Will Esports Crypto Betting Grow with a Bitcoin Boom?
There’s hope that cryptocurrencies could see another boom in value this year and it’s been revealed recently that over 60% of bitcoin transactions have a connection with the gambling sector, including esports crypto betting. As the use of blockchain and cryptocurrencies broadens, so too will cryptocurrency use in betting and gaming. The next twelve months is likely to see the use of cryptocurrencies in esports betting grow.
Benefits of Crypto in Esports Betting
Bitcoin’s use for betting may be due to its potential anonymity and well as it being a currency which does not have borders. The idea behind bitcoin was to bring a digital currency to society that could be spent and sent quickly, anywhere in the word, without the need to be exchanged into a local currency and without exorbitant transfer fees.
There are relatively less fees when transferring fiat currency to bitcoin, compared to exchanging types of fiat currency. Cryptocurrency balances can be easily and instantly added to esports betting or crypto betting sites.
Transactions on crypto betting sites are instant with the use of blockchain underlying cryptocurrency transactions, making transactions transparent and immutably recorded. Cryptocurrencies have the potential to be a more secure means of exchange, because of blockchain’s secure distributed ledger technology.
Should we expect a boom soon?
The use of cryptocurrencies is in its infancy, and for those new to digital currency use, their price fluctuations, storage and transaction methods can take a little getting used to. However, cryptocurrency prices and adoption could see another boom very soon, as the utilisation of blockchain technology and tokenization accelerates. And, digital currencies are a more natural concept to tech-savvy Millennial and Generation Z. Gambling operators are keen to encapsulate these generations, soon to become the globe’s largest spenders. Esports betting, and perhaps esports crypto betting, could be the way for bookmakers to connect with younger generations.
Blockchain technology’s use in game development, particularly for the creation of tokenized assets and in-game economies, is rapidly progressing. In the very near future, in-game items like skins or even game weapons will become tradeable assets with real-world value. These tokens, very much like cryptocurrencies, can be stored in cryptocurrency wallets. Gamers may organically begin to use more cryptocurrencies.as a result of using these tokenized game items.
Companies that set a good example
Already companies like Herosphere are developing crypto esports betting allowing gamers a simple method to wager on esports and games. And, Herosphere is developing its own cryptocurrency. Esports fighting platform CryptoFights, currently in development, is adding esports betting functionality for its players. CryptoFights is built on the Bitcoin SV blockchain which enables its cryptocurrency and tokenized asset use.
There is a confluence of factors occurring across technology, finance, gaming and gambling, intertwining these sectors to serve the technology generations of Millennials and Generation Z. Growth in each of these sectors as well as an expanding use of blockchain and cryptocurrencies, will further accelerate prosperity for each.
As gaming and esports gain in popularity so too will esports betting as bookmakers look to serve this audience. As cryptocurrency use grows, its use in the betting sector will grow, and so too the interest in bitcoin esports betting and esports crypto betting. For gamers, using crypto-like tokens from their games, esports crypto betting may be just an easy evolution of their spending and entertainment habits.