Cryptocurrency betting is one of the key online gambling trends of 2021, as the innovative digital currency system continues its shift from the margins and into the mainstream. Once a vehicle for speculative investment, crypto is rapidly becoming a serious contender to traditional fiat currencies, and this means it is increasingly being used for purchases, payments, and other transactions — including gambling transactions.
A New Partnership in Cryptocurrency Gambling
One of the pioneers of crypto in this industry is BGaming. The firm was the first iGaming provider to offer support for cryptocurrency gambling, making intriguing steps into what could be an exciting new world for betters and for betting organizations alike. Now, the provider is solidifying their presence in this market through a partnership with another crypto gaming pioneer — BetBit.
While BGaming was the first to introduce the crypto element to the gaming landscape, it was BetBit that first supported the world’s most famous cryptocurrency token — Bitcoin.
Now, as part of their new partnership, the two providers are working side-by-side. This means gamblers will be able to use their Bitcoin funds to connect with some of BGaming’s popular products, including Fruit Million, Aloha King Elvis and Elvis Frog in Vegas.
The Broader Impact on Crypto and iGaming
This is certainly an interesting partnership, and one that is likely to bring success to both BGaming and BetBit. But what does it mean for the wider industry? Where does cryptocurrency betting go from here?
The most immediate impact is likely to be increased legitimization for cryptocurrency in the gambling sphere. If there is one thing that crypto providers have struggled with — even during the meteoric rise of the currency format — is legitimacy. Many users have been reluctant to trust crypto, and even those who have invested in such currencies have done so with a view to long-term value speculation rather than seeking a genuine alternative payment method.
This lack of trust is a problem for crypto providers. Yes, they want to garner more investment, but at the same time, they want to transform their currencies into genuine rivals to traditional systems. If crypto is being used in real-world applications, such as in gambling, this will strengthen its legitimacy and increase trust.
Another impact relates to crypto as a viable payment method in the gambling industry itself. There are plenty of cryptocurrencies out there, but it is Bitcoin that remains the most famous and the most broadly used. Via the new partnership between BGaming and BetBit, the profile of Bitcoin with regard to gambling will grow even further. This means users will be able to enjoy cryptocurrency betting without needing to invest in specific currency tokens — they will be able to use the funds they already have.
Crypto Betting Is Here to Stay, and Gathering Pace
We can expect crypto betting to be a big deal in the coming years as gambling providers seek to outpace one another with increasingly innovative offerings. This new partnership is simply the next step in an unfolding process.