Cryptocurrencies have been on a roller coaster ride more or less sense they first became popular. Along the way they’ve come to have a lot to do with investment – but not so much with establishing a potential new-age currency. When bitcoin and a wave of its imitators first arrived on the scene, they were intended to be the beginnings of a new era of wholly digital currency. It would do away with traditional money and establish new norms for security, the transfer of wealth, and really the whole financial system within modern society. Or so some thought.
For now, this dream appears to be dead. Bitcoin and the leading altcoins have proven to be sustainable in a certain sense, and again, they’ve worked their way into mainstream investment consideration. Indeed, this site recently reported that even E*Trade is preparing to launch crypto trading services. As currencies though, these cryptos have displayed thoroughly limited value – not in a strictly monetary sense, but in terms of utility. There just have not been very many consistent, significant markets in which people who wish to can transition away from money and toward cryptocurrency.
There are one or two small exceptions though – or at least industries that look as if they could become exceptions. To that point, there a few are reasons to believe that cryptos as currencies could have an ally of sorts in the betting business.
1. Security Considerations
The main reason that cryptocurrencies and betting businesses are natural allies is perhaps that both emphasize security. A great deal of money changes hands at casino and gambling sites, and some are more reputable than others. Thus, bettors and gamers tend to be very interested in making sure their deposits are being handled securely and reliably. The good sites tend to have all sorts of certifications and security notices in place to address these concerns, but cryptocurrency can address them automatically, to a degree. A form of money meant to eliminate fraud and ensure that transactions occur anonymously and just as planned can appeal in this environment.
2. Expanding Payment Options
Sites that exist in the broader betting category – meaning the UK’s slots, Canada’s live dealer gaming options, and even some of the sports betting platforms creeping into the U.S. – happen to feature an ever-expanding collection of payment options. The average site in this category, whether dealing with live poker, an arcade, or a sportsbook, will at the very least allow for payments via regular credit cards and electronic processors. Many advertise support for PayPal and its closest competitors. And, given that there are always new payment processors coming out, it’s not uncommon to see new options added to these sites. For this reason it’s not at all a stretch to imagine established sites adding crypto acceptance also. In fact, some smaller casino gaming and betting sites already have crypto support.
3. Growing Business
Betting is also a growing business, which simply means there’s more opportunity for innovation around the corner. The more sites there are, the greater the chance is that some will accept cryptocurrency; the more complex existing sites get, the more demand there will be from a broader customer base for more payment possibilities. We can safely expect this kind of growth largely because of the U.S. market, which is only just beginning to come into its own. Regulation is an ongoing process for the nascent legal sports betting scene, and casino gaming is still only available in a few states, but both show massive expansion potential. In an indirect sort of way, that also means potential for crypto use.
4. Brand New Sites
To some degree this goes hand-in-hand with the idea that betting is a growing industry, but here we’re not talking necessarily about U.S. expansion. The point here is that we’ve already seen a few smaller casino sites emerging as brand new platforms built to accept cryptos from day one. It suggests that there’s a market for crypto-fueled gambling activity, and thus that as new sites naturally emerge over time, more of them could have this sort of payment method built in.
