The 2020 COVID-19 pandemic proved the crypto-market’s volatility wasn’t as unpredictable as traders initially assumed. Cryptocurrencies are a growing trend among online casino and sportsbook operators, and it’s easy to see why digital currencies have experienced such remarkable success.
Bitcoin casino sites and betting platforms exclusively using cryptocurrencies for transactions face fewer fees and are outside institutions’ regulations. Blockchain brought a secure and untraceable ledger to the online gambling industry. Outside regulators cannot track blockchain transactions, adding appeal to the security digital currency offers.
Will Crypto Gambling Continue After COVID Disappears?
People are hopeful that cryptocurrency gambling will remain popular, even after eradicating COVID-19 with a vaccine. Without COVID-19 posing health dangers, loyal brick and mortar casino gamers are expected to make their way back into land-based establishments. Cryptocurrency is transitioning from being available exclusively online to the mainstream market. Crypto gambling has caused a commotion among lawmakers and financial institutions who cannot reap crypto’s benefits, thanks to blockchain’s decentralized platform.
Sportsbooks have enormously benefited from blockchain’s lack of regulations. Since most sports betting platforms don’t want to involve third parties anyway, blockchain and cryptocurrencies presented an opportunity that couldn’t go overlooked. Cryptocurrency has added competition within the casino industry and virtual sports betting community by introducing crypto-exclusive casinos and gambling venues.
For the first time, players had an advantage above the house, in addition to a higher return rate. Blockchain and crypto gambling revolutionized the online casino sector.
Bringing Crypto Sports Betting to the Futures Market
Wall Street has notoriously manipulated the futures market to act as its personal casino for gainful profit. Ties between the finance and sports betting sectors were inevitable, thanks to recent attempts to regulate the market. If crypto sports betting is added to the futures market, traders are expecting more outside interference from centralized parties. Crypto sports betting is a hot and controversial topic among financial moguls and institutions. Lawmakers have extended their reach to ban gaming contracts that benefit sports leagues, but cryptocurrency and blockchain transactions aren’t subject to the same rules as fiat currency.
ErisX leaders have raised concerns about crypto sports betting meeting the criteria for fortunes. ErisX believes crypto sports betting futures deserve a rightful place within the market, so it formally submitted a request to the Commodity Futures Trading Commission for approval. If ErisX’s proposal is approved, the crypto market’s foundation will experience an unprecedented shock.
Sportsbook players have criticized ErisX’s proposal, stating the measure would trigger further third-party regulations. Regulating blockchain’s platform and introducing cryptocurrencies to the mainstream market would ruin crypto sports betting’s best features.
Technology fueling advancements in Online Casinos and Sports Betting Exchanges
Experts predict that the online crypto casino and sportsbook market will increase by fifteen percent by 2025. Small entrepreneurs seemingly have taken to producing privately owned cryptocurrencies with the hopes of taking the market by storm.
Dogecoin initially began as an internet joke, but thanks to Elon Musk and Reddit crypto traders, its value spiked. The gambling industry continually strives to keep up with technology’s incredible advancements to empower the community for years to come.
Blockchain’s platforms have introduced new possibilities to prediction markets for e-sports and similar betting platforms. Ethereum’s blockchain enables sportsbook players to use real-time data to make strategic bets. CryptoCasinos.com is the best place to find essential updates regarding several areas of crypto gambling. Besides slowly showing their worth to worldwide markets, cryptocurrencies are also demonstrating their clear dominance in the field.
Disclaimer: This is a paid post and should not be treated as news/advice