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The Rise of Bitcoin in Sport Betting

The Rise of Bitcoin in Sport Betting

The world of sports betting has changed dramatically since the Premier League was formed in 1992. Whilst High Street betting shops and kiosks in stadiums still exist, the explosion in popularity of the Internet has seen traditional betting forms replaced with smartphones and digital payments.

While many online bookmakers allow fans to place bets with Visa, MasterCard and PayPal, many new players are now starting to use Bitcoin to place their bets on websites such as https://kingcasinobonus.co.uk/bitcoin-casinos/.

The UK gaming industry has exploded with several major players reporting record profits in recent years. This has been the catalyst for takeover activity with Canadian company The Stars Group Inc (owner of PokerStars) paying £2.5bn for Sky Bet in 2018. Indeed Denise Coates, the head of Stoke-on-Trent based bet365 was recently confirmed as being the UK’s largest single taxpayer, coughing up a cool £276m to the treasury.

As payments evolve, so do bookmakers with some now offering cryptocurrencies such as Bitcoin as a way to pay. This follows the start of a huge push to get a wider adoption of the technology by the general public

Premier League side Watford have added the famous red Bitcoin logo as their sleeve sponsor and are offering fans a number of exclusive benefits and competitions to push the cryptocurrency further. They also offered fans the opportunity to add the logo to their shirts for free (which most clubs usually charge for).

Fellow Premier League sides Wolves and Newcastle United have also brokered cryptocurrency deals with CoinDeal and StormGain. Whilst DX Exchange have recently started perimeter advertising at Barcelona’s Camp Nou stadium - the largest football ground in Europe.

But the club who is embracing the new payment method the most has to be Portuguese giants Benfica. The 37 time Primiera League champions announced last year that it would be supporting 3 types of crypto payments in its online store.

Whilst Benfica might be the only big football club to accept Bitcoin, its penetration into the UK gaming industry has been much quicker. A number of large casino and gambling sites already accept Bitcoin payments for both deposits and withdrawals, including: William Hill, bet365, Bet Victor and 888 Casino.

What does the future hold for Bitcoin and the gaming industry? A large number of Premier League and Championship clubs have a front of shirt sponsorship deals with betting and gambling companies. With Bitcoin becoming more known and popular amongst the general public, and some clubs already embracing it, it stands to reason that we could soon see a top UK club’s shirt with a Bitcoin logo on the front.



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