The ongoing coronavirus pandemic has hit every sector of the global economy. With lockdowns effective in most developed nations, there has been a surge in unemployment, a drastic fall in economic activity and revenue across the board, and an inevitable slump in GDP in most major nations, while the prospects of a second wave of the coronavirus this autumn suggest that the economic landscape may become even more difficult over the next few months.
While no sector has been able to escape the virus, the betting industry has been particularly badly hit, most obviously with the disruption to most major sport disciplines. The multi-billion-dollar sports betting sector had been growing rapidly in the US since a Supreme Court ruling of May 2018, which legalized sports betting. But this was hit almost overnight with the cancellation of most major sports leagues, and at the time of writing, the MLB, NBA and NHL all remain suspended.
Although some sports betting companies around the world have been able to offset their losses through online casino betting, there has also been an increased focus by regulatory bodies to ensure that operators are not seen to be taking advantage of a ‘captive audience’ by heavily promoting their online casino services to their customer base, a majority of whom have been in lockdown.
But there is good news on the horizon. The underlying conditions for online betting remain strong, particularly in the US, and the market may get a boost from a new form of online betting operator powered by Bitcoin. There is a growing number of Bitcoin betting operators online and you can click here for more info on the range of sites offering Bitcoin betting opportunities. This blossoming sector of the gambling industry has the potential to be a major part of online betting in the future.
Positive outlook for Bitcoin
We all know about Bitcoin and the wider cryptocurrency boom a few months ago, which caught the attention of investors. But although the rapid rise and fall of the price of Bitcoin may have led to some skepticism on the part of investors and entrepreneurs, the underlying strengths of Bitcoin remain, and it is these, combined with certain regulatory advantages, that could help the Bitcoin casino to lead the way in the betting sector.
Many of the world’s leading gambling regulators, such as the UKGC in the UK and the MGA in Malta, make it hard for Bitcoin betting sites to earn a license, through insisting on a level of transparency that may be relevant to traditional betting operators but which goes against the ethos of cryptocurrencies, which are decentralized and anonymous by their very nature.
This means that Bitcoin betting sites tend to be licensed by more flexible jurisdictions, such as Curacao, which provide a less restrictive regulatory framework, enabling such operators to be more innovative. This can involve offering more imaginative bonuses, a greater range of betting markets and more customer-friendly features than traditional betting companies. The lower costs associated with operating elaborate payment systems of the type that you find with regular online betting operators will also enable Bitcoin sites to offer a better deal.
Bitcoin’s appeal to online bettors
Bitcoin is also more appealing to the younger betting customer, who is used to being able to make payments and other transactions in a variety of digital currencies. Whereas traditional betting operators provide payment methods that can involve a delay of hours or even days in making deposits or withdrawals, such transactions at a Bitcoin betting site are usually instantaneous and straight to your choice of wallet, which is particularly appealing to those who are used to a fast-moving online world.
The relative anonymity of Bitcoin is also increasingly appealing to online betting customers. When using a Bitcoin sports betting or online casino site, there is no need to hand over important personal data such as credit card details, or involve yourself in long-winded identity verification procedures of the type that traditional operators are forced to implement.
Anonymity, speed and the fact that cryptocurrency potentially represents the future of banking are all factors driving the rise of Bitcoin betting sites. As the sports betting sector continues to grow, we can expect Bitcoin betting operators to be at the forefront of this thriving industry.