Top 6 Emerging Crypto Betting Markets: Where To Place Your Next Bet
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Written by
Arslan Habib -
20 Aug 20246 min. read
More and more people are getting into cryptocurrencies because they’re fast and safe for transactions. Now, a cool new thing to do with cryptocurrencies is using them for betting. You can bet on sports, esports, and even lesser-known competitions.
This is getting popular because you can use digital money that isn’t controlled by a single authority, and you can place bets online. The winnings are paid out in bitcoins or other types of digital money. Here are some new crypto betting markets that are going to change online gambling.
Table of content
1. Decentralized Betting Exchanges
Traditional betting models are being disrupted by dApps which run on blockchain technology. Decentralized exchanges enable users to bet directly against one another with no central authority needed. Some known platforms are BetDEX, DexSport and Aver Exchange.
Why it’s Emerging: Decentralized exchanges offer greater transparency, security, and potentially fairer odds compared to traditional bookmakers.
What to Look For: There are some safe and reliable decentralized applications, called dApps, that run on secure blockchains. These dApps are known for being really secure.
They’ll likely have easy-to-use interfaces and will let you bet on lots of different games, like video games, physical games, and even unique things like non-fungible tokens (NFTs).
2. Prediction Markets With Crypto
Forecasting markets allow individuals to place bets on a variety of future events, not just those linked to sports. Such events could include political elections, economic indicators, and the weather. Some known platforms are, Polymarket, and Augur.
Why it’s Emerging: As a response to the growing demand for different ways of investment opportunities, Crypto-backed prediction markets provide an original way to speculate on more events than just the traditional sports betting.
What to Look For: Find a wide variety of categories and events with transparent terms and conditions for these established prediction market platforms that take cryptocurrencies. Please remember that prediction markets could be very volatile; you must conduct responsible gambling techniques.
3. Esports Betting With Crypto
Esports, or competitive video gaming, has become super popular with millions of fans all over the world. So, because of this, more people are starting to bet on esports matches. Cryptocurrency is becoming the preferred way to place these bets. Some known platforms are Stake.com, Thunderpick, and Vave Casino.
Why it’s Emerging: Esports stakes find traditional gambling methods too slow and problematic. This is why cryptocurrency, with its potential in minimal fees, is perfect for the extremely high-speed world of esports. it also enables instant deposits as well as faster withdrawals.
What to Look For: Look around for esports betting sites where you can bet on popular games such as Dota 2, League of Legends, and CS2, with markets that include match winners, handicaps, and in-play betting and are specialized in the esports betting field with great attention to crypto.
Growth Potential of Emerging Crypto Betting Markets (as of May 15, 2024)
| Market Segment | Growth Potential | Facts & Figures | Factors Driving Growth | Challenges |
|---|---|---|---|---|
| Esports Betting | High | Global esports viewership projected to reach 575 million by 2027 (https://newzoo.com/resources/trend-reports/newzoo-global-esports-live-streaming-market-report-2022-free-version) 16-20% of online gambling transactions estimated to involve crypto in 2023 (https://www.theblock.co/) | Rising esports popularity – Younger generation familiarity with crypto – Faster transactions for in-play betting | Maturation of esports betting regulations |
| Decentralized Betting Exchanges | Moderate-High | Over 100 decentralized betting platforms exist as of May 2024 (https://dappradar.com/rankings/gambling) | More transparency and control wanted, fairer odds possible, DeFi interest grows | User adoption and need for user-friendly interfaces – Regulatory uncertainty surrounding DeFi |
| Prediction Markets with Crypto | Moderate | Daily Active Users on Decentralized Betting Platforms estimated at 100,000 (average) (https://cointelegraph.com/tags/gambling) | Attract diverse interests beyond sports, expand investment options, consider adding NFTs. | Need for clear regulations and user education – Limited user base compared to traditional sports betting |
| In-Play Betting with Crypto | High | Estimated $5 billion bet monthly on Decentralized Betting Platforms (https://cointelegraph.com/tags/gambling) | Excitement of real-time betting – Crypto’s suitability for fast-paced transactions – Growing adoption of live streaming and in-game features | Potential for gambling addiction – Need for responsible gambling practices |
| Prop Bets and Niche Markets | Moderate | Ability to cater to specific interests – Potential for innovation in new bet types | Limited data on niche market demand – Regulatory hurdles for some niche markets | |
| Virtual Reality (VR) Betting | Moderate-High | Global VR market projected to reach $21.5 billion by 2025 (https://www.mordorintelligence.com/industry-reports/virtual-reality-market) | Immersive and interactive experience – Potential for new betting experiences (e.g., virtual environments) | Need better tech and more people using VR – Not many VR betting sites yet |
| Augmented Reality (AR) Betting | Moderate | Adding digital stuff to real life – Chance for social and fun betting | Need tech progress and clear rules for AR gambling, but unsure about user behavior. |
4. In-Play Betting with Crypto
The thrill of in-play betting, where bets are placed during the course of an event, is further enhanced with crypto. Some Known platforms are Cloudbet, and BetUS.
Why it’s Emerging: Crypto’s quick processing times are perfect for live betting. This enables rapid decisions and takes advantage of actual game conditions.
What to Look For: Find websites or apps that let you bet while games are happening. They should cover lots of different sports and events. Also, it’s good if they let you watch games live.
Look for ones that give you lots of data and analytics to help you make good bets. Make sure they are easy to use so you can quickly place your bets.
5. Prop Bets And Niche Markets
The rise of crypto betting opens doors for even more niche and specialized betting options. Some Prop bets examples are: Coin toss results at the Super Bowl, Number of home runs in a baseball game.
Some Niche Markets examples are: Politics (Election outcomes, policy changes), Entertainment (Award show winners, movie box office performance), Financial Markets (Stock price movements, economic indicators).
Why it’s Emerging: Cryptocurrency is making it possible for betting platforms to offer a wider range of betting options. This could include things like betting on specific player performances, predicting outcomes of special events, and making novelty bets on entertainment events.
What to Look For: Platforms known for offering a diverse selection of prop bets and niche markets. Look for options that cater to specific interests and potentially offer competitive odds.
6. Virtual Reality (VR) And Augmented Reality (AR) Betting
New and exciting advancements have brought together virtual reality (VR), augmented reality (AR), and online gambling. Think of placing bets on horse races and then watching them in VR. Customers all over the globe are drawn to these websites where people use bitcoins or other cryptocurrencies for placing bets.
Why it’s Emerging: VR and AR are increasingly used in crypto betting for their lifelike experiences, opening up new betting possibilities. AR enhances real-world betting with digital elements, while VR immerses users in virtual environments like stadiums or casinos.
What to Look For: It is crucial to monitor the advancement of augmented reality/virtual reality technology in gambling. So it will require more users of VR headsets for VR betting to gain popularity. Keep abreast of the guidelines on VR/AR gaming whenever they are unveiled since it is still a fresh industry.
Conclusion
Crypto betting markets are on the rise and the future of online betting looks promising. Decentralization of these markets, a variety of betting options, and innovative ways of applying blockchain technology may change things in conventional betting.
That means new opportunities for everyone including gamblers as well as betting companies at large.
Eventually, one can only hope that their creators can handle the legal requirements since that is what will enable people to have confidence in them over time. As these markets evolve, it will be interesting to see how they shape the future of betting.
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