As the world of cryptocurrency has developed, more industries have jumped on board and started accepting it, and even promoting it. This has been a hard sell, but eventually, the world is realising that common cryptocurrencies such as Bitcoin have a part to play.
While some have taken a while to come on board, others have jumped at the chance and stuck with cryptocurrency. One of the biggest is the betting industry. Not all the industry is on board, but we have seen a large number of bookmakers accept Bitcoin payments as well as offer payments back to customers using it.
This isn’t just a one-way street, both industries have benefited from each other which is great to see and the hope is they will do so for many more years.
How Bitcoin Has Helped the Betting Industry
We have seen Bitcoin grow and emerge as the number one cryptocurrency. This has taken many years, but finally we can say we are there.
But those with Bitcoin need something to spend it on, and this is where Bitcoin has helped the betting industry. Bookmakers that only deal in cryptocurrency offer those with Bitcoin somewhere to spend their funds.
If you buy Bitcoin and want to gamble with it, there are many places you can do that. These people won’t all be gamblers, so what the emergence of Bitcoin has done is push new people towards the gambling industry.
The limited number of ways in which you can spend Bitcoin has helped the betting industry, and as we see more places accepting Bitcoin, less people may use it to gamble. However long it lasts though, this has been a two way street which includes Bitcoin sending new customers the way of the betting industry.
Betting Industry Remains Loyal to Cryptocurrency
The betting industry remains one of the strongest allies of the cryptocurrency world, and the ties now are very strong after many years of working together. By offering the chance to bet with Bitcoin and other currencies, bookmakers are potentially pushing new people to the crypto market.
Some people doubted the connection that was made, but now things look to be in great shape thanks to the long-term vision that both have used to stick together.
What cryptocurrency needs is to improve its reputation by people using it to do things they would normally do in their daily lives. Betting is something that many people do, and if people turn to crypto betting for things such as the Premier League then if they are happy with that, they could move onto using cryptocurrency in other aspects of their life.
What are We Likely to See in the Future?
What would be fascinating to see is if the betting industry ever put any offers together that are specifically for crypto players. For example, we have seen mobile only offers in the past, what about specific welcome offers available only to those who use cryptocurrency?
Many types of offers are out there, although they are all basically the same thing. Money back is the same thing as a free bet as you are receiving your money back as a free bet. However way you look at it, having free bets or anything else for crypto players only would be a huge move.
Not only would this reward the players that have been using crypto for many years, but it would also potentially push more people into using crypto which is great for the overall industry.
Moves like this one, which benefit both sides of the agreement, are likely to be what we see in the future.