blockchain market.
During those times, assets like Bitcoin (BTC) and Ethereum (ETH) were cheap while Ripple (XRP) and Tether (USDT) had just started. The best Bitcoin casinos that were released then like Bitcasino are still around today but with better partners and accessibility for players.
Sports betting soon followed the casino trend of using cryptocurrencies. Aside from Bitcoin Sportsbet website, older bookmakers added crypto among their accepted payment methods. It didn’t take long until using crypto became the norm.
Athletes as crypto ambassadors
On top of gambling websites welcoming crypto traders, athletes have also accepted payment from blockchain companies as ambassadors. Notable individuals like Lionel Messi, Tom Brady, and Serena Williams are among the first to start this trend, skyrocketing crypto betting’s popularity.
The industry of non-fungible tokens (NFTs) also got their jumpstart with the help of athlete ambassadors. It started with the Bored Ape Yacht Club collections followed by the blockchain-based sports collectables with Lionel Messi’s Limited Edition combo bundle.
Crypto companies sponsor sports events and clubs
Coinbase, Binance, and FTX were among the biggest exchanges in the crypto industry. All of them scooped up major sports sponsorships around the world. They’ve sponsored major league regional events and have spot ads for international tournaments. Some crypto gambling websites have also partnered with sports teams with long-term contracts.
Crypto companies’ sponsorships of professional sports teams can come in various forms. Some are paid to play on all events while others get their stadiums funded. These partnerships are often showcased by the athletes’ jerseys bearing their sponsors’ logo.
Sponsorship deals have brought many major sports teams a long way. It’s all thanks to the success of crypto sports betting that made these companies capable of giving back to the sports industry. This means gamblers’ wagers on their favourite sports is also funding the continuation and development of these competitions to continue and improve.
Fan tokens connect fans with their favourite clubs
One of the latest developments in the crypto and sports merger is the introduction of fan tokens. It is introduced by Socios as a digital asset representing one of their partner clubs. Fans invest in these teams directly by buying their fan tokens through Socios.
Owning fan tokens unlocks many individual privileges depending on how much they hold. These privileges are written on their respective club pages at Socios which means that they are not often similar. They can also be updated depending on club decisions. So, always check in with your favourite teams if you wish to invest.
Both crypto traders and bettors share benefits
The best way to describe the merger of crypto in sports is that they are mutually beneficial. Traders and bettors were introduced to each other’s industries and the merger acts as a bridge between them. Thus, both sides benefit the other by giving their respective members incentives to try the other.
- Punters are introduced to using crypto because the asset is more secure, reliable, and cheaper to transfer than fiat. Thus, they become more familiar not just with using the asset but also with how to trade it. It also helps that many Bitcoin casino offer fun bonuses to crypto users like free spins, match deposits, and giveaways.
- The introduction of crypto gambling helped the digital asset industry in its early stages between 2012 to 2015. That’s because it opened an outlet for crypto holders to use assets that they are hodling.
Crypto in sports is here to stay through sports betting
Sports betting using coins is now an industry itself. There are hundreds of companies offering ways to bet on professional sports events and millions of users appreciate these services. The industry also grows with these platforms forming partnerships with payment services and software providers to make a more seamless experience for users.
The best Bitcoin casinos are the first to embrace these changes and their users are the ones who enjoy exclusive benefits. Expect to see even more ways that crypto is integrated with sports betting. All you have to do is stick with the best Bitcoin casinos and see what else they have to offer their loyal customers.