Crypto has had a huge impact on several industries, especially sports. There have even been cases of athletes accepting crypto payments, including Odell Beckham Jr, Trevor Lawrence, and Klay Thompson. As for sports fans, it has provided a safe and secure environment worldwide to wager on their favourite games through crypto sportsbooks.
However, the opportunities it provides go beyond that. It has also allowed punters to engage in their favourite sports like never before. Find out how here at Crypto in Afrika.
What is sports betting?
Before discussing crypto’s impact on the sports industry, let’s talk about sports betting. This refers to the process where sports fans wager on the outcome of their preferred game.
Sports betting is an ancient practice going back to Ancient Rome. It has evolved in the digital space to allow people worldwide to wager on various sports events in real-time while at home.
How crypto has elevated online sports betting
With the innovations brought on by crypto, simply betting on your favourite sports is no longer enough. Now, you can enjoy unique features to enhance your sports viewing in many ways, as discussed during the SiGMA Africa Summit 2023.
During a talk about crypto and its role in the African sports industry, experts who serve as panellists shared various ways to elevate how punters can enjoy sports betting. This includes the following:
- Celebration NFTs
When playing multiplayer video games like Fortnite, players can express their emotions through emotes or short actions done through keyboard commands. With crypto, sports fans can purchase NFTs of their favourite sportsman’s celebratory moves.
This was evident when NFTS at the 2022 World Cup, where NFTs were developed and sold during the tournament. Spearheaded by the organisation known as Toony Chain, the team developed unique services exclusively for football fans across the world.
- Fan token
Fan tokens are a type of crypto bought by a supporter of a specific sports team or league. With the token, they’ll gain access to exclusive fan-related rewards, an opportunity to vote on club decisions, merchandise designs and more. These are all provided for by the organisation they support.
- Starlink satellite
One innovation that’s expected to come in the future is the Starlink satellite, a crypto project from SpaceX that will provide internet access to different regions worldwide after 2023. According to one of the panellists, this will be a great way to encourage sports fans in the continent to engage with crypto and crypto sports betting.
Experience unique ways to engage with your favourite sports
Africa has seen huge growth in crypto sports betting in recent years. That’s why it’s important to continue developing innovative ways to engage with punters and improve their betting experience.
Some of the ways this is done is by selling NFT sports collectables and fan tokens, as discussed during the ‘crypto and its role in the sports industry in Africa’ panel in the SiGMA Africa Summit 2023.
