Many digital giants and significant participants in the sector have begun to lay down the building blocks to combine the sports betting industry with tech and redirect it to a new integrated business. With recent moves made by the Federal State Government to bring down the restrictions of Sports Betting across the U.S., the industry has seen significant growth. It’s not done yet, though, and more is expected for years to come.
Experts believe that the integration of technologies such as cryptocurrencies into the sports betting industry is unquestionably essential and now almost inevitable. Wagering transactions are defined as simple monetary transfers between different participants in the enterprise, and with the industry on the rise, more and more providers continue to flood the market. From checking on Super Bowl Odds to wagering on a wide range of sports, the betting industry is now propelled by tech.
Focus On Delivering a Unified Digital Offer
The great majority of these services have leaned on high-end gaming and sports betting platforms, sites, and apps. As a result, gaming industry suppliers have endeavored to give everything bettors, and players require in a single digital solution.
These digital possibilities translate into platforms that provide everything from the most up-to-date gaming options to data like odds, scores, projections, and other sports-related statistics. If predictions are right, the sports betting industry is expected to become a $100-billion market by 2025. With these expectations in mind and knowing that the range of business competitors in the global market was up to 30,000 by the end of 2020, digital betting solutions have become one of the main business targets for companies in the game.
Cryptocurrencies’ Fundamental Role
Blockchain technology has served as a basis for the development of safe cryptocurrencies. With the rising need for payment procedures to be faster, more efficient, and virtually instantaneous, Blockchain has emerged as the best option for processing numerous cryptocurrency transactions.
There is no restriction on values or the number of transactions carried out at any given time. According to recent studies, a total of 337 bets will be processed every second in the coming years. 90% of those bets are expected to be made using cryptocurrencies.
With Bitcoin owning a market share of 41.9% and Ethereum with 19.4%, most sportsbooks have already made way to adopt at least mainstream alternatives that might just result in big, short, and mid-term gains.
Parties Are Joining the Consensus
First, the NFL’s New England Patriots announced their formal sponsorship partnership with Socios.com back in mid-November. This partnership, valid under NFL restrictive cryptocurrency business-related regulations, was done with one of the most prominent fan-based crypto-linked firms on the market. Although the league continues to place restrictions on what franchises may get from crypto-related sponsors, the benefits of opening sports betting and allowing it to simply transform are thanks to the intervention of technology.
It took a Supreme Court ruling to allow the wave of sports betting expansion to start back in 2018. The Professional and Amateur Sports Protection Act (PASPA) was defeated that year. Shortly after, several states had introduced legal sports betting. Three years later, the list tops 30 states.
Now, the industry comes with the deliberate acceptance of other institutions. U.S. sports betting revenue will top the $6.5-billion mark this year and surpass $20 billion by 2028. It suits state governments to take part in the action and generate revenue taxes to fund local state causes.
It might also suit leagues to bring down some restrictions on cryptocurrencies and allow for the natural development of new financial and digital advancements that can together propel the world of sports betting.