The esports betting market has experienced significant growth in recent years. A report from the UK Gambling Commission reveals the esports industry saw a remarkable increase in live betting by 8% in 2023, raking in a total of £589 million. Cryptocurrencies like Bitcoin have been the driving force behind the esports betting industry’s growth. This is due to crypto and blockchain technology allowing esports betting platforms to offer new features and experiences, like transparent odds, decentralized betting, and automated payouts using smart contracts. Cryptocurrency has also helped them develop new esports betting platforms designed specifically for crypto users, shaping the industry’s future.
The Increasing Adoption of Cryptocurrencies
Gambling platforms like crypto casinos are expanding beyond just supporting Bitcoin and are now offering players a wide range of cryptocurrency options to choose from. These include other popular altcoins like Ethereum, Solana, and Dogecoin. According to Alexander Reed from 99 Bitcoins, most crypto gambling platforms accept various cryptocurrencies, including Tether, to bet on live sporting events like the NBA and the UEFA Champions League.
The benefits of using cryptocurrencies on esports betting platforms include faster processing times, lower transaction fees, and increased anonymity. These benefits drive more players to adopt digital assets over traditional fiat currency. As cryptocurrencies become more mainstream and user-friendly, their adoption in the gambling sector is expected to increase and accelerate the platforms even further.
Integration of Decentralized Finance
Bitcoin casinos and esports betting platforms are integrating decentralized finance (DeFi) protocols to improve the betting experience. Using smart contracts through DeFi allows for transparent, trustless betting, and automated betting, eliminating the need for intermediaries and giving players greater control over their funds. With DeFi, crypto gambling, and betting platforms can provide features like provably fair odds, instant payouts, and direct interaction from players with betting smart contracts. This integration of DeFi is viewed as a major step in creating a more transparent and secure gambling environment.
The Rise of NFT-based Betting
Crypto gambling platforms use non-fungible tokens (NFTs) to create unique in-game items, betting tokens, and collectibles to improve the overall betting experience for players. These NFTs allow players to own, trade, or use them within the esports betting platform. Integrating NFTs provides players with increased engagement and ownership opportunities, as they can collect, display, and potentially profit from these digital items. This trend is expected to grow as NFTs become more popular, with more players signing up and participating in the wider crypto and gaming sectors.
Move Towards Mobile Betting
In the UK, remote betting, bingo, and the casino sector generated a total revenue of £5.7 billion between 2019 and 2020. This highlighted the increased usage and popularity of mobile betting. The shift towards mobile betting and gambling has been a major trend in the industry, including the crypto gambling market.
The younger demographic of players favors betting and interacting with esports gambling sites using their mobile phones. Betting and gambling platforms that have been optimized for mobiles provide players with the convenience of accessing their crypto wallets, placing bets, and managing their funds directly from their smartphones. As mobile technology advances, more players are expected to turn to live, on-the-go sports betting.
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