The psychology behind the rise in popularity of crypto sports betting

It is no secret that the world of crypto has expanded drastically over the last few years. Today you can make payments and transactions with crypto currency everyday if you’d like. This year we are also being reminded of its influence in sports and gambling as the large amount of crypto betting ads during the Super Bowl last weekend led to the informal renaming of the event to “Crypto Bowl”. But what are the drivers for people to enter crypto betting?

Crypto betting 

Crypto betting is a form of sports betting where you use crypto currency rather than regular currency to bet on one or a set of events to take place during a sports event. For example, you can bet on the general outcome of the game, on who wins the MVP title, or whether a certain celebratory goal dance will be used.  

Recently, people are realizing the many benefits of using crypto for betting and casino gambling and it has become popular for sites such as bästabettingsidorna.se to share lists of the best and most frequently chosen sites by players. 

In comparison to regular currencies, crypto provides a larger amount of anonymity and security as it doesn’t require users to provide banking details that could enable hacking of their accounts. The anonymity also allows less discrimination of classically underrepresented target groups within gambling. 

Fan engagement and control 

Another attractive quality of the crypto betting is that it encourages fan engagement and control. In an interview with Vox, a betting-fan described how betting on games allows fans to move past the passive “couch coaching.” Making them feel some sense of action that might be rewarded and validate your coaching qualities if the bet turns out to be successful. 

The fan engagement has gained some particular traction during the pandemic years when many sports games didn’t allow for in-person audiences. Rather than experiencing the force of bleacher fan chants, many found themselves in their quiet common rooms with a drastic decrease in excitement. Crypto betting allowed for fans to still feel part of the game and to up the stakes of their support despite being unable to attend the arenas. 

Accessibility and progress

Lastly, crypto betting has great accessibility. Through just a few taps on your phone, you can place several bets in under a minute. It doesn’t limit you to an arena, a town, or even a country. Sports fans can bet from their summer vacation, even if they are on the other side of the planet. 

Crypto betting also allows for people to feel progression in their crypto career. They make use of their investments in ways other than simply trading or reading the daily stock market. This creates a further sense of accomplishment and success, especially on days when both the market and the game are bringing it home.