Sports Betting & Crypto: A Match Made in Heaven or Hell?
Sports betting is exploding in popularity across the U.S. Many sites integrate crypto payments. Sports betting has been legal in the US since 2018. In the first six months of 2022, industry revenues hit $3.04 billion. Morgan Stanley projects revenues will hit $8.5 billion by 2025.
Massachusetts became the 36th state to legalize sports betting on August 1. The industry is promoting an unrealistic dream. Some experts are concerned about the dangers of gambling. The Mayo Clinic warns that gambling can cause mental health issues. It is also dangerous. California is expected to be the next state. “Gambling Studies Program at the University of California” co-director Timothy Fong worries about this.
Sports betting is a growing industry. It's convergence with cryptocurrency offers additional benefits and opportunities. Drake placed a $1.26 million bet on the Super Bowl with Bitcoin. Critics have always tried to link cryptocurrency to drugs. Thanks to decentralization, there's very little anyone other than government agencies can do to halt the convergence. A U.S. gambling boom could increase exposure and demand for cryptocurrency.
