Cryptocurrency Helps to Recover Sports Betting Amidst the COVID-19

During the Covid-19 pandemic where congregating is a very big risk to our health, cryptocurrency has become a godsend to gamblers because it provides the unmatched social distancing required in the fight against coronavirus.

The global value of the sports sector is projected to be at US$756 billion per year. But during the pandemic, a lot has happened in the betting and sports arena. Most of the games were cancelled, matches were suspended, gyms, dance and fitness studios,  stadiums, parks, physiotherapy centers, pools and playgrounds were closed.

The International Federation of Association Football (FIFA) in collaboration with the World Health Organization (WHO) started a campaign dubbed "Pass the message to kick out Covid-19" aimed at calling for people to observe preventive measures to stop coronavirus. All these efforts limited a lot of people from participating in their regular sporting and betting activities.

In the face of the pandemic, millions of jobs worldwide are at a risk for both the sports professionals and sporting services sectors linked to leagues and events such as betting platforms.

Cryptoization of sports betting

As the globe starts to recover from the pandemic, sports have begun to kick-off and betting on such sports are seen to be gaining momentum also. For instance, the Super Bowl bets in New Jersey have increased to $117.4 million which is over +115% gain from 2020, according to the data from Atlantic City casinos and horse tracks. New Jersey's data also show an increase in the betting app. The sports betting mobile apps from online betting operators increased from 19 to 21 in number.

The good news is that these wagers are being transacted using cryptocurrencies with the help of sports betting mobile apps that support cryptocurrency such as Bovada NFL Betting section (allows Bitcoin), Nitrogen crypto wagering app (accepts Bitcoin), SportsBet, BetOnline iPhone and Android app (was one of the first online betting sites to allow cryptoasset), CloudBet sports betting app, and many others. 

Some of the best cryptocurrency betting sites include MyBookie, BetUS, BetNow, Bovada, and BetOnline. Most of them accept cryptocurrencies including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Dash.

There are several pros of using cryptocurrency when depositing on online gambling sites and these include little to no fees (cheap), the speed on which you can deposit or with is high, near-anonymity (bets made using crypto are 100% anonymous), and reduced volatility.

The USA has recognized sports betting combined with the growth in popularity of cryptocurrency, so it is now very easy to conclude that sports betting, and digital currency are significantly becoming mainstream.