When the news hit mainstream media that one of England’s best soccer teams Arsenal FC has partnered with Cashbet, a cryptocurrency that markets itself as being “designed specifically for iGaming”, it signaled a new dawn of crypto betting sites as sponsors of the beautiful game. Now seeing the best bitcoin odds for your side is a reality
There is something thrilling and exciting when you’re able to place a bet on your beloved football team. Not only does it give fans bragging rights where it concerns their team, it allows them to be part of the competition in a certain way. According to the European Gaming and Betting Association, structured betting yielded a profit of about $58 billion in 2012. In 2016, the figure shot up to $70 billion.
Thanks to new advancements in technology and product platforms, sports gambling revenue has grown in leaps and bounds. A healthy relationship exists between betting and sports as EGBA correctly points out;
“The mutually beneficial commercial association between betting and sporting events has continued to grow with sponsorship and advertising revenues from regulated gambling companies, particularly in Europe, reported to have become a significant source of funding for sports bodies.”
With the advent of the internet, sports betting has significantly evolved with better enhancements on the existing system. A few year back, the field of crypto betting was left unexplored with only pioneers in the field taking advantage of this opportunity, that is about to change soon.
Blockchain technology, the platform on which various cryptocurrencies are built has affected many industries including sports betting.
With smart contracts, trust has been established in sports betting in areas where trust apparently didn’t exist. With Ethereum, football betting is guaranteed to have fast and secure payments, establish identity, minimize theft like embezzlements and most of all provide security of accounts and individuals privacy.
Ethereum has a smart contract functionality with which terms of agreement between bookmaker and player becomes possible. These conditions can also be made immutable (i.e. unchangeable). By default, services like Escrow can be provided till all conditions of the bet are fulfilled.
The key to all this is transparency in the system. This is going to be the major driver that will stimulate crypto betting sites to become the next big sponsors of football betting, this is what will make people to play the stakes online because they’re fully assured of the system backing up their bet.
With Tokenization of betting systems which Ethereum allows, investors can have control over their funds in the betting system and also providing an extremely high level of trust that has never existed up until now. With all this functionality and features, it is no wonder football teams would prefer to partner with crypto betting sites.
The era of traditional betting sponsors is about to end and usher in crypto betting sites as the newest sponsors of our beloved game.