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.

Related Post

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.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

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.

Published by
Mark Arguinbaev

Recent Posts

Liquid Craft NFTs: The Dragons & Bourbon Series

Liquid Craft - aiming to implement a new concept for blockchain technology and the traditional…

1 hour ago

Top 5 Metaverse Coins to Buy on

Metaverse coins are all the hype in crypto these days. As traders are looking to…

14 hours ago

Decentraland Price Up 25%, Market Cap About to Surpass the #1 Metaverse Project

Decentraland price is up over 25% today, making it the biggest gainer on With…

21 hours ago

3 Awesome Meme Coins You Probably Haven’t Heard Of

With the absurdly high amount of different meme coin projects on the market, it's hard…

22 hours ago

Why Decentraland Is the Best Metaverse Project on the Market

We've been covering a wide variety of metaverse coins the last couple days. There are…

1 day ago

Ushering in a Brand New Ecology in Game: How Does HashLand Become a Vanguard to Guarantee Floor Value?

For some time in the past, Gamefi was criticized by many people as a lofty…

1 day ago

This website uses cookies.