With the world’s biggest sports betting event taking place in Qatar over the next several weeks, the sector might see even more disruption.
The World Cup, like the Super Bowl or the Wimbledon final, is one of those exceptional athletic events that manages to pique the curiosity of people across the globe. It is hardly shocking that this is also a major development in the world of sports betting. For example, the astronomical sum of $133.7 billion was wagered on the 2018 World Cup, which was hosted in Russia.
In comparison to the about $6 billion bet on the most recent Super Bowl, the World Cup finals took in around $8.2 billion. According to analysts in the industry, the amount of money wagered on the Qatar 2022 games will most likely far exceed the amount wagered on Russia 2018.
Significant Four-Year Shift
Only a small fraction of the betting market in 2018 cared about the World Cup in terms of cryptocurrency use for the same. Additionally, most of the participants were early adopters and industry veterans in the cryptocurrency sector.
Much has changed in that segment of the gambling industry in the space of only four short years. Sports bettors and casino gamers alike are increasingly turning to digital currencies like Bitcoin and Ethereum for their wagering and gaming needs.
Additionally, the development of crypto-friendly online gaming platforms is being spurred by this need. Along with more conventional payment options like credit cards and e-wallets, more and more well-known firms are beginning to accept Bitcoin as payment.
Lots More to Look Forward To
However, the World Cup is not drawing attention to cryptocurrencies because of sports betting alone. Many prominent bitcoin companies are now sponsors, and this has drawn criticism. Because of the volatility of the bitcoin market in the last several years, this is to be anticipated.
Case in point, one large cryptocurrency exchange recently announced that it would no longer be continuing its nearly $500 million sponsorship of FIFA over five years. Furthermore, Everton fans have asked the club to sever connections with a prominent crypto-gambling firm that has sponsored the team.
While there are undoubtedly still some bumps on the road ahead, it’s heartening to see how far we’ve come. As general awareness of cryptocurrencies increases, even casual sports fans will learn to appreciate their many benefits. Fans may make wagers with ease thanks to our streamlined, safe, and user-friendly system among other benefits.