Cryptocurrency and sports: some current and future uses
Many people who are just learning about cryptocurrency often ask what some potential uses of the technology are, and from time to time we like to explore these use cases to help understand just how powerful and transformative these technologies are going to be. For such a big global industry as sports, cryptocurrency and blockchain technologies can facilitate a range of segments, such as marketing, betting, fantasy leagues, and data analysis.
Crypto companies partner up with major sports teams
One of the challenges faced by new cryptocurrencies is standing out above the crowd. With over 1,700 coins in circulation, there’s a lot of ‘noise’ in the market. At the same time, sports marketing is a unique way to get a message to a whole new audience. While many crypto firms scrap for the same potential customer base of ‘in the know’ users, others have taken to sports marketing to broaden their appeal.
This has even led to the creation of specific cryptocurrency marketing agencies. One such agency, Van Hawke Sports in London, seeks to connect firms with potential athlete and sports teams for partnerships.
Company CEO, Sunny Singh, highlighted the incredible potential in a recent statement:
“Since opening the doors to Van Hawke Sports we have seen a momentous shift in how these new brands perceive sports as vital marketing assets. It’s a hugely exciting time for the sports industry as a whole. Blockchain technology and cryptocurrency are creating new revenue verticals for right holders that simply did not exist as little as 12 months ago.”
This shift in the cryptocurrency industry away from the internal group to engage with the outside markets is driving the demand for sports marketing. As with any engagement in cryptocurrency, doing your best research on a company is key though, and Van Hawke say they reject about 90% of the requests by crypto firms after vetting them.
Many high-profile partnerships have already happened within many different sports, including British Premier League Soccer, Formula-E, NASCAR, Olympic sports like bobsledding, and major sports leagues like the NFL and NBA.
Online betting sites see cryptocurrency as a better alternative to fiat
Another key use in the sports world is online sports betting sites. There are pretty severe regional restrictions in many parts of the world surrounding gambling, making the decentralized model helpful in actually transferring money to winners, for example.
The demand for such betting sites is huge, and many have popped up to fill the space. Using the distributed ledger of cryptocurrency ensures that bets are handled in a fair and transparent manner, since all users have access to all transactions. The privacy features built into many cryptocurrencies also helps you place bets anonymously.
With options of using bitcoin to buy goods and services still being fairly limited, people often ask how to use bitcoin in other ways. Betting sites are a great way to use crypto in place of your fiat currency. Look for sites with the best betting offers, and ones that use your currency of choice. Using a cryptocurrency betting site offers the anonymity and freedom to place bets, which is often difficult or unsafe to do.
Increased possibilities for data tracking and analysis
The underlying technology for cryptocurrency, blockchain, can also be very helpful in data analysis. Some companies are turning this technology toward data analysis, taking advantage of the massive computing power available in such a distributed architecture. As films like ‘Moneyball’ exposed, using data, statistics, and analysis can make all the difference in a team’s performance. Look for an increase in these types of applications in the future.
Companies like Sports Ledger are already exploring the many benefits of using blockchain technology to build an analytics and AI platform for sports development. They aim to make the application of this advanced data analysis more available to the public to help enrich fan experiences. Creating insightful and powerful predictions based deeply on data science is their goal.
As you can see, there are many different applications and uses for cryptocurrency and blockchain in the sports world. This new technology is just taking off, and it will find its way into almost every industry. Early adopters of the technology will see the strongest benefits, and it will help them stand out from the crowd. This is just the beginning for sports and cryptocurrency.