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The Rise of Crypto Sports Betting: The Beginning of A New Era

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The past few months have seen the rise of a new phenomenon: cryptocurrency-powered sports betting.  Furthermore, the blockchain has made its way into the world of gaming  and eSports.

The Rise of Crypto Sports Betting Platforms

Recent months have seen major progress in linking gaming and cryptocurrencies.

Crypto sports betting was a main area of focus during the recently concluded ‘Betting on Sports’ conference. Called “the sports betting event of the year,” the conference had a panel that held in-depth discussions regarding the matter.

Joe McCallum is the Director of Sportsbook for Sportsbet.io and was a panelist at the event. In an interview with CalvinAyre.com, he talked about the choice of target markets for the new technology.

He said, “In terms of jurisdictions, what we’re trying to do is focus on is high adoption of cryptocurrency and that’s been the driver in terms of where we’ve targeted. The world cup actually helped us.”

PlayUp and The Crypto-based Sports Betting Ecosystem

A leading Australian sports gaming firm recently added this new technology to its portfolio of online gaming services. Called PlayUp Bet, the company calls it the first of its kind crypto-enabled sports book and gaming platform.  Moreover, the company aims to create an environment with more than a million users across the world. Additionally, the platform makes betting fun, simple to use, secure, and scalable. This according to PlayUp, the company that came up with the idea.

Daniel Simic, the CEO of PlayUp, expressed his excitement on entering this space with limitless opportunities. “It’s fantastic to be able to announce the launch of one of the world’s first crypto-token only betting platforms,” said Daniel.

Regulatory Concerns

Because of the official responce of the authorities to digital currencies, as well as pending regulations, the crypto space faces several fundamental challenges.i

Therefore, this obviously affects the crypto sports betting industry as well. Neds, the Australian online bookmaker seeks to initiate an AUD 60 million cryptocoin offering. However, as expected, this step drew the attention of the local regulators.

Furthermore, the blockchain strengthens the entire ecosystem while making the fabric much more secure and efficient. What does the future hold for crypto-based sports betting? Only time will tell.

 

 

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