The pandemic seems to be going on and on. This has led to digitalization globally and betting on traditional sports is becoming a big challenge. The restrictions due to COVID-19 have had a negative impact on physical sports. Major events and sports tournaments have either been delayed or cancelled. This has led to a decrease in the number of people betting on sports.
eSports and betting with cryptocurrencies are fast gaining popularity. There are possibilities of eSports collaborating with blockchain technology as the use of digital currency is anytime, more convenient for the customers. According to the experts, the future of eSports totally depends on cryptocurrency.
Fantasy Sports and Crypto Currency
Fantasy sports are played online. The player assembles a sports team that is virtual. The competition is carried out according to the actual players in the real games. This type of game has become very popular during the lockdown period.
This integration of fantasy sports into the market of cryptocurrency is not new as this has been going on in some countries. This betting with digital currency is being accepted easily due to the convenience. As there is no way you can use digital currency in traditional betting, there might be concerns in the industry due to the usage of crypto.
Users of crypto will find it easy to take part in fantasy games. This gives them the required opportunities for placing bets when competing with the opposite team.
Fanspel, a fantasy sports platform that is blockchain based offers you an opportunity to play your favorite sports and also make money. This platform helps you to showcase not only your knowledge but also your skills with specific sports. Every transaction on this platform is with cryptocurrency.
Growth in Betting and Fantasy Sports
The blockchain market and eSports are impatiently waiting for different developments in the emerging technologies. They are also eagerly waiting for the 5G technology that plays an important role in fantasy sports that are based on blockchain.
Research has proved that betting and online sports will grow by almost 7.2% in the coming years.
As compared to traditional sports betting, betting on fantasy sports is definitely different.
The Effect of COVID19 on the Sports Betting Industry
Digitizing of sports is becoming more of a necessity at present times due to the pandemic. After the first lock down there has been drastic reduction in revenue.
Sports organizations in many countries are looking for revenue streams due to the ongoing lock down. This will definitely help in the growth of fantasy sports. A poor user experience is one of the main concerns. This had drastically reduced after the viewership revenues reduced.
Blockchain technology in eSports is one way to attract customers. This can also convince the old customer to participate frequently. Blockchain can increase the engagement of the user in this industry of eSports.
Fanspel is one way to enjoy fantasy sports, especially for the users of cryptocurrency. This platform offers you opportunities to compete besides placing bets more quickly.
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