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How Blockchain is slowly dominating the sports betting market
Since time immemorial, gambling has been part of India. Gambling has only become more popular in recent years. Although online casinos have seen a rise in India over the past few years, the ones offshore, like Lottoland Asia, have been a popular choice for Indian players.
In this article, we will learn how the blockchain technology is affecting the sports betting market. We will also go through the reasons behind the popularity of online casinos in India.
In the coming months, Blockchain in sports betting will be more present
Sports Betting is a popular industry in many countries. This is why the industry’s growth has been so natural over the past few years. This industry boom was fuelled by the legalization of Sports betting within the United States. This growth does include not only the increase in the number of people involved in Sports Betting but also the wide range of new methods for making sports bets. Blockchain technology is already a part of the Sports Betting Industry. It is poised to revolutionize or even evolve, it. Blockchain technology offers more than just a safe financial future. This article will explain blockchain Sports Betting and how it is slowly taking over sports gambling.
In recent years, the global financial market has been experiencing smart functions of blockchain technology. The highly volatile cryptocurrency market has seen a rise in the popularity of popular cryptos like Bitcoin, Ethereum, and Dogecoin.
The sports industry is booming with both cryptocurrency and blockchain sports betting. In 2022, we witnessed the start of multiple Bitcoin-based sportsbooks and blockchain-based sports betting websites. The sportsbook platform is gradually being enhanced by cryptocurrencies. In addition, the digital gambling industry is growing with the help of blockchain technology and cryptocurrencies such as Bitcoin casinos. Sports betting has seen an increase in the use of cryptos to protect players and gamblers.
Combining sports betting and Blockchain has made it possible to operate online sportsbooks efficiently and effectively. It provides players around the globe with new secure sports betting options without having to deal with any legal issues. In addition, blockchain technology and cryptocurrencies can be used to eliminate the need for a third-party agent. As a result, multiple sports betting sites have increased their revenues and offered incentives to their players by not allowing any third-party interference in the process.
This has attracted many players to the online gambling market in recent years. Because of the removal of transaction limits, withdrawal maximums, and deposit amounts restrictions, blockchain sports betting is more appealing than ever. It also allows for faster transactions across the globe. As a result, blockchain technology has opened up a world of possibilities for sports betting, trading, and retail punters.
Why online casinos are popular in India?
The rapid growth of Indian online casinos is due to many factors. These are just a few of the many reasons.
Mobile games are becoming more popular
Casino games have become increasingly popular due to their entertaining and mobile-friendly features. Everyone, from children to seniors, loves to play on their mobile devices. New technology allows mobile users to experience online casino gaming.
Online casinos offer higher bonuses than land-based casinos. These bonuses not only provide the same experience as betting at a brick and motor casino but also offer amazing bonuses. Online casinos offer welcome bonuses of up to 1 Lakh rupees as well as weekly prizes.
Flexibility in time
Online casinos allow you to place bets from any location and at any hour of the day. Of course, you can only place a wager at the land-based casino on a specific day and time. But with online casinos, you can bet from the comfort of your home.
Flexibility in payment
There are many options to place your bets with increased payment methods, such as UPI, net banking and bank to bank transfers, digital wallets, and cryptocurrencies. Furthermore, online casinos offer a wider range of payment options than land-based casinos.
Internet access is easy.
All Indians have easy access to the internet. Moreover, thanks to telecom companies offering reasonable prices, mobile data can now be easily accessed by people worldwide.
India’s Gambling Industry will Grow by 41% in 2024
The whole gambling industry is growing in India, not just the sports betting market. Despite these setbacks, online casinos are becoming increasingly popular with Indian players. Around 80% of local residents admit that they gamble at least once a year. Statista, a market research portal, reports that the country had more than 260 million online gambling addicts in 2018. According to predictions, this number is predicted to rise to 510 million next fiscal year.
Maple Capital Advisors projects that the local gambling industry will grow by 41% annually by 2024. According to the company, there are currently more than 400 gaming-related startups in India. The weekly number of smartphone users is on the rise as well, rising from 60% to 68% in the wake of the pandemic-related lockdowns. These optimistic predictions are echoed by Deloitte Consulting in a January 2021 report. It projects that the country’s online gaming industry will grow by 40% to reach $2.8 billion by 2022.