Perhaps the only thing sports fans like more than watching their favourite games is betting on the outcome. From heated discussions amongst friends to putting their money where their mouth is, fans are constantly invested in how a game will pan out.
This has led to the very successful sports betting industry which pulls in billions of dollars each month and encompasses virtually every sport you can imagine. However, it seems sports betting is about to get an even bigger boost thanks to the upcoming Olympic games in Paris and cryptocurrency tokens.
Digital Assets Take Centre Stage
Over the last decade, digital assets have become much more widely used in several facets of life, including gambling. Now, it is not unusual to see casinos accept cryptocurrency alongside fiat currencies like USD and GBP. In fact, a new niche of crypto gambling sites has emerged that cater to specific sports, tokens, or both. As Alexander Reed points out, there are several sites for Bitcoins sports betting and these are not going away anytime soon.
There are several benefits to using these sorts of sites, including the chance to make money both ways. If a user’s prediction is correct, they win more money while also possibly having their tokens appreciate in value. If a consumer uses crypto betting sites, they can also exercise more control over how much they spend, as there is no centralized body to control them. Those more concerned about privacy can also enjoy gambling without needing to reveal any of their sensitive information.
All these benefits, coupled with the recent performance of major tokens like Bitcoin, has seen the crypto sports betting space on track to grow even more. Following this year’s Superbowl, a sharp increase was observed in people betting on its outcome (amongst other Taylor Swift-related things) in crypto. We also have to consider the growing relationship between crypto and sports.
From the Crypto.com Arena, formerly the Staples Centre, to teams like the Paris Saint-Germain F.C., Montreal Canadiens, and Los Angeles Kings, crypto-focused companies are investing in top sponsorship deals that put them at the forefront of sports fans’ consciousness. It comes as no surprise that sports betting with crypto is much less novel and is looking to only get bigger.
Timing-wise, crypto sports betting could also see a massive opportunity thanks to the upcoming Olympic games.
Sports Betting and the Olympics
While major sports leagues like the NFL and the NBA are in the off-season, this summer will have the Olympic games to keep sports fans entertained. Speaking to CNBC, several sports betting operating executives have noted that this year will be rather special for the two industries. As Max Bichsel, North American executive vice president at Gambling.com Group explains, it will see sports betting and the Olympics be closer than ever.
This historical divide was mostly driven by the fact that sports betting faced legal hurdles for many years. Now, thanks to a Supreme Court ruling in 2018 that created room for sports betting in the United States, the industry has had time to develop itself, as well as a loyal fanbase.
Many players in the sports betting industry are gearing up for an influx of activity during the summer games, which many experts expect will be more watched than the last two. This is credited to favorable time differences and the appearance of fan-favorite athletes like Simone Biles for the US gymnastics team.
If this happens, sports betting sites will once again be able to cash in while also laying the foundation for future Olympic outings.
Conclusion
Sports betting has always evolved with the times and this year, we can expect healthy returns for companies that operate in the space. Much of this can be boiled down to the growing use of crypto in sports betting which has exposed it to a new demographic and the hype around the Olympic summer games.
The former has been several years in the making and has become especially popular because of the many benefits it offers consumers. The latter could signal an opportunity for sports betting in the US and the Olympic games to be intertwined permanently moving forward.
