bitcoin-sports-betting

The Rise of Big League Crypto Sports Betting

Even though there has been a significant slump in the value of cryptocurrencies over the course of the last few months, U.S. sports bettors are slowly but surely coming around to the idea of using digital currencies for betting purposes. As virtual currencies grow more prevalent in daily life, proponents of the change contend that it will be a key tool in keeping bettors away from the offshore market.

Many well-known sports betting organizations have recently started accepting bitcoin deposits into their users’ gaming accounts. An important element of this procedure is played by third-party payment providers.

Lots to Offer

Sports bettors will appreciate cryptocurrency’s numerous advantages over traditional forms of payment. To begin with, it has an exceptionally high level of security making it very tough to crack. It is essential for operators to ensure that this is the case so that your wagers are protected from any kind of manipulation. Bitcoin and other cryptocurrencies are also decentralized, which means they are not governed by a single entity. This makes it almost hard for anybody to take advantage of the system.

Last but not least, using cryptocurrencies is remarkably quick and affordable. It has very cheap costs and allows for almost instantaneous transaction completion. As a result, it’s an ideal choice for individuals who wish to gamble on sports without having to worry about transaction costs.

Dealing With the Concerns

Even though cryptocurrency is still in its infancy, there are already several compelling arguments suggesting that placing bets on sporting events using bitcoin might be the wave of the future. Cryptocurrency has the potential to completely change the online sports betting industry with its speedier transfers, reduced costs, and increased anonymity.

There have, of course, been some concerns. Thankfully, these are being addressed in different ways.

MGM_and_GVC

GVC and MGM Forge $200 Million Joint Venture

MGM Resorts International and GVC Holdings on July 30 announced that they have established a 50/50 joint venture worth a whopping $200 million. The venture will see to the creation of a world-class sports betting and online gaming platform and comes in the wake of the recent United States Supreme Court ruling that created a plethora of new opportunities by lifting the federal ban on sports betting.

Both companies have proven track records and by joining forces, they will be bringing together distinguished brands, market-leading assets, extensive industry expertise, and experience as well as prove and scalable proprietary technology that will certainly revolutionize the gambling industry in the United States. Furthermore, the joint venture is going to be a catalyst of sorts for the speed to market for both MGM and GVC – it will not only occur in a prudent and efficient manner but it will also lower execution risks while at the same time creating meaningful early mover advantages.

“We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the U.S. With MGM Resorts’ expertise and leading position in key markets across the U.S., this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships, and brands. We are excited to benefit from GVC’s proprietary, best-in-class technology, digital customer acquisition expertise, and experience with adapting to new operating environments. GVC is unusually qualified due to their existing operations in the U.S. Together, we are creating a one-of-a-kind platform that we expect will dominate the U.S. sports betting market,” the Chairman and Chief Executive Officer of MGM Resorts International, Jim Murren commented.

GVC, which has grown rapidly through a number of lucrative acquisitions including last year’s purchase of Ladbrokes, has been trying to get its share of the U.S. market. This joint venture with MGM will grant it access to 15 states with close to 90 million people. In addition to this, the MGM and GVC joint venture will get have access to all the land-based and online sports betting facilities in the United States while integrating both MGM’s and GVC’s customer loyalty programs.

“MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity. This combined with GVC’s technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for U.S. players and our respective shareholders. To be able to team up with a partner with such pedigree and knowledge, particularly in the U.S., is a real opportunity for GVC,” Kenneth Alexander, the GVC Chief Executive Officer said.