Blockchain technology and cryptocurrencies have impacted global industries like never before. The sports betting industry is not an exception; crypto betting in sports has become a booming market due to the increasing number of sports fans and their desire to wager on athletes and tournaments.
Today, as the FIFA World Cup 2022 approaches, these applications are popular among bettors, particularly due to their reliance on cryptocurrencies throughout the betting process. As the number of tournaments and leagues increases, so does the number of sports fans who wish to participate in sports predicting.
Betting with cryptocurrency
Today, it is not a secret for anyone in the know that bettors globally already prefer crypto payments. There has been a rise in the number of betting sites accepting crypto and new blockchain-based betting sites.
For example, Betswap.gg (BSGG) is a multi-chain decentralized peer-to-peer sports prediction exchange. It allows anyone from anywhere to make predictions on popular sporting and e-sports events, with no personal information required! Sports betting fans can join the platform anonymously through decentralized wallets such as MetaMask and participate in predicting game outcomes, deciding whether they want to be the bettor or the bookmaker.
BSGG, in particular, is a case of sports betting in the crypto world due to its trustless platform. In essence, the project never needs to hold a player’s funds in any way, requiring players to transact only when they wish to engage with a specific game. Furthermore, upon completion, players can instantly withdraw any funds they may have used to play with, meaning BSGG does not require users to trust a centralized aspect of the project.
Gen Z is these apps’ primary audience, especially due to the decentralized and permissionless aspect of such projects. Not just that, crypto sports betting sites and apps have already exceeded the growth of traditional venues concerning offerings and security. Besides everyday events, they also allow players to engage with top events like the Olympic Games, the FIFA World Cup, and the T20 cricket world cup.
Popular activity
Online sports betting began in the 1990s, with around 15 websites offering betting in 1996. Nowadays, it is one of the most popular activities in the world, especially with the growth of technology and the emergence of blockchain technology.
Massive economies like the US have long prohibited sports betting, but in 2018 they decided to rethink their ban, allowing many states to offer sports betting recently. This led to a monumental spike in sports betting revenue there, with the USA alone bringing in $1.5 billion in 2020 mid-pandemic and with action in just a few states.
On the other hand, it’s worth noting that while Arabic gambling laws vary by country, for the most part, casinos, sports betting, and online gambling sites are all illegal throughout the Middle East. Not only is there no online betting allowed throughout the region, but most countries have shown no interest in even considering it in the future.
But even with the strictest measures, many players visit online gambling sites daily. They do so through the use of measures such as VPNs, which allow them to maintain their anonymity while accessing casinos and sports betting sites.
While the Middle East region still does not allow its citizens to access online gambling sites, including taking measures such as blocking gambling sites and making it against the law to gamble, the growth of sports prediction market is still growing.
As the viewership rates for major sporting events rise yearly, there is a clear correlation between the events and the market for sports betting. This rapid growth in the market seems to have spilled over into the blockchain world, with more and more projects coming into the scene.