The world is constantly changing and it has been imperative that people around the world adapt to the way with the advancement of technology and how business is now conducted. One example is the sports betting industry has become one of the leaders in adopting blockchain technology for consumers to fund and receive payment. So, while checking over all the latest NFL point spreads, you should not have to also be worrying about your payments coming in. Let’s take a look at the latest!
As society has dealt with the global pandemic, inflation has been the main concern for the economy. The Consumer Price Index rose to 6.2 percent in October 2021 which was noted as the largest rise since 1990. Inflation has devalued the U.S. dollar, while cryptocurrencies like Bitcoin have soared in value. The reason is the supply of Bitcoin decreases every four years, which drives up the demand for this digital currency.
The sports betting and gambling industry is composed of a few companies that have established a monopoly in both online and in-person markets. As numerous sportsbooks enter new markets across the United States, these companies need to abide by the rules and regulations and the restrictions depending on the state’s law.
With the heavy restrictions, some offshore sportsbooks have taken advantage of the market by incorporating blockchain technology to conduct business. These companies can operate without abiding by U.S. law as these online providers are situated outside of the country and they do not have to worry about geofencing.
These offshore sites will allow its users to connect crypto wallets in a matter of minutes to place a wager on an array of different sports. The NFL is the most heavily wagered sport in the country. With several states’ lawmakers taking recess and planning to adjourn in 2022, there are still a lot of sports bettors who still can’t place a wager through reputable sportsbooks.
Offshores Involved
Many of these offshore sportsbooks offer promotions and other bonuses if bettors deposit with cryptocurrencies. With the final sports betting quarter of 2021 is coming to an end, NFL sports betting has posted record numbers. Betting with crypto works the same way as bettors can place a wager with different cryptocurrencies.
For example, betting on NFL point spreads works the same way. A bettor can just put how much cryptocurrency one wants to wager on a game just like dollars on a bet slip. When bettors win their bets, they can either leave it on the site, cashout out right away with an array of different methods, or send it their crypto wallets that are supported by the site.
If the winnings are sent to the wallet, it will be treated as an investment as the prices of cryptocurrencies fluctuate like stocks. Blockchain technology also ensures high-level security for the people using their products so that their personal information or account doesn’t get hacked or stolen.