The introduction of cryptocurrencies has changed sports betting in many ways. The two work great together as the features that come with using crypto to bet make sports betting faster, safer, and fairer. Crypto has also brought a social aspect to sports betting that changed the game and made it more communal.

Using crypto to make bets on sports events is available at all times and to people all over the world. Most sports betting sites also have live scores and change the odds as the game develops in real-time. It makes it appear and often feel as if everyone betting is watching the game together.

Wider Availability

Cryptocurrencies are available worldwide and can be used even in countries that otherwise forbid gambling. That way, the pool of potential players is getting bigger, and anyone with access to the internet can make bets.

Most sports betting sites started with just a few of the largest cryptocurrencies, and now they accept over a dozen different coins. For instance, Tether is a popular coin for sports betting, as it’s a stablecoin whose value is tied to the US dollar.

New Sports and Leagues

With sports betting being available worldwide, what sports events and matches are available also changes. Sports that were once mostly popular in certain regions of the world are now brought center stage, and players can bet on them regardless of where they are.

Niche sports that had a small base of fans have experienced the same thing, and a globally dedicated base of players is now interested in them. The best examples are the popularity of American sports in Asia and the emergence of new sports, such as professional tag and skateboarding.

The introduction of eSports

eSports have exploded in the last couple of years, even though they’ve been available to bet on for much longer than that. eSports are computer and console games that are played competitively and that players can bet on in the same way they would on actual sports. It has led to the creation of competitive teams, and in general, it has improved and grown the industry.

A good thing about betting on eSports from the perspective of players who bet using crypto is that the results are available much faster and much easier to predict than with traditional sports.

Live Events

Live betting on events as they unfold is now the standard for sports betting. The players can place bets on a sports event anytime, while the result changes in real time. The odds change based on the results and often based on the actions of players as they unfold.

This has also helped connect the fans and the players, as the experience of the game becomes communal and changes in the same way for everyone following the game. It has also created a venue for experienced betters to take advantage of the odds and make a wager at the right time.

 Live and Fair Odds

As the odds change in real-time and the players are based all over the world, it’s becoming increasingly important for the players to make sure the odds are fair. This is where the use of blockchain cryptocurrencies comes into play.

With smart contracts based on blockchain, the odds are written into the code itself; therefore, as soon as the terms of the wager are met, the player gets paid. It proves that sports betting sites keep their reputation because players can’t simply visit them to complain about an issue.

Microtransfers and Additional Bets

Cryptocurrencies allow for small and instantaneous transactions from anywhere in the world. This has expanded the offer most sports betting sites are providing and created a chance to place additional smaller bets alongside the main bet.These are based on smart contracts and are executed automatically as soon as the terms are met.

Many sports betting sites are very creative with their offers, and the players can bet on scores, when a point will be scored, who will score it, if a player gets injured, and countless other potential events. There’s also a social aspect to it, as many sports betting sites allow the users to add potential events to bet on if they are not already available.

Sharing your Bets

Most sports betting sites are now adding a social aspect to their offer, as they allow users to share their bets with other players. The players don’t need to share their wagered amounts, just their chosen outcomes.

Communities quickly form around players who tend to win a lot or very often. Other players often copy their bets or base their bets on their choices. Some sports betting sites also provide bonuses for these players as they drive engagement.

Connecting the Sports Betting Sites With Social Media

Some sports betting sites also connect their player’s profiles with social media. This allows the players to share their bets and wins and connect with others betting on the same events. It’s easy enough to do so without having to share the amounts or the winnings.

It’s important to note that this is an option, not a requirement. There are players who don’t like sharing these activities online, and it’s possible to opt out of the social side of things. As a general rule, younger players are more in tune with using social media in this manner.

Anonymity Online

One of the most important features that comes with the use of cryptocurrencies to bet on sports online is that it can be done anonymously. All of the social features are useful and loved by many players. At the same time, the payments themselves are kept safe and are available without providing any personal information.

All that the player needs to provide is their email. When using traditional fiat currency in order to make transfers, players had to share their real name and bank account. Cryptocurrencies have made sports betting safer alongside all the social features.

Institutions Getting Involved

As the sports betting communities have gotten bigger and wealthier, institutions have also taken note. Many teams and leagues provide unique features for players who bet in crypto. They can use cryptocurrencies to buy memorabilia, tickets, special events access, and other products not available to the general public.

Some teams have even gotten so far that they allow the players to buy stakes in the team itself and become community-owned in the long run. This is mostly the case with smaller teams, but where the trends are going is interesting.

To Sum Up

Cryptocurrencies are widely used in sports betting. There are many benefits of using cryptocurrencies to bet on sports. It’s safer and faster, and it provides numerous additional betting options. It also allows for making sports betting more communal and social.

The players can follow how other players are betting and copy their bets. They can also share their bets within the sports betting apps or social media. Players can participate and become members of these communities regardless of where they are. It also opens up the possibility to bet on many different sports, which were otherwise a niche interest.