With Cryptocurrencies on the Rise, Will Bitedge.com Become the Next Main Platform for Betting on Hockey?

Canadian gambling is experiencing a golden age at the moment. With a rise in the number of gambling platforms and cryptocurrencies correlating throughout the 2020s, both industries are now at a natural junction, both in Canada and on an international scale. The question of whether or not crypto gambling will permeate the Canadian market in the same manner it has in other countries is intriguing, and there are several complexities to consider.

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.

Still, the emergence of ETFs and traditional finance entering the broader cryptocurrency market seems like a watershed moment that will inevitably attract more people to gambling platforms that showcase and champion using digital assets as their primary payment method.

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.

While these cryptocurrencies and projects have different characteristics, they all tap into the advances of blockchain, which is the distinguishing feature helping this part of the industry gain so much traction and is the main basis for the argument that pushes for cryptocurrency to challenge conventional payment facilities.

Mass Adoption

Centralized exchanges like Binance and Coinbase have brought in millions of new customers over the last three years. They provide bridges for those looking to invest in crypto, giving them a taste of how the market works. It also provides a knowledge base for those looking to learn more about crypto and invest in these assets.

Shining a light and allowing people to invest and get to know how it works brings cryptocurrency into the wider public arena, which helps it naturally present itself as an alternative.

Cryptocurrency is now the most popular asset class amongst Gen Z investors, which means that there are millions of people absorbing information about the industry and how investment can act as a springboard for those looking to use their digital assets for other means, of which, gambling is becoming one of the most popular.

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.

While it is rare with traditional casinos and sports betting companies, if a bank wants to freeze your transaction or withdrawal, they can do so immediately, for weeks or months at a time. If a gambler has had the misfortune of experiencing this, the convenience of the blockchain becomes a no-brainer if they have a basic understanding of how cryptocurrency and the blockchain work.

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

Now that we have set the foundation and highlighted why cryptocurrency is on the rise, does it have the potential to become the next significant payment method for those who enjoy betting on hockey?

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.

Over three-quarters of Canadians can now place a bet online. With the sports betting market alone set to surpass $1.5 billion before the end of this decade, hockey in Canada is the number one sports betting industry by a long way. This is a pattern across all nations. The most popular sport is also the most popular sports betting market. It would have to take something close to a miracle for this to change anytime soon in Canada.

Final Say—Our Opinion

Whether crypto will become the primary payment method for betting on hockey is a different question. Canadians use a raft of payment methods to place their wagers, including crypto, and although more Canadians are investing in digital assets, using them to gamble on hockey is another question entirely.

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.