How Bitcoin Is Affecting the Betting Industry

Tipsters Review - 20-Mar-2020

How Bitcoin Is Affecting the Betting Industry 

 

The rise of Bitcoin has affected many industries and there are many  ways as to how Bitcoin is affecting the betting industry right now. The industry already went over several changes when it comes to technology. Mobile betting was introduced and accepted by a wide audience so both smartphone and sports bet companies had to provide. When Bitcoin, one of the first cryptocurrencies, emerged it was evident to the industry that it will need to make some more changes among the way.


Among the first sectors of this industry to implement Bitcoin was the interactive gambling sector. Online casinos have been a thing since the 90s and they’re going to stick around for much longer. The companies that run these casinos have to find new ways to keep their players safe and they saw an opportunity for that in cryptocurrency. By making Bitcoin deposits and withdrawals available they kept the personal and financial data of the users anonymous and provided a more secure environment for them.

When it comes to the sports betting industry as a whole, it’s clear that every member of this community is familiar with the term micro transactions. These types of transactions are made when players are offered new and better gear than the one they have and are ready to make a purchase. This gives them an edge over the nonpaying player and makes them stronger. Anyone that has a few bucks and would like to have a better score could spend a few bucks to enhance their character. Micro transactions are a part of single-player games but the majority of them happen in online ones. But where does Bitcoin fit in?

Instead of credit cards, players could pay for the new gear and upgrades using this cryptocurrency. As mentioned before it can keep them safe in their purchases. What’s also interesting is that Bitcoin transactions are faster than regular ones and people using Bitcoin don’t have to pay fees to a third party for their services.

Another area where Bitcoin could find its way is eSports. The participants in such events won’t be able to use Bitcoin to upgrade their character but people watching the event can place bets with the cryptocurrency. Finally, there are already a few online stores that accept Bitcoin where you can buy various gaming equipment such as laptops, PCs, RAM cards, cooling systems, and other interesting things.


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