(Newswire.net — July 9, 2019) — The traditional way of gambling is something that most people are familiar with. But the internet has introduced a more convenient way for gambling, making it available online. Thus, online gambling started a new era, and is still growing rapidly. It allows people to bet from the comfort of their homes, via mobile phones, personal computers, tablets, etc. The thing is, up until recently, players were not able pay with cryptocurrencies. But before that, let’s have a quick look at the basics first.
What Is a Cryptocurrency, and Is It a Safe Payment Method?
We won’t dig deep into what cryptocurrencies are, as you have probably heard about Bitcoin. It is a virtual currency that has a value of its own, and can be used for online payments. A lot of people consider it a safer payment method than the usual ones, due to the fact that all online transactions, and their data, are generally stored on the blockchain.
Keep in mind that cryptocurrencies are still considered a fresh addition to online gambling, so it is advised that you do thorough research of the websites you will be gambling on before you decide to spend your cryptocurrencies.
Illegal or Not?
It really depends on the country. In the early 2019, the U.S. Justice Department made a ruling which prohibited interstate transactions. It is believed that this decision will have a negative impact on the gambling world as a whole. For example, before this ruling was announced, people from Nevada, New Jersey, and Delaware (all states where gambling is legal) were able to compete against each other on the internet, which also includes interstate lotteries.
So, be sure to double-check if your country prohibits using cryptocurrencies in online gambling or not, before using them.
Fun fact: Your online identity is significantly more protected by using these payment methods. The reason for this is simple: all of the transactions by cryptocurrencies are heavily encrypted, which means that your personal details are safe. Credit cards are much more exposed and vulnerable.
How Does This Affect the eSports Industry?
Did you know that the prize pool for the League of Legends World Championship Finals, which was held inSouth Korea last year, was the staggering $2.4M? More than 100 million viewers watched this epic finals match, where Fnatic suffered defeat from Invictus Gaming with the result 0-3. Obviously, considering those huge numbers, the connection between the eSports industry and cryptocurrencies seems like a very powerful futuristic duo. Why? It’s simple. The numbers that we’ve mentioned will grow to much larger amounts when cryptocurrencies step into the game.
Online gaming is blossoming in a beautiful way, and the entertainment that both players and their fans get is a never-ending one. The period when fans will be able to gamble and bet on their favorite teams/players is closer than you might think. Imagine millions of players who are constantly craving for LoL, CS:GO, DOTA 2, Fifa, Overwatch action, competing against each other while placing bets in real time. This leads us to the next big question:
Is This the Perfect Combination?
It is safe to say that it is, but instead of trying to answer the question by ourselves, let’s have a look at one example: Recently, the eSports team-building platform Dreamteam struck a deal of $5M with Mangrove Capital Partners, and therefore secured partnerships with big names in the industry, one of them being Fnatic. One of the Mangrove Capital Partners, David Waroquier, said that gamers tend to easily accept new technologies, which results in the massive and rapid growth of eSports, and creating the perfect setup for blockchain.
One thing is certain…
The relationship of the two is inevitable. They will grow stronger and become a relentless force. On April 15, 2019, a $1 million puzzle game called “Satoshi’s Treasure” was launched, and promised a Bitcoin wallet, whose keys were split into 1,000 fragments, which created a merciless hunt for the prize pieces.
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