Sports betting is probably the fans’ most enjoyable experience in any sporting event, since it was first introduced in the late 1990s, has developed into different forms with lots of creative features added for the purpose of adding to the fans’ experience.
This has opened the door for more betting spots (or bookmakers) to come into existence, to host more fans who want to attend any sports activity giving them the possibility to watch and bet live on the spot, whether it is classic horse racing betting, football, basketball, etc.
The ongoing evolution in sports betting has made its way to almost every sport, now anyone can bet on the number of corners taken in a football match, or how many tries are attempted in a rugby game, giving more flexibility to the dynamic nature of betting and gambling, and adding to the experience of the fans
Crypto-betting
The majority of rugby fans have probably heard of cryptocurrencies so far. Basically, a Cryptocurrency is a digital currency that can be used to sell and buy goods and services over the internet, a cryptocurrency does not have a physical form, it is rather a virtual type of coin that is not governed by any banking system, and it is only developed by a group of people that co-work the development of their codes.
Bitcoin, one of the first cryptocurrencies ever found, its value has tremendously increased over the years and is now worth tens of thousands more than its value 10 years ago. Etherium is another well-traded cryptocurrency that is considered the closet competitive to the bitcoin
The flexibility associated with cryptocurrencies has encouraged bookmakers to introduce bets on different sporting events using cryptocurrencies, especially bitcoin and etherium, besides a handful of other cryptocurrencies.
Such a betting option has already been introduced in football, while other sports try to follow, such as basketball and rugby, where the latter has taken serious steps to consider rugby union betting with bitcoin to follow other sports in the revolutionary shift in sports betting and to offer a unique experience to their fans.
Betting using cryptocurrency takes down the borders of exchange rates, which can inhibit fans around the world from access to high-end sports betting, for example, a rugby fan from Chile who wants to place a bet in the upcoming RLWC21 is facing a chain of exchange rates and commission fees to process bets from his local currency to other currencies used in the betting websites, while a cryptocurrency is a unified currency that can be used around the world.
Rugby League Partnership with NFT
The rugby league world cup is one of the most celebrated events for sports fans generally, and for rugby fans specifically, was scheduled to take place in October 2021, in England, gathering more than 600 players from 21 countries. This tournament for the first time will hold competitions for women and wheelchair athletes at the same venues.
In the evolution of cryptocurrency with sports, Rugby League is partnering with NuArca to release the first NFT marketplace during the Rugby League World Cup 2021, which was postponed due to Covid-19 restrictions, and will be held in October 2022 in England.
Non-fungible token, or NFT, is a piece of art that is designed digitally and can be sold over the internet, while the owner holds the ownership and reproduction rights, it works similar to the cryptocurrency but with a designed piece of art rather than a digital currency.
This unique launch is intended to bring together rugby fans across the world, to show their passion for their favorite teams and athletes by collecting and exchanging creations of tokens over the internet.
Future for the NFT in Sports
More sports teams and associations are considering NFTs releases to recover from the financial losses they incurred during the last two years due to the Covid-19 lockdowns and suspension of sporting events around the world.
Teams like Manchester City, the first in the Premier League to launch its own collection of NFTs, and one of their collections “The Football Laboratory” was sold for $19,000. While other teams like Arsenal, Aston Villa, and Leeds, as well as other football associations like the Brazilian national team, are all considering launching their collection of NFTs, to give a unique experience to their fans, and to establish a new income channel.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.
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