Bitcoin continues to make inroads in the world of online betting and gambling. Cryptocurrencies have come a very long way in this regard. From 2020 onward, it is evident that this growth needs to keep accelerating.
Online Betting With Bitcoin
Based on recent statistics shared by the Betblokes team, Bitcoin continues to become more popular for online betting. Not entirely surprising, as it is a far superior tool to regular payment methods. Not only is it cheaper to use, it also provides a degree of pseudonymity. Those who engage in online betting often want to mask their real identity, and Bitcoin lets them do exactly that.
Considering how Bitcoin transactions represented a very small market just a few years ago, one can’t help but be impressed. More specifically, the total amount of Bitcoin wagers reached $4.5 billion between 2014 and 2016. Not a bad figure at all, but it wasn’t enough to make much of a difference either.
Fast forward to 2020, and the situation looks a lot better. With $105 billion in online betting wages as of this year, it has proven to be a growing industry. This means the wages volume has increased by over 2,300% in the past four years. Many other payment methods would love to note such growth, yet hardly any of them will ever attain it.
More Growth Looms Ahead
Several factors will help determine the potential success of Bitcoin as an online betting payment option. Contrary to what most people would think, this is not necessarily a logical evolution. The current COVID-19 pandemic might have helped a bit. More and more gambling providers have to diversify to cater to as many users as possible. Not just in terms of sports coverage, but also branching out with new payment methods.
One thing to look forward to is how sports betting will soon be legalized in most of the United States. So far, that is still an illegal form of betting in over half of the country. Surprising, given the popularity of sports in the country and the appeal of putting down a wager. Doing so legally is not as straightforward in the country, but that will soon change.
There is also the growth of crypto-native betting platforms to keep in mind. Several companies have come to the forefront, including Sportsbet, 1xBit, Stake, and others. Thanks to service providers like these, Bitcoin and online betting now go hand-in-hand. It is crucial to keep promoting these brands to show onlookers why Bitcoin is such a versatile tool.
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