The Impact of Crypto Betting on Traditional Sports Betting

[nitrobetting]

Although still in its infancy, maybe, in the toddler stage, crypto betting has already had a profound impact on traditional sports betting. The impact has been so pronounced that many old-school sports bettors are considering ditching their current bookmakers to try their hand with a crypto sportsbook. Keep reading to discover how advanced this impact is and why the impact will continue for the foreseeable future.

How Crypto Betting Impacts on Traditional Sports Betting
Crypto betting is forcing a bonus and reward rethink
Traditional sportsbooks used to utilize bonuses and rewards as a way to keep players tied to their platforms. They did this by making it almost impossible to bet enough to unlock your money. For example, if you took a 100% with a 10x rollover at $500, that means you would have to bet $5,000 before withdrawing any of your funds.

Crypto betting rewards and bonuses think about things differently. There is no such thing as a 10x rollover in most crypto books because fees the sportsbook must pay are much lower. Overhead at crypto books are also lower, by a massive margin, than they are at traditional sportsbooks.

Traditional sports betting has begun to think like crypto betting books. They’re realizing that they can’t continue to offer 10x rollover bonuses, or other measures that are unfair to players.

Players have access to betting efficiencies
On average, bettors can expect a 20% increase in favorable odds on a crypto betting platform as opposed to a traditional betting sportsbook. The reason for the increase in odds is that the crypto platform requires less energy consumption to run, less overhead, and mustn’t pay the same fees for players to fund their accounts.

Crypto sportsbooks can offer more favorable odds because they mustn’t squeeze very penny they can from players. Either traditional books catch up to crypto betting platforms, or they risk losing customers.

Read more→ https://nitrobetting.eu/guides/impact-crypto-betting-on-traditional-sports-betting/

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[Hatchy]

They won't actually lose that much customers because we still have some elderly who prefer traditional sports betting the modern crypto betting. These individuals have more and a long time experience with the local betting and would not be giving up anytime soon. More reason might be because the crypto betting space is easier for the younger generation as they understand how to use cryptocurrency so it's easier for them. Though like you said, in the past, traditional sports books used the 10x roller bonus which seemed fair as at that time. But now, no one will be willing to use such measures in betting. They will gradually implement the modern crypto methods into that of the traditional sport betting. But some locals would still enjoy it that way.

[Gozie51]

crypto betting platform as opposed to a traditional betting

This is more like comparison between the two and reasons that traditional betting will give way for crypto, I don't think so. It is also like you are comparing banks or fiat with cryptocurrency which are for different purpose.

Likewise traditional betting won't lose it taste but will adjust to modern system either to incorporate crypto betting in them so that customers choices will be achieved.

[Lida93]

It is with no argument that online crypto betting has made the traditional betting platforms to improve and make some developmental changes. When there is a competitive market it is mostly to the benefits of the consumers of that market products or services. So its beautiful to see that the cryptocurrency online gambling platforms coming into the gamble industry which in their own initiative in trying to give the best offers to their customers are invariably putting the traditional sportsbooks on their toe to also innovate to render much quality services to it's own customers in order to retain them still.

Unfortunately, no matter how advance and seamless to use the online crypto betting platforms tend to get there will still be that group of individuals who won't change their choice from the traditional to the crypto. However, it also has a lot to do with people's knowledge about crypto for them to have use for crypto betting platforms. Which is to say, granted that there are a multitude still not using or having no knowledge of  cryptocurrency there's still going to be a good number of traditional sportsbook gamblers in the foreseeable future.

[Wexnident]

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I think you can see how massive crypto betting has become just by looking at the sponsorships for some major sports tournaments out there. Stake has been on one afaik, same with sportsbet.io. There may even be more out there that I don't know but I think just those two can be more than enough proof that they're bringing impact, enough of it for traditional sports bookies to consider them as competition.

Well outside of that, in terms of each bookie's method or way of attracting customers, I'd say they'd still have their own ways. Naturally what you said an example would most likely disappear, or be improved upon on. Who knows, crypto casinos may start implementing them as well if they start giving out more rewards for it instead of adopting it directly.

[goaldigger]

Crypto gambling sites innovate how you gamble online, and the traditional casinos forced to do the same thing or else they will be left behind. This is not just simply a big change, this is a revolution on how we can enjoy gambling online and honestly, many are into crypto gambling already compare to the online gamblers available on the local casinos, well in our place this is the scenario. Crypto betting made a huge impact and as we continue to grow, I expect more crypto gambling site will continue to innovate and introduce new more games.

[angrybirdy]

Crypto gambling sites innovate how you gamble online, and the traditional casinos forced to do the same thing or else they will be left behind. This is not just simply a big change, this is a revolution on how we can enjoy gambling online and honestly, many are into crypto gambling already compare to the online gamblers available on the local casinos, well in our place this is the scenario. Crypto betting made a huge impact and as we continue to grow, I expect more crypto gambling site will continue to innovate and introduce new more games.

Since were living in a digital years, so it is necessary for everyone to keep up with the innovation of the process so they were not being left behind in the long run, but not everyone should be able to keep up because the movement of the market is still being balanced, we have other old gamblers who are not used in using the gadgets that can be used for online gambling so it is unlikely that they will lose traditional gambling houses.
We have noticed that the number of gamblers who participate in online gambling sites has suddenly swelled, that is because it provides convenience and easy access, especially during the pandemic when people are unable to leave their homes and there the number of people using online gambling increased.

[pakhitheboss]

Crypto betting is forcing a bonus and reward rethink
Traditional sportsbooks used to utilize bonuses and rewards as a way to keep players tied to their platforms. They did this by making it almost impossible to bet enough to unlock your money. For example, if you took a 100% with a 10x rollover at $500, that means you would have to bet $5,000 before withdrawing any of your funds.

Crypto betting rewards and bonuses think about things differently. There is no such thing as a 10x rollover in most crypto books because fees the sportsbook must pay are much lower. Overhead at crypto books are also lower, by a massive margin, than they are at traditional sportsbooks.

Here are my three reasons why crypto betting won't be able to beat traditional sports betting:

• The problem with crypto betting is that it is comparatively new and gamblers do not like to leave their comfort zone just because the rewards are good.
• Cryptocurrency betting has lower fees and overhead costs when compared to traditional sportsbooks, which eliminates the need for high rollovers that restrict players from withdrawing funds.
  
• Cryptocurrency betting is changing bonus and reward structures compared to traditional models. However, it is something that is not yet widely understood or adopted by gamblers
  

As you said earlier it is just baby steps but it is evident that those who bet on sports still prefer the traditional way of understanding cryptocurrency sports betting.

[swogerino]

I don't think that will impact traditional sport betting much and for me the reason is simple,where I live I can see that one,most people don't know crypto betting yet although the number of people who do is always in the increase yet they remain a small percentage compared to the persons who keep doing traditional sport betting like we all know it.I see a lot of people of different ages going to the biggest casino which is licensed by the state and the only one allowed to offer different games including sport betting and this is common sight as the casino is in the center of town and every time I go for a walk I see the same picture.This means that yet crypto betting impact is low and we need sometime until we feel the real impact and see people converting from traditional betting to crypto gambling.

[Miles2006]

More are yet to come and we should not expect less or get surprised with every new development. I think we've debated much on traditional and online casino but the honesty truth both parties will benefit cause users will always want to explore new development like bonus and community development likewise traditional sport betting, every gambler will always be observant about the least development. When I hear people talk about traditional betting as an outdated betting means I find it difficult to believe, I think traditional betting site will not be so populated if they fail to develop and follow suit but for the fact we still see people entering inside the traditional casino I can boldly say they're upgrading also. The fact is people will alway go for modern invention like being stress free and enjoying different kinds of bonus and prediction games

[Dr.Bitcoin_Strange]

On several topics that have been discussed on this board regarding crypto online casino vs. traditional casino, many comments have always stated that no matter how advanced the online casino may become, it cannot beat the traditional casino. 

There are still many people who are gambling in traditional casinos despite the advantages that are available in online casinos. The fact is that no matter the bonus or benefits offered at a crypto casino, it cannot totally throw traditional casinos out of business. Traditional casinos also have an advantage over online crypto casinos. First, you get to meet new people and interact with fellow gamblers and fan members. 

[iv4n]

Crypto gambling has advantages, but those advantages usually relate to faster deposits/withdrawals, KYC-free casinos (or at least partially) so we can have some anonymity & privacy, low fees, and some others. But when it comes to bonuses and markets, not so many crypto casinos can offer what standard fiat casinos have. So I think that the impact of crypto betting on traditional sports betting is still in the early stages... a lot more can be done.

We can compare it, but look at crypto poker for example... after all these years, and several failed attempts, the crypto poker community still doesn't have a site that can match the fiat poker sites. I

I am a crypto player and will remain so, in my opinion, we are still in the early stages and crypto gambling will only progress. So I think we can conclude that by the number of crypto casinos that come out almost every day, the competition is getting bigger and therefore the casinos will get better and offer more and more.

[Stepstowealth]

On several topics that have been discussed on this board regarding crypto online casino vs. traditional casino, many comments have always stated that no matter how advanced the online casino may become, it cannot beat the traditional casino. 

There are still many people who are gambling in traditional casinos despite the advantages that are available in online casinos. The fact is that no matter the bonus or benefits offered at a crypto casino, it cannot totally throw traditional casinos out of business. Traditional casinos also have an advantage over online crypto casinos. First, you get to meet new people and interact with fellow gamblers and fan members. 

Let's suppose that even if we get to gamble using crypto in physical casinos, it is not going to be an efficient means of payment from or to customers still.

Baby steps indeed, and until cryptocurrencies become more used in our local sense and accepted even if it is after regulation by the government of the country, it would still be like a foreign knowledge in the physical casino space and online too.
For me, crypto betting would impact traditional betting following the future years before proper development of systems are set in place to facilitate the ease of which to use cryptocurrencies either for gambling or for daily expenses and investment.

[Dr.Bitcoin_Strange]

For me, crypto betting would impact traditional betting following the future years before proper development of systems are set in place to facilitate the ease of which to use cryptocurrencies either for gambling or for daily expenses and investment.

It may please you to also know that it's humans that are still running the traditional casino, or perhaps this should be a reminder that people running the traditional casinos have the sense to know when they are going off business and, in other for then not to accept defeat from crypto casinos, those traditional casino owners will always get a new strategy to keep their customers, but if on the long run nothing can be done to keep their casino active in the traditional system, they can also migrate to become crypto casinos. 

So, what I am just saying in essence is that if traditional casinos finds out that the business is no longer favorable in the traditional way, they will develop new business strategies to prevent it from falling out, and even if it requires them to become online casinos too, they will do it. If it will also require them to start accepting crypto in their physical casinos, then they will do it. 

[redsun114]

Just like how some people would never accept Bitcoin and other cryptocurrencies because they are pro-fiat and have an extreme level of trust in traditional financial systems, there will always be some people who would only use traditional bookmakers to make their bets on any sports event, so I don't think that traditional sports betting shops or traditional bookmakers will go out of business anytime soon.

No doubt using cryptocurrency sportsbooks makes it more convenient and also more cost-efficient, they also make the process more quicker because when you make a deposit or a withdrawal in a cryptocurrency sportsbook, it wouldn't take more than a few minutes for it to get confirmed, however, in a traditional sportsbook, it wouldn't be the same case.

[irhact]

It may please you to also know that it's humans that are still running the traditional casino, or perhaps this should be a reminder that people running the traditional casinos have the sense to know when they are going off business and, in other for then not to accept defeat from crypto casinos, those traditional casino owners will always get a new strategy to keep their customers, but if on the long run nothing can be done to keep their casino active in the traditional system, they can also migrate to become crypto casinos.

You've just said the exact point I was about to make, it's only an unserious individual that would sit back and watch their business collapse, many industries and businesses are currently adopting crypto currency cause it's the new trend but that doesn't mean that those traditional betting companies would just sit back and allow them dominated without putting up a competition. Just like you've said, they'll come up with different strategies of attracting customers maybe by giving huge bonuses and so on.

 And the fact that not everyone likes the idea of crypto currency would make it more competitive, I think it would be divided even, though technology has made it easier for those online crypto casinos thereby making possible for bettors to relax at home and place their bets, I think there are still people who would prefer to go to a traditional shop to make their bookings, there are still others who are yet to know about crypto, some may know but don't know it's mode of operation and would therefore patronise traditional casinos.

[danherbias07]

It's not different from how the traditional banking industry had been attacking the cryptocurrency industry before. You said it, it's still in its infancy and the truth is more gamblers are still using the centralized gambling sites. It's not like adoption will be that fast and the other problem that may happen is like how it happened with DEX's where it's not marketed well because no one does without being paid. While the CEX's got the whole attention, i.e. Binance in the past.
I think if Crypto betting will presented by popular promoters it will definitely be seen by more gamblers but in this era, I doubt that especially with the mountain of gambling sites suddenly popping out left and right.

[Text]

I hadn't considered the bonus structure difference before, but it makes total sense that crypto platforms could offer more favorable terms due to lower overhead. A 20% increase in odds is something to consider for any bettor! Makes me wonder if the big traditional sportsbooks will be forced to adapt their models to stay competitive. Maybe we'll see a shift towards more transparent and player-friendly bonuses across the board.