Football Betting and Cryptocurrency: Exploring Blockchain in Wagering

Opening Thoughts

Blockchain technology can potentially transform the world in the same way some of the great technological inventions have in the last 80 years. While it might not change the world as the internet or the mobile phone did, it has combined these two innovations that changed the world forever and used to enhance the way transactions are verified and securely lodged.

Much was done to discredit digital assets when Bitcoin emerged as a legitimate alternative to traditional banking systems toward the latter end of the noughties. However, the technology making Bitcoin such a reliable and credible way to send and receive payments is one of the primary reasons Bitcoin has become a trillion-dollar asset. Of course, football gambling has been around a lot longer than cryptocurrency and blockchain technology. However, the two worlds are starting to crossover, and every indicator seems to suggest there’ll be more and more overlap as both industries continue to march forward.

Cryptocurrency Gambling

The whole discussion about the legitimacy of blockchain wagering first emerged when cryptocurrency casinos became a draw online. Although they’re still a relatively small section of the industry, they’re one of the fastest-growing types of casinos, and gambling with Bitcoin has a distinct advantage when compared to its more traditional adversaries. If you’re using Bitcoin to play slot games or roulette, the games remain the same; you’re just using your digital assets to play instead.

By connecting your cryptocurrency wallet and sending the transaction directly, you don’t need to involve your bank. This can reduce delays and increase speed and efficiency. It is the blockchain that allows this to happen so quickly and effectively. Once your transaction is lodged and verified on the blockchain, it can’t be changed or altered, which is groundbreaking, providing the sort of security banks use without involving a bank. You can play Bitcoin slots once you have deposited your crypto or take to the table-based games. Still, many gamblers are already commenting on how quick and seamless cryptocurrency gambling deposits are compared to traditional payments like the dollar.

There’s also no need for you to provide any sensitive information. You must verify your bank information when using a traditional digital casino. Although it’s improbable cybercriminals will access your information unlawfully, crypto casinos completely eliminate this risk, however small. Once your wallet is connected, that’s all you need to do, and the blockchain verifies everything else from a security perspective.

Using Cryptocurrency To Place Football Bets

The spine of the argument for crypto gambling is blockchain technology. Given that it is so secure and publicly accessible, in theory, it shouldn’t be too difficult to transcend this payment to a whole range of other sports. Football would fall into this remit quite easily. Casino gaming was the first sector of the industry to highlight how far this payment method can go.

It’ll be intriguing to see how football crypto betting adapts to blockchain technology. One of the critical areas to look at is outright markets. Crypto casino betting is short-term; other than poker, many casino games and hands are over within 30 seconds. However, some football betting markets, such as the World Cup, can last weeks and months, culminating in the most exciting final of all time last year. It’s not just international tournaments where the tournaments last for a number of weeks or months – the domestic football season generally lasts over 9 months, and Bitcoin’s price can change significantly in that period.

So, if you’re looking at Arsenal’s summer transfers and fancy them to win the league, your bet might be right, but Bitcoin could also drop 70%, so it diminishes the actual return. Conversely, this can happen the other way and act as a multiplier, so you’re essentially betting on two outcomes.

With Bitcoin as volatile as it is, you could win and lose simultaneously. This might sound like a bizarre concept, given how stable Bitcoin has been recently, but Bitcoin can drop sharp, sometimes between 10-15% on the same day. It can, of course, work in the opposite direction too. If cryptocurrency starts to crossover into the mainstream, betting on football, and gambling companies using blockchain in wagering, will become much more common.

The Future Of Blockchain In Wagering

Blockchain has a vast and exciting future in gambling. Cryptocurrency gambling provides avenues that have never been available before in traditional digital casinos. Direct, seamless, frictionless, bankless transactions, anonymized deposits so you don’t have to worry from a security perspective, and an ability to cut out the middleman that has never existed are all enormous positives of this payment method.

Larry Fink, the CEO of BlackRock, the world’s biggest asset management company, has been waxing lyrical about Bitcoin a lot this year. The gigantic investment company has set its sights on a Bitcoin ETF, which could, on its own, kickstart the next bull run. Suppose we see this application approved in the coming weeks or months. In that case, this will undoubtedly send Bitcoin rocketing, and it will once again bring it into focus as a legitimate investment within the mainstream.

Any mainstream conversation is music to the ears of blockchain betting companies. More dialogue and organic word-of-mouth advertising inevitably result in more people trying out their services. A new bull run and a new all-time high price for Bitcoin will bring more eyes to the crypto gambling sector and fuel this rise. In turn, blockchain will become a more attractive proposition for companies seeking a niche in such a popular and profitable industry.

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