Although the cryptocurrency market is in its relatively early stages of mass adoption (according to some experts), gambling in Canada is much earlier in its timeline than parts of the US or across the pond. So, what type of impact could it have on Canada’s most prominent sports gambling market, and what needs to happen to ensure that cryptocurrency becomes a key player in online gambling? Let’s take a look.
The Changing Attitudes Towards Crypto Gambling
If we rewind the clock to a decade ago, cryptocurrency was on the distant fringes of finance and financial markets. In fact, it’s fair to say that it was ridiculed by those in traditional finance and mocked by those who didn’t understand it.
While the latter might still be true to some extent, the emergence of traditional finance as one of the industry’s biggest cheerleaders has been an unexpected twist. Cryptocurrency casinos and sports betting platforms have emerged and have had an audience since the mid-2010s.
The rise of highly-rated expert review sites like bitedge.com—which has become one of the largest and most trustworthy review sites—is a solid example of the crypto gambling industry’s growth. It also provides insight into the sort of criteria that experts consider market-leading and shines a light on why the industry is turning into a fascinating and promising part of the broader gambling market.
Factors That Help Sell the Idea of Crypto Sports Betting
Gambling with Bitcoin is the most prominent and popular activity in the cryptocurrency gambling market. Still, as the digital asset industry’s figurehead asset, Bitcoin also fuels the potential of altcoins and smaller capped cryptocurrencies—such as Ethereum, Litecoin, and XRP.
Mass Adoption
Blockchain Security
With a publicly viewable ledger and all transactions verified on the blockchain, traditional payment methods are being questioned by a growing number of new online gamblers—some even argue that their financial technology and payment systems will eventually be in danger of becoming outdated and obsolete.
Now, we’re not going to buy into this language just yet, especially with the likes of Apple Pay making colossal advances in fast-growing economies like India. Cryptocurrency gambling providers are still a small section of the industry, and the majority of gamblers in Canada, the US, and Europe all still prefer to use more recognizable digital payment services, such as
- PayPal
- VISA
- Apple Pay
- Google Pay
However, there is an argument that the blockchain is such a revolutionary and secure payment method that, over time, it has the potential to replace one of these traditional payment methods as gamblers’ main choice.
Each transaction is immutable and secured with blockchain encryption, thus, making it just as secure as a traditional bank payment system but with the added benefit of not having to include a third party to handle your transaction. If you gamble using cryptocurrency, it’s a case of connecting your wallet, signing the permission, and depositing your funds directly.
Convenience
Some gamblers believe that cryptocurrency wallets and gambling with digital assets are a more convenient way to play—especially when the requirement for a third-party company to handle or facilitate it is removed.
Again, the blockchain means that all transactions are verified, and if you do have any issues with the payment, you can contact the cryptocurrency casino directly. It is a simple case of your wallet connecting to their main central wallet, so once you’ve sent the transaction hash, they can investigate it straight away.
Responsible Gambling
As cryptocurrency gambling sites alleviate some of the initial sign-up and verification that comes with traditional providers, this doesn’t mean that all elements of your gaming should change—responsible gambling should remain at the foundation of any bet you place, whether it’s hockey, other sports, or casino gaming.
Ensure you set time and deposit limits before you play and, most importantly, stick to them. If you start viewing gambling as an income source, or you’re spending money on gambling you can’t afford to lose, seek help from problem gambling charities and specialists who will provide support you with how to stop it completely.
If you or somebody close to you is exhibiting these behaviours, or you notice negative changes in their attitude and close relationships, this can also be a telltale sign that they’re having an issue with betting, but there is help out there.
Betting On Hockey—Exploring the Canadian Landscape
Well, there’s probably no better market in the world to use as an example. Canadians live and breathe hockey, whether you’re an Oilers fan or a diehard Maple Leafs ultra. The new gambling climate, coupled with the rise of cryptocurrency betting, has meant that it’ll act as a great information source to see how likely this is.
Final Say—Our Opinion
If there is a significant change, it’ll likely be a slow burner. Cryptocurrency suffers from significant fluctuations, so unlike the Canadian dollar, gamblers won’t see the price of their asset go up and down by 25/30% in a few hours, which can sometimes happen with cryptocurrency.
Regarding cryptocurrency gambling—and we’re talking both sports betting and casino gaming here—the elephant in the room will be cryptocurrency legislation implemented across the US and Canada. If this legislation passes and becomes ratified, it will increase the chances of cryptocurrency becoming the main payment method.
However, it will also take growing mass adoption and education for people to warm to the idea en masse, so there are a few moving variables to consider. If cryptocurrency does become the main payment method for betting on hockey, it won’t be a straight A to B pathway, and there’ll be many bumps in the road and legislative formalities to consider.
Stranger things have happened, and who knows whether—a couple of decades from now if cryptocurrency is established, regulated, and permeating all levels of society and the economy—sports betting will be one of the biggest benefactors. Only time will tell.