If You're Looking For Crypto Adoption, Keep An Eye On The Betting Business
December 20, 2018 | by Guest

If You're Looking For Crypto Adoption, Keep An Eye On The Betting Business | ICO Listview

It can be a little bit of an adventure finding places that accept crypto as usable currency. There are plenty of them out there, but they’re scattered enough that some research is required. Various cryptocurrency resources can be of assistance though, and at the end of the day you can often find a store relevant to your needs that will allow you to pay with cryptocurrency, should you wish to. Industry-wide adoption though, is another thing altogether.

To date, there really isn’t an industry that reliably accepts cryptocurrency, and the big companies are mostly one-offs. Microsoft allows bitcoin payments for game downloads, but other gaming platforms don’t; Subway has flirted with cryptocurrency, but it’s hard to find similarities in other fast food businesses; Overstock takes crypto, but not Ebay or Amazon. It may ultimately be that this will always be the case. Some companies might adopt cryptocurrency for their own reasons, and their competitors may not feel any need to follow suit. If you’re looking for mass adoption across an entire industry though, or even just more prevalent adoption than we see in most, you may want to train your eyes on the betting business - for a few different reasons….

Crypto Is Already In

It’s important to recognize right off the bat that this isn’t a hypothetical. There are in fact several betting platforms already that accept cryptocurrency, including Nitrogen, Sportsbet, and even Bovada, which is a big and widely recognized betting company. There are likewise some casino gaming sites that are also accepting cryptocurrency, and primarily bitcoin. To call this anything resembling a takeover would be overstating things, but the model appears to be working for a number of platforms, and there’s a very real chance that their competitors will ultimately come to the decision that in order to stay competitive they, too, need to accept cryptocurrency deposits.

Crypto Security

A lot of steps are taken to get bettors and prospective bettors not to worry about security when it comes to depositing money with a given site. To begin with, enough platforms now offer free betting incentives to start up that customers are encouraged to shop around before committing to a single site, so as to get the most free activity. Thus, people are convinced to play before they’re actually made to bother with the money. Once people do bother with money, betting and casino sites tend to have all sorts of security and privacy certifications that, to most of us, are utterly meaningless (even if they’re perfectly legitimate). At the end of the day though, it still comes down to either credit card information, a PayPal account, or something similar. Cryptocurrency can make this all less daunting for bettors because it is inherently more secure, at least where personal information and hacking potential are concerned. This is a clear benefit that’s likely to be taken into account by companies that don’t yet deal in crypto.

Blockchain Accountability

This is similar to the security concern, but needless to say new bettors tend to be somewhat uneasy about the accountability of a given company or website. They want assurances that their bets will go through on time, that they’ll be paid appropriately upon any wins, and that their deposits are safe. Betting platforms can traditionally only offer their word in fine print where these factors are concerned. But crypto payments conducted via a secure blockchain largely solve any accountability concerns. The blockchain is essentially designed for this purpose, and can help people feel completely at ease that their transactions are being handled exactly as they’re supposed to be. Again, this is a clear crypto-related benefit that should have significant implications on further adoption.

None of this means that cryptocurrencies are on the verge of a mass takeover of this multi-billion dollar international industry. These are indications though that there’s perhaps more potential for expanding and regular use than you’ll find most anywhere else.

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