With continual growth across the country, sports betting continues to take a hold across America, with the autonomy of legalisation being handed over from the US Government to each individual state back in 2018.
Having no huge history of sports gambling, the state of Wyoming has never been in any rush to legitimise betting of any kind but after careful consideration, it decided to allow its patrons the chance to bet across a multitude of sporting disciplines in the middle of 2021.
Whilst the fact Wyoming decided to get on board the sports betting revolution three years after the laws changed wasn’t in itself newsworthy, they became the first state in America to legalise cryptocurrency and bitcoin as a viable means to place a bet.
This drastic sea change in the market has the potential to be ground breaking and there are many onlookers within the sports betting and cryptocurrency industries that are very keen to see how this decision pans out, reports Fintechnews.org.
One of the fundamental appeals with Bitcoin is the potential increase in value within the Bitcoin industry. Analysts of the Wyoming betting industry have spotted an upward trend in the number of punters betting with crypto currencies and with bitcoin fluid in terms of how much each coin is worth, using bitcoin to place bets can be an effective and lucrative ploy.
Winning a sportsbook bet can of course yield incredible sums of money and should the bet be placed payout in Bitcoin, a sharp rise in the value of Bitcoin can potentially add huge value to any winnings. Inevitably, the fluctuating nature of the value of Bitcoin can also have a negative impact on finances, if Bitcoin diminishes in value but most punters feel it is a risk worth taking.
With all of the major sportsbooks in the state of Wyoming now offering online casino and slot games as part of their operation too, there have never been more betting opportunities for punters to enjoy. Bitcoin’s increase in notoriety and popularity has seen it become recognised currency across every online casino/slot game in Wyoming – giving punters more betting options at their disposal.
In addition, many bookmakers are also offering Bitcoin specific promotions, where punters can use Bitcoin across a variety of betting disciplines. Backing more seemingly sure fire bets like Manchester City to win the English Premier League title at -2000 will of course limit potential profits but betting with crypto currency can enable punters to see a little more bang for their buck.
With a packed sporting calendar to exploit too in 2022, punters in Wyoming may take a gamble on the likes of the Green Bay Packers (+250) to win the Super Bowl in February, Novak Djokovic to win the French Open in June (+240) or England to win the 2022 World Cup in Qatar at the end of the year (+800). Betting through traditional methods will of course yield good wins if any/all of the above punts come in but betting through cryptocurrency gives players an even greater chance of winning big.
Legislation is sure to change as sportsbooks further invest in the exploration of blockchain technology and its potential uses in the sports betting industry. While crypto’s involvement in the industry is limited to player deposits in the country’s smallest state, Wyoming’s legal framework has opened the door for the entire market in America and beyond.