Once professional video gaming exploded into popular culture over a very short period, innovators within the sector quickly tried to identify where the next significant revenue stream would arise from. Professional video gaming continues to make headway into fresh, unexplored terrains of the digital entertainment world. It inspires other big, creative industries to join forces and travel into these new areas by combining their resourcefulness and quest for profit.
Cryptocurrency has started to permeate multiple levels of the gaming sector. It’s not just literal crypto games where you can farm tokens or Metaverse-based gaming. This also extends into casino gaming and professional eSports, where you can use Bitcoin to place your sports or casino bets.
Pioneers In Crypto Betting
Bitcoin and blockchain technology, by design, is more beneficial for betting companies and bettors than traditional avenues of gaming and gambling. Although traditional casinos and sports betting still dominate the market, and cryptocurrency versions of the same industries only take up a much smaller section of the industry in general, there has been a steady rise in the number of bettors seeking out crypto betting as an alternative means to place their bets.
The biggest name in eSports and video gaming is League Of Legends. The free-to-play game came out at the end of the noughties but now boasts millions of active users per month. Although it has dwindled slightly from its peak, League Of Legends has more active users per month than many console games that are household names. After getting ahead of the competition in eSports, League Of Legends was one of the first professional video gaming tournaments that influenced cryptocurrency betting.
While this creativity and innovation only occurred over the last few years and is still growing into exciting new places, the League Of Legends cryptocurrency betting market highlighted just how much potential there is when these worlds collide. League of Legends crypto betting using Bitcoin is one of many markets witnessing a serious influx in wagering amounts and profit margins. Blockchain technology and Bitcoin betting allow people to connect their wallets to the provider and deposit instantly. In addition, these providers don’t need to make a note of your credit card information or any personally identifiable information. Once you connect your wallet, you can bet on your chosen eSports match or tournament immediately.
A Changing Attitude
Although traditional sports betting companies created a multi-billion dollar dynasty thanks to the internet, the rise of smartphones, and a little help from favorable changes in legislation in prominent economies, they too now understand the threat posed to their services from cryptocurrency adoption.
Professional eSports is the first prominent market to emerge because of the internet. Although you can use Bitcoin to place sports bets, eSports is pioneering the way forward, with companies like Thunderpick hosting their very own World Championship tournaments, where the winning CSGO (Counter-Strike: Global Offensive) team wins $600,000 in Bitcoin. With the elite gamers also honored in the video gaming Hall of Fame, it’s a professional competitive league that mirrors many top sports leagues worldwide.
As more people warm to the idea of blockchain, cryptocurrency, and Bitcoin, there’s still a long way to go before we see any sort of mass adoption. You don’t have to go far on the internet to locate prominent media news companies still struggling to understand how Bitcoin has been part of an immense rejuvenation of El Salvador’s society and economy. Thankfully, eSports companies have long been ahead of the curve, and plenty are using cryptocurrency innovations to better their overall business model and design.
Despite forward-thinking countries like El Salvador introducing the innovative digital asset as a legal currency and seeing some excellent results, their leader Nayib Bukele has imposed severe measures to take back his country from criminal gangs. So Bitcoin is just part of a big, forward-thinking package the visionary leader implements. Still, up to now, the statistics and poll ratings show that El Salvadorians are extremely happy with the direction the country is heading in.
It’s a real challenge between some of the biggest names as they all pioneered in several ways. While League Of Legends might be the game that spearheaded this move, it’s not the only crypto-betting company to enact significant changes for gamers. As we discussed, crypto betting companies now host World Championships to encourage the eSports betting business, which is proving fruitful for those companies involved.
With arguably the biggest game of all time flirting with the idea of potentially implementing cryptocurrency into their latest game, crypto adoption in gaming and eSports is at the start of a hugely groundbreaking and innovative journey. Given that there’s so much money at stake, innovation in this sector is one of the most critical attributes in fueling the consistent growth of eSports. So it’ll be exciting to see how far and deep the adoption goes and which company will come out on top when all is said and done.