Sports and crypto: Is there a connection?
Sports and cryptocurrencies seem like two oil and water concepts at first glance. But when you dig below the surface, it's clear that the cryptocurrency industry can provide significant value to sports fans, players, and owners. This article will review what makes Bitcoin and other crypto coins so prevalent in sports nowadays and how blockchain technology can dramatically impact the sports industry.
The connection between sports players and crypto
It's a well-known fact that professional sportspeople make a lot of money via lucrative sponsorships and big contracts, but they go bankrupt soon after they retire. One reason might be the silly things they buy. However, we should not forget how agents and financial advisors make a lot of money on their backs, often leaving them with no money /a typical example of such a toxic relationship - Mike Tyson and Don King/.
But what does the cryptocurrency market offer athletes that no human being can match?
More money for themselves - bitcoin and other crypto coins could give athletes more control over their money by cutting intermediaries. With the ability to enter into personalized contracts, athletes can secure better terms than what traditional legacy financing services offer. With no middleman fees, athletes can get more bang for their buck.
A great investment tool for the future - we already talked about how cryptocurrencies offer athletes a chance to save some of their savings by cutting the middleman. But Bitcoin and the other altcoins might actually not only save sportspeople money, but they could be a great investment option in the future, as this is an industry making progress every day.
Security of their assets - though athletes often make a lot of money, they still experience issues regarding their finances. It's quite common for star players to run into problems with scammers and fraudulent businesses. With the help of Bitcoin, athletes can secure their financial information in a way that prevents identity theft and other financial crimes.
How does crypto help sports clubs?
With a number of professional sports teams adopting bitcoin as a payment method, it seems that the cryptocurrency is well on its way to making paper money a thing of the past. As the COVID-19 pandemic has shown, paper money is anything but safe from infection — and as long as people are using cash to buy tickets, they will be at risk.
On top of that, Bitcoin price can help increase profits, and it creates a better experience for fans and athletes — and that's what really matters.
Companies sponsor players, teams, and even entire leagues to support their brand. The cryptocurrency brand eToro, for example, sponsors Premier League sides Arsenal, Aston Villa, Crystal Palace, Leeds United, Southampton, and Newcastle United.
Crypto and sportsbetting
When placing bets on sports with Bitcoin, speed is a factor. Once a person places the bet on a sportsbook site with their cryptocurrency wallet, it's much faster to deposit money into the betting account than it is with traditional payment methods. Moreover, money can be withdrawn from the betting site quickly too. This way, the customer doesn't have to store a hefty sum in their account to ensure they won't miss an opportunity.
Benefits from Bitcoin sports betting:
Speed - we already discussed the benefits of fast transactions. Bitcoin transactions are shorter than traditional ones. However, if you buy Bitcoin cash with Paybis, you can transfer money even faster. People in Australia can also buy Bitcoin very easily with a simple click here.
High Limits - if you want to have higher limits, Bitcoin betting houses offer you a lot more options to make bigger bets or withdraw considerable amounts of money.
Cheaper fees - for players trying to deposit or withdraw funds on a regular basis, the verification process can be a headache. Not only do they have to wait several days for their transaction to be confirmed on cryptocurrency exchanges, but they also pay high fees. That is especially true if you want to deposit or withdraw higher amounts of money, as many processors include a fixed fee, along with a percentage of the sum.
Price volatility doesn't matter - because a Bitcoin deposit is converted into US dollars (or another fiat currency) at the sportsbook, you're less exposed to the volatility of the cryptocurrency. In this case, all you have to do is predict the outcomes of the games you bet on and withdraw your money after winning.
Summary
Bitcoin is increasingly becoming widespread, and it's poised to change the world. Bitcoin will play a role in the future of sports — over the following years, we'll see more clubs accepting Bitcoin as payment for merchandise, more players receiving their salaries in Bitcoin, and more big-name sponsors entering the crypto game.
