The relationship between Bitcoin and betting has been very strong from the start. This is something that has been worked on, which should come as no surprise because both industries benefit from their partnership.
Other cryptocurrencies are available for betting, but Bitcoin was the first and still remains special.
Betting changed with the creation of Bitcoin betting, it brought new people in and took a big step forward. Bitcoin has been allowed to change and grow over time thanks to relationships like this one, both have a lot to be thankful of.
Placing bets with Bitcoin is easy, and you can bet on anything from football to horse racing and the golf PGA Tour.
So, what has been the key to success and the driving force behind this relationship? We take a look at how they have both helped each other, and what could come in the future for these two industries.
What Has Betting Done for Bitcoin?
In the early days of Bitcoin, they knew that to grow they needed to attract a number of partners who would give them the platform to work on. Bitcoin got a handful of these, and perhaps one of the biggest was the betting industry.
We didn’t see every bookmaker change to accept Bitcoin, and that is still the case now, but some did and that gave those with Bitcoin another possibility when it came to spending their funds.
There are many people out there who trade in Bitcoin, but as a currency, it needs places to spend for it to really grow into something and attract regular people to use it. One of the first steps with this was the start of Bitcoin betting, so those making money in any way from Bitcoin or those who were buying Bitcoin were able to use it to place wagers if they wanted to bet.
What Has Bitcoin Done for Betting?
Bitcoin brought about the Bitcoin betting industry.
Some bookmakers that we see today accepting Bitcoin do not bet in any other way, without Bitcoin they wouldn’t exist and serve us. Others have added Bitcoin to the list of currencies they accept, allowing them to grow around the world when they may have been limited in the past.
So, thanks to Bitcoin, we have seen new bookmakers created especially for the cryptocurrency industry and we have also seen existing bookmakers grow because they can now accept Bitcoin.
The betting industry didn’t really need a huge push, but what it needed was to become a little more diverse and target people who wanted to bet in a different way, exactly what Bitcoin betting offers.
Over the past decade, the betting industry has done many things to diversify and one area they have improved on has been embracing new things, such as the move by some bookmakers to accept Bitcoin.
What is going to be really interesting to watch in the future is whether we see some of the bigger betting names turn to Bitcoin betting and finally accept this or another cryptocurrency from their players.
Larger names in the industry have so far left Bitcoin betting alone. Big names such as Bet365 and others would give Bitcoin a huge boost if they were to accept it from their customers. Bookmakers like Bet365 offer free bet credits to new players who sign up, could we see these go to Bitcoin customers in the future?
There has been a lot of work done already between these two industries, which has been great to see. Both are benefitting from it, and there is plenty more that can be done to improve things in the future, with new big names getting involved being a key part of that.