The next weeks may bring more changes to the betting industry, as Qatar hosts the world’s largest sports betting event. Much like the Super Bowl or the Wimbledon final, the World Cup is one of those exceptional sporting events that manages to capture the interest of nearly everyone in the world.
It should come as no surprise that it is also a very big deal from the point of view of the global sports betting sector. Consider the staggering total of $133.7 billion that was gambled on the 2018 World Cup, which was held in Russia.
The World Cup finals brought in roughly $8.2 billion in wagers, compared to around $6 billion for the most recent Super Bowl. Bets on Qatar 2022 are expected to exceed those placed on Russia 2018 by a significant margin, according to industry analysts.
In 2018, a very tiny subset of the betting industry was focused on the World Cup using cryptocurrency. Additionally, most of the people there were early adopters and crypto industry experts.
In only the last four years, that subset of the betting sector has seen immeasurable transformation. More and more people who wager on sports and play casino games are opting to do it using cryptocurrency.
Online gaming platforms are also evolving to meet this need. Today, Bitcoin is accepted as a form of payment by a growing number of recognizable brands, alongside traditional payment methods like credit cards and e-wallets.
More Than Betting
Bookmakers are not the only ones keeping crypto in the news during the World Cup, though. Many prominent cryptocurrency companies are now sponsors, a development not without controversy. This is to be anticipated, particularly when taking into account the fact that the cryptocurrency industry has experienced its fair share of highs and lows in recent times.
One prominent cryptocurrency exchange, for instance, officially backed out of a five-year, almost $500 million sponsorship arrangement with FIFA. Additionally, Everton supporters have demanded that the club cut ties with a major crypto-gambling provider that has been a sponsor of the team.
Naturally, there are still many kinks to work out, but it’s encouraging to see how far we have come. Regular sports fans will certainly come to realize the various advantages of cryptocurrencies as the public’s familiarity with them grows. This simplified, secure, and user-friendly system allows fans to place bets and collect their winnings in a flash. And that is just the beginning.