How Bitcoin & Other Cryptocurrencies Are Set To Change The Sporting World

Sports are a huge part of life. We play, we watch, we support and we do our best to follow and keep up with the constant changes in the industry. The impossibly fast rate at which this happens though is very often disheartening. Nowadays, the introduction of brand new technologies can have an effect on how we view and follow our favourite sports and teams, and cryptocurrencies are proving to be no different. While the changes may not be immediately obvious today, the influence that Bitcoin and its altcoins could have on the sporting world is vast.

Pick Your Player

Whether you’re a fan of LeBron James’ shirt-ripping antics, or you just happen to like pretty much every one of the most powerful people in sports, we’re all as much of a fan of the players as we are of the game itself and rightly so – but how do cryptocurrencies come into this, you ask? Some of sports’ best players come directly from high schools and colleges, but unfortunately, the industry often misses out on some of the best potential simply due to a lack of funds.

College can be an expensive experience and while there are scholarships available in sports, the fact of the matter is that funding is a much-needed requirement in order to promote and train young athletes to their best. The resources aren’t always available, but cryptocurrency crowdfunding is proving to be a profitable way to get much needed money from a decentralised platform. Cryptocurrency crowdfunding allows for secure donations from anonymous sources around the world to back athletes and raise funds which could revolutionise the sporting world.

Did Someone Say Sponsorships?

On 24th January 2018, Arsenal signed a sponsorship deal with the US cryptocurrency CashBet. Fans will get to witness the first ever ICO (Initial Coil Offering) of CashBet, and with the 60,000 seats available at Emirates stadium, this is quite the audience. The success of the event could determine whether or not sponsorships in the future could come from cryptocurrencies or their related firms. Of course sponsorships might not make much difference, but cryptocurrency sponsorships could see brand new logos gracing our teams shirts – a hi-tech themed addition to an otherwise low-tech activity!

While understanding what Bitcoin or its altcoins are will definitely help you appreciate this move, you don’t need to be an expert to understand the importance behind this possibility. Cryptocurrencies have reached incredible heights as far as value is concerned, and should their volatile nature become far less so in the future, the potential of increasing sports sponsorship through cryptocurrencies could see higher funding and, just like with players, anonymous input from around the globe.

Do eSports Count?

We’re living in a digital age and as a result, much of our sporting activity tends to take place on screens. With the introduction of VR to the market, this is becoming more active than years previous, but for the most part eSports tournaments tend to remain on more traditional platforms. Methods of play aside, cryptocurrencies could affect this side of the sporting world just as much as the physical games.

Blockchain technology is the very basis from which most cryptocurrencies work, acting as a form of ledger for all transactions that take place with any of the digital coins, and we could soon see eSports wagering becoming much easier and definitely far more secure as its integrated into the market. Skrilla uses blockchain technology and has created a new token that makes betting, contests, receiving winnings and more all possible within one programme, and completely anonymously. This new token will simply be known as ‘SKR’ but will actually work off of Ethereum’s blockchain to meet ERC20 standards. This could mean better eSports betting, wagering and even a better way to keep up with just what’s going on in each game.

Place Your Bets.

We’ve mentioned betting previously, but cryptocurrencies are making betting much safer and certainly more anonymous than before. Players from across the world could soon be placing their bets with cryptocurrencies, which will ultimately mean lower transaction fees and increased transparency across the entire betting market.

With better visibility as to just what other bettors are putting down as a wager, accurate odds and informed decisions could prove to become common across the entire industry. Sports bets will become more accurate, which could increase the chance of winning overall. Of course, this could have an adverse effect if everyone appears to be winning, but for current bettors, this is something they’re certainly utilising while they can.

Whether or not cryptocurrencies will really affect the sports industry is something we’ll have to be patient to see, but we’re excited to find out. From better sponsorships and funding that can be put into better players and designs, to new logos that feature quirky cryptocurrency logos, it’s only a matter of time before we’re graced with Bitcoins, Litecoins and so much more no matter which industry we’re looking into. Design aside, the increased chance for college students to be crowdfunded and get themselves through sports training, and the better access to wagering for eSports are adding new elements to an industry we already know and love, and are unarguably enriching it as they go.