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How the Sports Industry Is Integrating Cryptocurrency

Through a variety of partnerships with some of the biggest teams in the sports world, cryptocurrencies have started to become more and more used in promoting sports and in online betting.

While cryptocurrencies have many implementations, especially in the financial sectors, the sports industry has also started embracing their use.

Sports teams and organizations have used digital tokens for different purposes, such as giving fans exclusive access to limited content and items, creating fan tokens, buying tickets, and so forth. Back in 2014, the NBA team Sacramento Kings allowed fans to purchase tickets and merchandise with Bitcoin (BTC). In June 2019, the Portuguese football club, Benfica, collaborated with the cryptocurrency platform, Utrust, to accept crypto payment for merchandise and tickets. Supporters were able to use Bitcoin, Ethereum, and Utrust tokens to make purchases on the platform.

Also, some of the biggest teams in Europe, such as Juventus, Paris Saint-Germain, West Ham, and Roma, have used the tokenization power of blockchain provided by their partnerships with the blockchain-based, fan engagement website Socios to enable fans to create their own fan tokens.

Fans could then use their tokens on the platform to vote on matters such as changing the club’s jersey or accessing exclusive content and collectibles.

Socios’s platform is powered by its proprietary cryptocurrency called Chiliz. The company made headlines when it announced that Chiliz will be listed on the top cryptocurrency exchange, Binance.

This partnership represented a huge stride for the development and adoption of blockchain and cryptocurrency use in the world of sports. According to Socios CEO Alex Dreyfus, there are more than 3.5 billion sports fans worldwide, which can mean a huge untapped sector for cryptocurrencies.

For many centuries, sports and betting have gone hand in hand. As the world is transiting online, online sports betting sites have also appreciated in popularity.

The transactional benefits of cryptocurrencies enabled many of these sites to facilitate fast gambling and betting for punters from all over the world, as cryptos do not rely on banks. While most sportsbook sites usually accept only Bitcoin or Ethereum, the 1xBit site, for example, supports over 20 types of cryptos, including QTUM, Stratis, NEO, EOS, Monero, Zcash, and many others.

Crypto betting sportsbooks have become quite successful in the past few years, some of them becoming major sponsors for well-known sports teams. For example, two major English Premier League football teams were sponsored by crypto gambling sites.

Arsenal received sponsorship in 2018 from the gambling platform CashBet. Through the collaboration, the company advertised its native crypto, CashBet Coin, during the Premier League season when Arsenal played its home games at the Emirates Stadium.

Online sports betting has also benefited from the introduction of cryptos as payment options. Cryptocurrencies are a more convenient way for punters to make transfers to and from their betting accounts, as there is no personal name, address, telephone number, etc., linked to the asset. While some crypto gambling sites ask for additional data when registering, 1xBit is a fully anonymous sportsbook. Signing up is just one click away, and you do not have to provide any sensitive information. What’s more, new users can benefit from a generous welcome bonus of up to 7 BTC.

Accounts can easily be funded through a variety of cryptos, with more than 20 options to choose from. Of course, you are not limited to using only one crypto when betting, as all 1xBit users have multi-currency accounts. As the sportsbook only accepts cryptos, all transactions are feeless and facilitate fast payouts.

1xBit features a multitude of sports, including traditional and esports matches and tournaments, where you can find high odds on many events.

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