Restrictions on Gambling and crypto sports betting industries vary by countries. Wherever it is illegal – fiat deposits and withdrawals do not simply work.
Because gambling businesses and gamblers have to rely on central banks to facilitate deposit and withdrawal of monies – it is a guarantee that you will not be able to take part in online gambling if your jurisdiction restricts it.
Now imagine a world where you do not have to rely on middlemen to facilitate the movement of monies.
Cryptocurrency’s biggest edge comes from being globally accessible, circumventing the need for banks or middlemen and protecting anonymity.
Combined, these features are perfect ammunition for the gambling and crypto sports betting industry to expand globally.
The biggest hurdle to placing the bet
Online gambling is popular but it has not achieved its potential because of the restrictions under which these businesses have to operate. Even if someone manages to play the game and win big, he/she will not be able to withdraw the funds due to the restrictions imposed by the jurisdiction of the player.
While online gambling and sports betting can reach all over the world – it cannot onboard customers from everywhere.
This seriously restricts the true potential of online gambling and crypto sports betting.
Why restrict American Football bets to America – why not extend them to Asia?
Sports betting waiting to be unleashed
The United Kingdom has one of the more matured gambling regulations where most forms of gambling are legalized. The United States is tip toeing its way to make sports betting legal across the Nation, although its not quite there yet.
Combined, these two countries do not even account for 1/16th of the world’s population. India, where Cricket is a religion more than it is a sport has 1.3 billion people. Imagine making sports betting available to people watching Cricket or Soccer, that itself can turbo charge this industry.
When the middlemen are taken out, people can participate anonymously and settle the bets instantly without any red tape – the face of online betting will change forever.
Cryptocurrencies allow for people across the globe onto a platform where they can place bets without revealing their identities or requiring middlemen or waiting for their deposits or withdrawals to clear. This opens up doors to a massive untapped market. One that has been waiting for such a solution.
We are not there yet, but not for long
In order to bet using Crypto, you need to first acquire crypto. Coinbase continues to be the market leader for onboarding non-coiners into the crypto world in the United States. You will have to wait for about a week or more for your crypto to become available for you to withdraw and/or transfer.
However, there are many up and coming projects that are working to change this scenario. In the near future, you will be able to buy and withdraw crypto instantly.
At that point, crypto gambling will see even more patrons.
The setting threshold could be the middle ground
If you go to Vegas and win up to a certain threshold – you can withdraw the money from the ATMs within the casinos. You do not have to reveal your identity or provide any documentation. When it is legal in the physical world – why can’t it be made legal in the virtual world?
Even as small a threshold as $500 anonymous withdrawals can open wide customer base across the world. Any winnings over this threshold can be subjected to KYC and AMC regulations.
The dark side of gambling
We are only pointing the path of possibilities here. We do not condone gambling. Gambling is an addiction and should be treated as such.
In a near distant future where Governments across the globe embrace the cryptocurrencies revolution and pave ways to enable a more globally diverse market place, we might see an explosion in the universal businesses like online gambling and sports betting. However, this will require individuals assuming greater responsibility.
Freedom assumes responsibility.
Casino games, sports, political battle outcomes, there is nothing that cannot be brought onto the betting platform.
Question is – how long before we see cryptos mainstream adoption in the gambling and sports betting industries.
What do you think?
Thank you for reading this article.
Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.
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About the author
RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.
RK Reddy is an ardent fan of Blockchain and Cryptocurrencies. You can see the excitement about this new technology in every article on Cryptotapas.com. Sometimes this excitement leads to an overly optimistic view. Guilty as charged. RK Reddy says “what may seem like an ‘overly optimistic expectation’ today may become an everyday norm in 5-10 years; look at the history of cars or airplanes, Blockchain and Cryptocurrencies belong to a similar frame of reference.” Of course, that is just his opinion.