Will crypto sportsbook replace fiat sportsbook in the future?

[Stedsm]

I guess fiat still holds a very large percentage of the gambling industry and the reason is USA, because most crypto gambling websites don't allow users from USA to play there (maybe due to regulations). While Australians who easily throw away more than $1200 per family on fiat casinos each year, I don't think it's so easy to say that fiat gambling would be replaced by crypto gambling for some time.

[Cling18]

I know for a fact that no kyc and anonymous gambling means  the platform is some unregulated gaming site, and should a problem arise it's very difficult to have a case against them.

That's correct, and mostly it will not attract whales because they are playing with money, however, their reputation is big enough to risk when they scam people, a crypto casinos making millions of dollars monthly will not scam gamblers even if they gamble millions also, i'm not saying it will not happen but since they are protecting their business, they would not destroy their reputation.

For gamblers, if they want to minimize the risk, then gamble in differnet sites.

I honestly prefer platforms with a good reputation that asks for kyc. I feel safer in them. However, I don't think the anonymity that some crypto sportsbook could that could provide isn't enough for most gamblers to switch to it. Some people still prefer using fiat in gambling and we still need better adoption in the future.

[khaled0111]

1. No KYC

I know that this is not the most popular opinion especially among the crypto community but, in fact, verifying your identity (kyc) is not always a bad thing. Just think of what can you do if your account gets hacked? How can you prove its ownership to recover it?

Crypto casinos are unlikely to overtake fiat casinos, at least not in the near future. There are many things that have to change before we see such thing happening: price stability, faster confirmations, lower fees...

[goinmerry]

1. No KYC
2. Anonymous gambling.
3. Instant deposit and withdrawals.
4. ETC....

These aren't improvements but the actual advantages of crypto gambling even before.

Gamblers outside crypto already know those advantages, some get in, some still in doubt.

It's no secret that there's an increase in the numbers of gamblers testing and switching the nature of crypto gambling. We just have to watch the progress then.

[CarnagexD]

There is a very high chance of this happening especially when we take into account the speed at which things are automated and then turned into wireless or virtual, plus the fact that people discovered their newfound need to make sure that everything is wireless thanks to new problems brought about by technology and of course the SARS-CoV2 Pandemic. If this drags out, there will be a very high possibility of crypto sportsbook overtaking their fiat counterpart in the future.

[AmoreJaz]

1. No KYC

I know that this is not the most popular opinion especially among the crypto community but, in fact, verifying your identity (kyc) is not always a bad thing. Just think of what can you do if your account gets hacked? How can you prove its ownership to recover it?

Crypto casinos are unlikely to overtake fiat casinos, at least not in the near future. There are many things that have to change before we see such thing happening: price stability, faster confirmations, lower fees...

imo, crypto sportsbooks will not replace fiat ones also. there are pros and cons of using either of these bookies. and remember, the percentage of fiat players are still big compared to crypto gamblers. however, we cant deny the fact that there are really good advantages in using crypto bookies like no kyc feature. maybe 5 years from now, lets talk about the coverage of crypto sportsbooks, and let's see how big they become as compared to fiat sportsbooks...

[mirakal]

The only way possible is if FIAT sportsbook decline while crypto sportsbook contnues to increase its adoption, which we are not seeing

What is happening is that both are progressive, so there's no way crypto sportsbook will surpass FIAT sportsbook.
We can put it like BTC and ETH, BTC continues to be dominant even ETH is rising as well, so there's no way to replace bitcoin.

And in terms of dominance, BTC is more dominant with over 50%, so most probably FIAT has that kind of dominance or probably higher while makes it hard for crypto sportsbook to surpass.

[nelson4lov]

I'm seeing the improvement on the crypto gambling space especially in sports betting, so I was thinking, since crypto sports betting is easier than fiat betting, then probably people might transfer here and tht would help the increase of adoption.

some of the benefits when using crypto sportsbook.

1. No KYC
2. Anonymous gambling.
3. Instant deposit and withdrawals.
4. ETC....

What do you think about its chances.

It's looks very much likely. Given how fast crypto is getting adopted on daily basis as the de facto platform for making transactions by crypto OGs and even newer crypto users, it won't be too long before we see mainstream fiat gambling users move to crypto based Sportsbook platforms since they can enjoy all the benefits they're currently getting from those traditional Sportsbook with even more benefits like the ones you already mentioned - Instant depo/withdraws. even if KYC is subjective, Crypto gambling platforms are still the best and it wouldn't take too long before there's a shift.

[dunfida]

What do you think about its chances.

No, it wont happen and come to think that fiat sportsbook had existed much more longer or the default way of gambling using up fiat when crypto sportsbook hadnt existed yet.
Crypto might give up something new to the market when it comes to decentralization but come to think that not all does have awareness about bitcoins or crypto existence.
If you do try to check out the number of people who had been using up these platforms then you can tell that there's still relevance on their existence.
It might be having some decreased in numbers but doesnt mean that it would just popped out and be gone just like that easily.

[Hamphser]

-Both would exist.

-Both would serve out different market (people love centralized and those who do love anonymity)

-Fiat sportsbook is been preferred by those old gamblers who had been using it through ages.

If there are some significant decrease on demand then we would see such closure of those platforms as we go ahead but it seems it hasnt been affected at all.

[2double0]

Fiat sportsbook has its own purpose, it has its own bonuses and a traditional system on which it runs. The bookies decide the odds here. While crypto sportsbook has dynamic programming involved which automatically changes the odds according to the number of bets placed and the old and current output of the game. Crypto sportsbook gives us variety of bonuses while fiat sportsbook also does it but their bonuses are not so interesting. Fiat sportsbook has so many countries blocked due to regulations while crypto sportsbook has least. Both are giving good services to their users so none should replace anybody.

[Wexnident]

The pre requisite here is that if crypto completely replaces fiat. If it doesn't happen, I don't really see a reason as to why they would need to remove fiat-based casinos. Plus, casinos can just simply impose KYC even if we use crypto, so that's still an issue, it just depends on what country and the level of adoption imo. Still, as I see the future as crypto not replacing fiat but rather fiat living side by side by crypto (or crypto with a CBDC), the complete removal of a casino that is based on fiat/CBDC seems impossible, especially since governments would probably impose their own restrictions into said crypto casinos since they prioritize the legality issues instead of the user's anonymity/privacy.

[Lorence.xD]

Not necessarily will replace it since it crypto can coexist with fiat in the first place and not everyone is going to migrate to crypto sportsbook. In my opinion, the best thing that could happen is not replacement but integration of crypto in fiat sportsbook which helps attract more people since you have more ways to pay and bet.

[ralle14]

Probably not, I haven't tried an actual fiat sportsbook but whenever I see others using their local sportsbook they sound much better and reliable than most crypto sportsbooks. Sure there's less risks in crypto sportsbooks with no KYC but I think there's still enough upsides in fiat sportsbooks that makes it worth to use their service even with KYC. There's also a lot of options available in fiat sportsbooks while in crypto sportsbooks you're only limited to a few sportsbooks that's close to the level of the good fiat sportsbook.

[MCobian]

Although crypto sportsbooks have many benefits compared to fiat sportsbooks, most gamblers still use fiat sportsbooks. Because crypto users are
still very few compared to the world's population who prefer to use fiat to play gambling, still need to provide a lot of education to the public to get
to know crypto more. So it's possible that crypto sportsbooks will replace fiat sportsbooks in the future. But not anytime soon, but I believe
the majority of the members of this forum use crypto sportsbook. But in the gambling industry, of course, fiat sportsbooks are still the main choice.

[Strongkored]

People who don't understand crypto will definitely prefer fiat, and based on this article about 100 million people use crypto while the current world's population is around 7.8 billion, so the crypto uses still low compared to fiat, so fiat will still dominate in all sectors including crypto sportsbook or gambling, but the possibility for crypto sportsbook increase higher because basically all industries will start to digitalize including gambling and people will start to use something that can benefit their activity in gambling such low tx fee, when crypto sportsbook offer it then users will choose it, but it will still be a long time for crypto replace fiat in sportsbook industries.

[xSkylarx]

It won't be easy to replace the fiat sportsbook. Even the idea of replacing fiat over crypto is impossible for me because there are still people that will prefer the traditional fiat. Add to that is cryptos are very volatile, your portfolio could go up and down a lot in just a day. For it to be less volatile, it needs to be regulated but that would destroy the purpose of cryptocurrencies.

As for the KYC, if a crypto sportsbook becomes popular than a traditional sportsbook then a simple KYC should really be implemented to avoid fraudulent activities on their platform.

[maydna]

The gambler will see the crypto can help them play gambling without revealing their identity, as @OP mention. The crypto gambling site doesn't need KYC verification, and they can play anonymously. They don't have to use their bank account to deposit the money to gamble. But fiat betting will still exist, especially for traditional fiat betting because people will play on that casino and meet many people in one place. And at this moment, I think the offline casino can expand their business by integrating with crypto to introduce crypto to their members. It will be good for their business because now, they can use fiat and crypto payment for their business.

[Yamifoud]

What I love is the anonymous gambling, I hope we will able to remain that even if the adoptoin will increase overtime. For me, that's the best benefit of supporting crypto casinos as that gives more privacy than those fiat casinos or sportsbook that would always like to know everything about us, our personal information and our bank account, that way it would be easy for the regulators to investigate.

[gagux123]

Well, I think the idea is very interesting, and who knows in the future it might happen?
Really, you can be "anonymous", speeds in transactions (withdrawal / deposit) these are some of the advantages

But on the other hand, I think this can happen "a fight", for example, banks vs cryptocurrencies, traditional bets can see cryptocurrency bets a threat and depending, the country it is necessary to have a license regulated by the authorities.