With the most tech savvy Millennials and Gen Z-ers pushing the number of bitcoin users over 300 million on a global basis, it is certain that cryptocurrencies are no more a bubble. They are here to stay and they are here to stay big time.
Millennials and Gen Z-ers are the two core demographics of sports betting products. These two generations actually make up almost 65% of the entire betting customer base. And they are also the two core demographics in bitcoin adoption, which means that they are the age groups which are, typically, the most frequent adopters and users of cryptocurrencies. So, it is not a surprise that the sports betting and the cryptos are overlapping, creating in this way a separate segment, crypto betting, that is growing at a speedy rate.
The crossover of cryptos and sports betting makes you think whether it is the bitcoin that has surged sports gambling or the other way around. Is it that bettors are mainstreaming bitcoin gambling, because they find digital currencies to be much more suitable, safe and effective?
Or, is it that those people that either maintain bitcoin or are generally interested in cryptos, turn to sports betting as a way of transacting and/or gaining more digital currencies?
It is a matter of which came first, the chicken or the egg!
And in fact it could be both, because on the one hand, bettors today are tech-literate and have strong digital capabilities, so that they will naturally turn to digital currencies, blockchain technology and will be the first ones to adopt innovations.
Yet, on the other hand, the innovation-adopters, who had embraced, in the first place, the digital currencies and the crypto-world, are very likely to turn to bitcoin gambling and sports betting.
Bitcoin drives sports betting growth
As bitcoin becomes more widespread among the tech-inclined, digitally skilled, younger generations, it gradually diffuses across their lives, routines, economic transactions, habits and activities. Cryptos are now more than just digital currencies – they are assets and they are treated as such.
The world of online gambling is one of the first industries to have experimented with bitcoin and to have embraced the use of cryptocurrencies for wagering and gambling. So, by deduction online gambling sites have manifested themselves as exemplary platforms for bitcoin transactions and activities.
Thus, the innovation-intensive nature of the online gambling and sports betting industry itself, is working as a customer acquisition model for the bitcoin casinos and cryptogambling sites. The more the industry shows such groundbreaking behaviour the more the digitally and tech-savvy generations will want to become part of it.
Sports betting drives bitcoin growth
Now, it is also that sports gambling affects bitcoin and in fact, this direction is much more explicit than the other way round. Sports betting is growing at phenomenal rates around the world and bettors are continuously trying to find more secure, reliable and speedy ways of transacting with betting sites.
The advent of cryptocurrencies has just been the answer to a problem that does not only reside in the structural forces within the gambling industry, but in the overall relationships between the different agents in the industry. Bitcoin and the accompanying blockchain technology have offered a totally new conceptualization of transactions, which are decentralized, anonymous, secure, immutable and fast as hell.
So, more and more bettors chose to gamble with bitcoin instead of the traditional fiat currencies and as this becomes, also, a more widespread option among online casinos and sports betting sites, there is a growing rate of bitcoin adoption and there is greater demand for cryptos!
Either of the two directions in the relationship between cryptocurrencies and sports gambling is fairly justified. But in the end it doesn’t really matter. One thing is for sure, the two overlap and they create the awesome world of cryptogambling.