By financen | August 20, 2018 - 6:22 pm - Posted in Crypto Currencies, Crypto Trading, Cryptocurrency

Trading cryptocurrency is one of the more uncertain financial prospects in 2018. Bitcoin and its numerous alternatives are very difficult to project, and while you can take steps like learning where to look for news, following knowledgeable people, etc., the crypto market is to some extent inherently unknowable. One interesting development that’s come about in 2018 however, even if it doesn’t have a direct impact on cryptocurrency prices, is the move toward legal sports betting in the United States.

Following the latest news on gambling-related activity in the U.S., you can constantly see new stories about different states pushing legislation to legalize betting. While it’s still only allowed in a few states as of now, the Supreme Court paved the way for more to follow suit, and as many as 10 or 15 states could have legal sports betting in short time. Other states may take longer, but there will almost undoubtedly be a domino effect here, particularly if betting proves to be a steady stream of revenue for the states that do have it. Others will want to follow suit.

Rest assured, this budding industry won’t be limited just to sports either. If it’s anything like overseas betting, it will quickly grow to include speculation on various other events: reality television outcomes, award show winners, and perhaps politics most of all. There is actually already a popular platform that can be used in America and allows people to partake in a “stock market for politics,” effectively buying shares in different outcomes. And around the world, politics have become entertainment and political speculation is a popular betting activity. All of this will likely be roped into whatever form the U.S. betting business ultimately takes.

So what does this have to do with cryptocurrency? Once you get a feel for how big the industry could get, and how quickly we might reach that point, you can start to get a feel for its financial potential. And then, when you consider that cryptocurrency could well become an acceptable form of money for deposit and withdrawal at betting sites, you can come to recognize this as one of the bigger opportunities that remains for short-term, widespread crypto adoption.

As of now, bitcoin and other cryptocurrencies actually aren’t very big in the betting business. They have, however, started to catch on in the closely related casino business, where a lot of different game sites are now handling bitcoin and some of its contemporaries. The appeal is clear. When playing at sites like these, gamers prefer to give out as little personal information as possible, and like the idea that the real money they’re depositing and (hopefully) winning is being transferred in a secure manner. Since cryptocurrency is largely meant to assure anonymity and security, it’s a natural fit.

The idea remains speculative for the time being. But with sports betting heading for a meteoric rise in a soon-to-be massive U.S. market, and with crypto being such a clear fit for the activity, the potential is there for a perfect match.

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This entry was posted on Monday, August 20th, 2018 at 6:22 pm and is filed under Crypto Currencies, Crypto Trading, Cryptocurrency. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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