Sports Betting Regulations in the Digital Age- The topics of cryptocurrency and gambling regulations are two fields that are closely linked. They can be divisive topics for regulators and those who implement the law. As more gambling activity moves online and cryptocurrencies continue to grow in visibility, it seems both markets are forming a closer correlation as they advance.
Sports betting is something that existed long before the rise of digital gaming. Still, the internet has accelerated this growth and provided an excellent platform for companies to flourish in the new mobile-centric, digital society that has penetrated every level of our society. Many countries have provided a solid framework and legislative precedents for many of these new industries, this includes cryptocurrency and online gambling.
The Crossover Between Cryptocurrency & Gambling
The online gambling sector and cryptocurrency have already started a crossover, with many digital gambling operations focusing on using digital payments as a viable payment method to gamble. Several casino companies now allow you to play poker, blackjack, and roulette with various payment methods. Bitcoin is slowly becoming a favorite among gamblers who dabble in cryptocurrency investment and trading. Bitcoin casino games offer an avenue of gambling which increases security and transparency and can protect you in the event of a hack.
Cryptocurrency gambling doesn’t have the same regulation as digital casino gambling using standard currency. However, many customers are transitioning between payment methods; they realize the advantages of crypto gaming in real-time, so let’s look at some of the main benefits which provide crypto gambling regulators with a solid case to provide clarity and framework within the industry.
The Positives Of Sports Betting With Crypto
Although this industry is in its initial stages, and there are other mitigating factors to consider in the long term, the early signs and positives for this industry are substantial. There are some important positives from crypto gambling, and it’s easy to see why more people are beginning to use their digital assets to bet. As well as more security in the event of a data breach, there are other components to weigh up.
Seamless Deposits
Suppose you gamble reasonably often and have deposited money on various sites. In that case, you’ll be aware that banks can sometimes freeze your transaction or have you jumping through hoops if you do win. Sending all sorts of documentation if you win a nice sum and want to withdraw it from your balance isn’t ideal. However, we should point out that not all casinos are in the business of holding onto your winnings for weeks at a time, but it does happen.
In any event, this isn’t an issue you will have with cryptocurrency gambling. As the secure cryptography that underpins digital assets, also known as the blockchain, verifies your transaction and cannot be amended or altered, this negates the need for a bank to oversee the payment or to hinder your gaming.
This also enhances security, as all the information is on a public ledger, allowing access and transparency for all parties involved. The 2022 World Cup saw record numbers of people gambling using digital assets like Bitcoin as their preferred payment method, and the marvelous final saw Lionel Messi cement himself as the greatest player in the history of the modern game.
While he has stated that he won’t participate in the next World Cup, as he will be nearly 40 years of age, the 2026 World Cup will likely see even more people using Bitcoin and other cryptocurrencies to place their sports bets, as it continues to gain visibility and legitimacy in the world of sports betting.
Security
Security is vital in crypto sports betting, and you do not have to have your personal and financial information held on a server is a huge bonus. Ensuring there’s nothing that hackers could leak, which could compromise your identity, is a significant attraction for those preferring to use crypto to gamble.
This is one of the main reasons there have been more vigorous calls for sports betting regulators to take a closer look at the case for crypto gambling.
Anything that can provide an even deeper level of security in the world of sports betting is something that should be looked into further and is as stronger a case for regulation and clarity as it gets.
Conclusion
As you can see, there’s a strong case for cryptocurrency sports gambling to be regulated, there have been considerable advances in other areas of crypto gambling,
and with the multi-billion-dollar sports market itching for a new avenue to generate even bigger profits,
a well-regulated cryptocurrency sports gambling rulebook could be just the ticket for these companies to continue making colossal profits as we progress throughout the 2020s.
However, it also hinges on other variables, with American regulators looking at cryptocurrency scathingly. If they don’t introduce fair regulations, this could harm the industry.
With other countries already providing a solid precedent and framework to regulate crypto and
gambling, such as the United Kingdom, it is a market that should continue to prosper in the long run.