Categories: CryptoNews

How Bitcoin is Revolutionizing the U.S. Sportsbook Industry

The growth of Bitcoin since its release in 2009 has been uncharted. Many analysts saw the upside but nobody could have predicted the growth would have been so rapid. Its market cap has topped one billion dollars and it has even become accepted as legal tender in Japan. The effect of its expansion hasn’t been solely felt by the stock market or foreign countries either, Bitcoin is slowly increasing its footprint in the United States as well.

Another monumental shift could be coming soon. ESPN believes that the future of sports betting could be a decentralized betting marketplace. It’d be a sports stock market of sorts that would run on a fee-free cyber currency. Bitcoin, is the obvious choice, and most sportsbooks have already begun accepting the tender. Adoption wasn’t easy at first. For instance, online sportsbook TopBet has released a series of base-level articles, videos, and infographics (example below) to educate players on how to use BTC to bet on sports.

However, since the betting website changed their policy to accept the online currency in October of 2015, they’ve seen roughly 30% of their players make the switch.

Some sites have already sworn off the traditional credit, wire and transfer methods altogether and become Bitcoin exclusive. Meanwhile, in Las Vegas, CBS reports that the switch hit the strip as early as 2014. Casinos saw the benefits of the new cryptocurrency, not only because it’s another revenue avenue, but more people are preferring to deal with their safe, well-structured, online dollars.

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You won’t just find BTC being exchanged at the cashier and bet at the tables either, it’s now also being accepted at gentlemen’s clubs. Bitcoin ATM’s, where you can purchase the currency via cash, credit or debit, are now being installed in clubs across the state. The idea is to have memberships tracked through their Blockchain wallets and tokens to be transferred by those members directly to the employees.

Decades ago, to bet on sports, you’d need to find a bookie. Then the majority of the industry went online and now it looks like another tidal change could be on the horizon. The cryptocurrency influence will not just change the landscape of the sportsbooks in this so-called “marketplace” either, it will also alter the way people bet on sports in general.

One Bitcoin today has an estimated worth of $1000. By 2030, experts predict that same BTC could have a value of $25,000. So should you win a bet that has say 4-1 odds, you could potentially leave your money in your account and walk away with $100,000 thirteen years from now.

It’s a gamble, but that’s the name of the game.

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Mark Arguinbaev

I'm a 28 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

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