Online sports betting began in the 90’s with around 15 websites offering betting in 1996. Nowadays, it is one of the most popular activities in the world, and with the growth of technology, it has become easier than ever. Despite increasingly localized regulation, the industry has grown immensely and is estimated to be 100 billions a year.
Huge economies like the US have for a long time prohibited sports betting, but in 2018 even the USA decided to rethink their ban, allowing many states to offer sports betting recently. This led to a monumental spike in sports betting revenue there, with the USA alone bringing in $1.5 billion in 2020 — mid pandemic, and with action in just a few states.
Massive use of smartphones led to mobile betting which fueled dramatic growth; few new forms of betting sprung, like eSports which had tremendous growth the last few years.
But all in all — the industry has not transformed much and yet keeps growing. Today, however, with the advancement of blockchain technology (and especially super-fast , fair and cheap transactions) betting is about to see its biggest leap ever.
Today, it is not a secret for anyone in the know that high-roller bettors globally already prefer crypto payments. There has been an exceptional rise in the number of betting sites accepting crypto, and the new crypto-only betting sites. Crypto betting is here, and will grow at a very large scale. In the past 5 years, we have seen an ever increasing overlap between bettors and cryptocurrency users, with both 18–34-year-old males falling into their key demographics. A decentralized blockchain - based betting protocol offers a myriad of advantages over traditional bookmakers: better depth of liquidity, more markets, more equitable ownership, permissionless and censorship resistance.