Just earlier in the month, this website launched a piece about the potential growth of gaming ICOs in 2019. Citing plenty of available data, the piece made the case that while growth is by no means automatic, there are some indicators that gaming-related ICOs and cryptocurrencies could have a strong performance in the year to come. It’s a particularly interesting notion given the overall picture of the cryptocurrency market right now, which depicts a great deal of struggle.
Along similar lines, one other type of cryptocurrency to keep an eye on in the coming year is those related to the betting industry. There is not nearly as much data regarding this sector as there is for gaming, but there is a reason to believe the betting industry will be generating substantially more revenue in 2019 and moving forward, and it already has loose ties to some minor cryptocurrencies.
The reason for expecting a boost in betting-related revenue is that the industry has been welcomed by the United States at long last. It’s true that there are already plenty of Americans who bet illegally, but as of this year, it is allowed for states to pass legislation officially legalizing the activity. This, in turn, will lead to bookmakers setting up shops in the states that will have them, and opening themselves to millions of new customers around the U.S.
On the surface, and for the most part, this will have very little to do with the crypto market. The majority of bookmakers do not use digital currencies, and a host of sites already available in Canada – a similar selection to some of the top options in the UK, in fact – will likely be among the first to establish business in the U.S. That means that the early bookmaking companies in America will be established, rather than brand new, and will likely continue to operate as usual. That means with real money and traditional payment processors.
At the same time, however, some smaller betting sites, as well as casino gaming services for that matter, have started to accept cryptocurrencies. Just this year an article was written about the rise of gambling ICOs, stating plainly that thanks to the rise of blockchain technologies, the idea of provably fair gambling is finally taking off. It’s not a major logical leap to suggest that the blockchain is, in fact, perfect for ensuring fairness with online betting, and it stands to reason this is something new customers, in particular, will care greatly about.
This is not a prediction that the emerging American betting market will be entirely swept up in related ICOs. However, if even a small portion of the bookmakers decide to go this route, we could absolutely see this category growing more robust in the coming year or two.
About the Author
Jason Hummel is an avid tech enthusiast and blogger. In particular, Jason is interested in emerging technologies, and their impact on our day to day lives.
Disclaimer: This article should not be used as an investment or financial trading advice and reflects the personal views of the author. Please conduct careful due diligence before investing in any digital asset. The views, opinions, and positions expressed within guest posts are those of the author and do not represent those of Tokens24. The accuracy, completeness, and validity of any statements made within this article are not guaranteed. Tokens 24 accepts no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.