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This article for Digital Wager Wire, continues our series into cryptocurrency and betting and this one investigates the growing trend of using Stablecoins in Online Gambling.
How Much of the Betting Industry’s Recent Growth Is Due to the Growing Usage of Stablecoin?
The use of Stablecoins is sure to help, but much of the growth in the Online Gambling Industry is due to the rise of cryptocurrency and the ability for those individuals to wager the currency in its differing forms. Stablecoin is only one facet of crypto and will grow exponentially as the combined industries move forward
Does Blockchain Technology Improve Transparency?
The Blockchain technology that underpins the cryptocurrency digital age offers a better level of transparency than previously ever seen, outdating the normal banking institutions we’ve grown accustomed to.
The instant recording in a public ledger is transparency at its clearest, and that will only build trust between bettors and casinos. Meanwhile, any risk of fraud or nefarious activity is reduced markedly on those platforms.
The Digital Currency Now Has Real-World Value Because of Stablecoin Usage
Yes, bettors now have an opportunity to monetize their gaming assets because they can exchange or trade them into stablecoins at any moment. Once this process is completed there is the option to convert into back fiat for real-world purchasing and usage away from the platform.
Why Does the Gambling Industry and Stablecoins Seem the Perfect Match?
Amazingly, it seems the Gambling Industry and Stablecoins are a marriage made in heaven. Let’s have a look at Digital Wager Wire into why.
The creation of stablecoins has naturally enhanced the payment technology within gambling providers because it brings a streamlined payment system for the infrastructure. That means in-game transactions are quicker and safer than ever before.
Stablecoins are a natural solution for in-game monetization, which brings an immediate currency that will have a value outside of the game. In turn, it means greater purchasing power and higher usage in the more traditional financial world.
With the natural integration of stablecoins into the Online Gambling Industry, players now have an opportunity to gain extra income by trading or selling their in-game assets for stablecoins.
How Does Stablecoins Match Up With Bitcoin in Online Gambling?
In comparison to Bitcoin, stablecoins have less volatility which makes better appeal to players in Online Gambling because that extra solidity can be exploited for increased profit long-term. The product of this is that the larger wagerers or even syndicates find it easier to upload bigger amounts of stablecoins into accounts. This is because the more traditional banking institutions and payment processors such as (SWIFT) can be reluctant to deposit such large funds for fear of coming under scrutiny for several reasons.
Effectively, those big betting syndicates that target the NFL season now have another strong option for their sharp wagering of those huge sums.
There is also the added knock-on for those bettors and syndicates that the stablecoins lesser volatility than Bitcoins brings a strong alternative for their staking in any Futures bets (long-term bets) those parties have added to their portfolio.
Conclusion
What we found was the two seem a perfect match. Stablecoins increase transparency, while enhancing better risk management because the ever-evolving digital age of Stablecoins has a natural knock-on into the betting industry’s software development. This will garner an increased level of trust for all users but, importantly, attract newer users into the sphere at the same time.
Future possibilities for the increased usage of Blockchain technology keep growing. As other industries see how naturally the cryptocurrency age has fitted into the gambling industry, those other sectors are now bound to be encouraged to dip their toes in the waters of Blockchain, which naturally will drive innovation further forward.
What is apparent is that by using Stablecoins the bigger wagerers can do their business with less hassle than by utilizing the traditional banking institutions. This becomes very attractive for sports betting syndicates attached to the NFL, not only on a week-to-week, month-to-month basis but also Futures Bets, where the currency of stablecoin is less susceptible to fluctuations than Bitcoin.
Stablecoin is a very solid alternative for betting when compared to Bitcoin.
