It seems you can scarcely open a crypto website without seeing two or three articles about the pros and cons of using crypto to gamble online.
Yet, although it is a far more widespread form of online gambling, especially in the USA, far less is written about crypto sports betting.
That could change forever over the coming weeks, with the biggest sports betting event on the global calendar about to kick off in Qatar.
A sports betting extravaganza
The World Cup is one of those sporting events that grab everyone’s attention, a little like the Super Bowl or a Wimbledon tennis final. But still, many people, especially in the US, don’t realize just how big a deal it is from a sports betting perspective.
Look at it this way – $133.7 billion was wagered on the 2018 World Cup in Russia. $8.2 billion was bet on the final, compared with about $6 billion staked on the last Super Bowl. Industry experts fully expect the amount bet on Qatar 2022 to eclipse the figures for Russia 2018.
Crypto betting hitting the mainstream
Back in 2018, there was crypto betting on the World Cup, but it was a small segment of the market and one occupied by early adopters and crypto experts. That profile has changed beyond measure over the past four years. Crypto has become the transaction method of choice among a growing segment of sports bettors as well as casino gamers.
At the same time, the betting platforms have moved to meet them. Just glance down the list of casinos and sports books at https://www.gambleonline.co/deposits/bitcoin/. You’ll see big-name brands, and every one of them offering Bitcoin transactions right alongside Visa and Mastercard as a matter of course.
Crypto staying front and center
It won’t just be the bookies keeping crypto in the headlines during the World Cup either. Several crypto brands are key sponsors, although that has not been without its controversies. First, a well-known cryptocurrency exchange publicly pulled out of a five-year sponsorship deal with FIFA that would have been worth almost $500 million. There have also been calls from Everton fans for their team to sever sponsorship ties with a major crypto-gambling provider.
Still, as Oscar Wilde said, the only thing worse than being talked about is not being talked about. For good or ill, these stories keep crypto sports betting in the public eye.
Advantages for true fans
The other point is that as the understanding of crypto grows, so everyday sports fans see the advantages it has over other transaction methods. It’s fast, seamless, and secure, allowing fans to place bets and collect their winnings without drama or delay.
The result? Crypto sports betting is expected to account for about 10 percent of all bets placed at Qatar 2022. That will most likely amount to around $17 billion placed in crypto bets. Sports betting is on the cusp of a historic moment.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.