BetMGM Introduces Cryptocurrencies to eSports Betting
eSports and Cryptocurrency own the title of the world’s most innovative industries. A lot of companies will find a way to merge new technology or technological breakthroughs into one of these industries, and we can certainly see why.
Taking this a step further and acknowledging that Bitcoin and betting make perfect bedfellows, it was only natural that eSport fans would start using other blockchain currencies to place bets online as well. Cryptocurrencies have evolved and have gained popularity thanks to their new mainstream reputation.
The Rise of eSports
The virtual sports world is taking off and gaining momentum as physical sports remain eerily quiet due to the still-present threat of COVID.
eSports have been around a long time: it’s a vast industry that will be worth an estimated $1.8 billion by 2022. There are currently over 600 million people watching and taking part in online sport, making it one of the world’s most popular forms of entertainment.
eSport pro athletes have seen an annual growth rate of more than 40% since 1998; according to Forbes and the Los Angeles Times, eight million people log on every day to participate in these contests. However, for some of us, it’s still an alien concept, a subculture even.
With the growth of eSports happening so rapidly, other industries are having to keep up. One such industry that has managed to work its way into the ever-expanding esports world is Cryptocurrency.
What Is Cryptocurrency?
When explaining digital or virtual currencies, we refer to cryptocurrencies or crypto. These currencies are protected by cryptography, making them nearly impossible to counterfeit or double-spend and mark the beginning of decentralized sports betting.
Several cryptocurrencies base themselves on blockchain technology, a distributed ledger enforced by a network of computers. Because a central authority does not issue cryptocurrencies, they are theoretically impervious to government interference or manipulation.
The Future of Crypto
Unsurprisingly, 40 percent of respondents to a recent survey commissioned by Mastercard said they plan to use crypto in the coming year. Millennials are the most interested in the cryptocurrency market, according to a study of 15,000 people in 18 countries.
Crypto and Sports: Betting
Many sites that offer sports betting accept Cryptocurrency as a form of deposit and payment. The volatile history of the market has its drawbacks, but curiosity to get involved in the blockchain is often too strong to ignore.
Crypto advocates can use the payment system’s transparency and feel comfortable that every transaction is protected and logged to detect fraud and abuse of their systems with minimal effort. Right now, Cryptocurrency may not be steady enough to become standard in the betting world, but once these issues have been sorted, its benefits will likely make it the go-to choice for online betting in the future.
The Future of eSports and Crypto
Coinbase recently made an announcement that they will sponsor the BLAST Premier spring season, an esports tournament for Counter-Strike (CS) Global Offensive (GO) Steam. There has never been a crypto-betting site before, this is not the first time anyone has dabbled in cryptocurrency betting, and it’s unlikely to be the last.
As a result of the sponsorship agreement and working partnership, gaming and eSports will become more familiar with cryptocurrencies due to the integration of player-generated content and digital technology.
BLAST Premier’s “The Economy Play” transmit segment will be the focus of the new branding. Careful spending is a big part of Counter-Strike: Global Offensive.
In “The Economic Play,” analysts discuss and anatomize the economic rounds between crucial matches, meaning that data analysts will closely examine pro gamers’ spending habits for vital clues.
Evil Geniuses is a lifestyle and gaming company, also sponsored by Coinbase. The eSport team posted a picture of the Coinbase trademark on their players’ jerseys on Twitter. Coinbase now has a foot in the eSports world thanks to their partnership with Evil Geniuses.
Some eSports teams, such as OG, are now offering crypto-based tokens to their fans. Chiliz, a cryptocurrency start-up, and its platform, Socios.com, have partnered with OG.
Other teams, such as Natus Vincere, Team Heretics, and Team Alliance from Sweden, have also offered coins on the same platform as Wellspring.
It’s early days for cryptocurrency betting, but blockchain, with its ancillary technologies, has already had a significant impact on many industries. Esports betting will undoubtedly feature in Crypto’s future, thanks to Chiliz and the teams endorsing the use of blockchain technology.
How Do You Get Cryptocurrency?
Through crypto exchanges like Coinbase, Cash App, and others, any investor can purchase bitcoins.
How Does Cryptocurrency Make Money?
Payments can be made securely using cryptographic “tokens,” represented by ledger entries within the system. Mining Bitcoin, or simply selling Bitcoin at a profit, is one-way investors can make money with cryptocurrencies.
Advantages of and Disadvantages of Cryptocurrency
Digital currencies hold promise for making it easier to transfer funds directly between two parties, with no third-party intermediary required (such as banks, payment processors, and other financial institutions). As an alternative, these transfers are protected using public and private keys, along with various incentive systems, such as Proof of Work (PoW) or Proof of Stake 6.
Public keys are used to sign transactions in modern cryptocurrency systems and as a result, users can avoid the high fees banks and other financial institutions charge for wire transfers.
Money laundering and tax evasion are two examples of illegal activities that can benefit from the semi-anonymous nature of cryptocurrency transactions. The anonymity of cryptocurrency users, on the other hand, is often highly valued by those who support it. Some cryptocurrencies have a higher degree of privacy than others.
Since authorities have been able to arrest and prosecute criminals using forensic analysis of the Bitcoin blockchain, it’s a poor choice for illegal online transactions, such as buying drugs.
The future of eSports is in cryptocurrencies. Not only is it far more efficient, but it can also all be done safely online and will bypass some of the issues other forms of payment may incur.