When will the betting industry embrace cryptocurrencies?
July 3, 2018
In the last year, the furor surrounding cryptocurrencies has been deafening. Bitcoin this, Ethereum that and even more besides. But despite various industries clambering to take a seat at the digital currency table, there’s one industry that is lagging far behind; so far that it’s in danger of being lapped. That’s right, the betting industry is seemingly one of the last top finance-based industries that have yet to embrace cryptocurrencies. So, today, we ask the question when will they do so?
Many experts in the industry are quick to say that digital currency and blockchain technology are a phase that we will pass through. However, regardless of this assertion, the fact remains that the public wants to use digital currencies whenever possible. In fact, it’s already gotten to the point where governments are getting in on the act. So, why not the gambling industry?
Could it be that betting providers are scared of the volatile nature of these currencies? If that’s the case, then they have realized by now that these currencies are set to plateau and stabilize themselves over the coming months and years as they become more widely accepted.
The fact of the matter is that cryptocurrency and betting is a match made in heaven. The speed and ease of each transaction make it ideal for last-minute bets and more importantly, fast payouts. And the security aspect makes it impossible to ignore as a viable payment option. It is now a well-known fact that cryptocurrencies kept safely in a secure cryptocurrency wallet are impossible to hack given that they are only online for the moment it takes you to complete your transaction. It makes it all the more perplexing and equally frustrating that none of the top betting providers have decided as of yet to accept digital currencies.
But cryptocurrency in the world of gambling is no new thing. Last year, a poker start-up named CoinPoker launched a revolutionary online poker platform, which allows users to fund their games with cryptocurrency rather than through traditional means. The success of this start-up should make it crystal clear to gambling providers that this is what the people want: a safe and secure way to bet that doesn’t involve real-world cash or the need to divulge financial information.
So far, some providers will accept payments from processors who themselves accept Bitcoin and its counterparts, but this indirect form of acceptance is nowhere near enough. Punters want to choose for themselves, and the sooner they can do so the better. There’s also a possibility that should CoinPoker continue its upward trajectory, the industry will take note and give punters what they want.
The possibility of digital currencies being accepted at the racetrack or even the betting shop is still a long way off. In fairness, there aren’t that many coffee shops accepting crypto for a latte, so that’s understandable. However, there’s no excuse for the refusal to embrace this change in their online platforms. The argument that it’s merely a phase is quite weak given that it’s been a year and more since the world started to pay close attention to digital currencies. So, when will we see the betting industry embrace this exciting development in the world of online finance? We’re not sure, but for many of us, it can’t come quick enough.