You can agree that the general sports betting industry is very open to innovations. In fact, it’s almost impossible to think of one innovation that has not in some way affected this sector. This is a significant factor contributing to Grand View Research’s valuation of the global sports wagering market at $100.9 billion and its forecast of $187.39 billion by 2030.
This momentum is also visible in niche sectors, such as online hockey betting, which are growing rapidly to become global phenomena. Grand View Research conducted another study, finding that the worldwide hockey wagering market has already reached $6.5 billion and is on track to surpass $10.6 billion by 2030.
Of course, sportsbooks operating here are expected to face higher competition as the industry expands. At the same time, bettors are becoming increasingly discerning, wanting experiences that can encourage repeat visits. However, this doesn’t mean all hope is lost, as new technologies like cryptocurrency can actually help improve competitiveness. If you want to learn how that is possible, then staying around will really help.
Aligning with the growing need for instant payouts
No one wants their payments to be delayed. According to Testlio, delaying payments can frustrate shoppers and cause a decline of up to 20% in conversion rates. Conversely, removing delays increases the likelihood of appealing to 70% of users, who, according to the institution, expect funds to be processed within two seconds or less.
Further highlighting the growing popularity of instant payments, Juniper Research forecasts that the total real-time transaction volume will reach $129 trillion, up from $60 trillion in 2025. Given such statistics, you always want to ensure your payment methods are fast enough to avoid giving your competitors an edge. And this is no different in the sports betting sector, where punters now expect to deposit and withdraw funds in no time.
Remember, funding accounts is one of the initial steps of placing wagers. If this process is slow, many bettors will likely abandon the platform and possibly refuse to return to it. Imagine the pain of losing potential consumers who you haven’t even had the chance to engage with, simply because the payment system felt inconvenient or outdated. Crypto, with its near-instant settlement speeds, helps eliminate this friction.
It does so through its decentralized nature, which removes the need for banks or third-party processors to verify transactions. Instead, payments are validated directly on the blockchain, allowing deposits and withdrawals without requiring players to wait. Experiences of this nature show your commitment to aligning with shifting bettors’ behaviors, which can positively impact your brand reputation.
A tool to reach more audiences
Do you know that, according to Exploding Topics, approximately one billion people worldwide use digital currencies? Given that these currencies have performed well in recent months, this number is likely to increase significantly in the coming days. That also means the number of people using digital currencies as payment methods could increase.
As a forward-thinking sportsbook, you definitely do not want to miss out on such trends. In fact, some have already started integrating popular coins like Bitcoin into their platforms to attract a more global, tech-savvy audience. And you may actually be surprised to learn that, according to Blocknomi, crypto transactions account for about 30% of all wagers. If that’s not enough, the crypto gambling market jumped from $50 million in 2019 to $250 million in 2024, highlighting how modern punters are increasingly turning to digital currencies.
And when such gamblers spot crypto offerings on your platform, they’re far likely to associate you with being customer-focused. At least, they’ll see that you aren’t stuck in the past and are prepared to offer the payment flexibility they prefer. This can actually translate to outstanding benefits. SuperOffice CRM says prioritizing customer-centricity can cause you to be 60% more profitable than when you don’t.
Besides reaching the tech-savvy population, crypto can also help appeal to punters who may not have easy access to traditional banking services or credit cards. In many regions, especially developing economies, access to banking infrastructure remains limited. FinDev Gateway estimates that only 79% of the world’s adults have a financial account. Working with a world population of approximately eight billion, this statistic indicates that a significant portion remains unbanked.
However, many of these individuals have access to mobile devices and internet connectivity, allowing them to store and transact with crypto wallets even without formal bank accounts. For hockey wagering platforms, this presents an opportunity to open the door to entirely new demographics.
Appealing to risk-averse audiences
Given the increasing number of cyberattacks, it is prudent for users across various sectors to pay closer attention to their online safety. According to Sci-Tech Today, over eight in ten (85.5%) will only visit a website if it seems safe. Of course, you don’t expect horse bettors to behave differently, especially now that cybercriminals are becoming increasingly interested in the entire sports betting sector.
This is another area where cryptocurrency can provide a decisive advantage. Unlike traditional payment methods, where personal and financial details must be shared with service providers, crypto transactions do not require you to reveal sensitive information. You only need a wallet address to deposit or withdraw funds. With such pseudonymity, you can significantly reduce the risk of fraud or identity theft.
Mark you: According to Mundo Video, 91% of the studied identity thefts occurred in the sports betting sector. Such statistics underscore the importance of being more vigilant if you want to achieve long-term success. Remember, cyberattacks can harm your reputation and even deter customers from returning to your site. And since customer acquisition costs are increasing at an unprecedented rate, you want to avoid such losses at all costs. Thanks to crypto’s pseudonymity, you can significantly reduce exposure to identity-related risks.
Beyond privacy benefits, digital currencies are also immutable. Once a transaction is verified on the blockchain, it cannot be altered or reversed by anyone else. As such, it becomes difficult for bad actors to manipulate records or engage in chargeback fraud. Chargeback fraud happens when users claim unauthorized payments to retrieve lost funds. If it happens, it can result in significant losses, which may even threaten your survival.
This is why you want to take advantage of more secure technologies, such as cryptocurrency. When privacy-focused gamblers spot these technologies, they tend to become more confident and encouraged to explore. They may also mention your platform to their friends, which may lead to notable organic growth.
However, it’s worth noting that digital currencies are associated with risks, such as phishing scams. So, as much as they provide improved security, you still have the responsibility of implementing tight protective measures on your end to ensure the entire experience remains trustworthy.
A lucrative way of improving customer engagement
Customer engagement in the wagering industry refers to the level of active and emotional involvement a bettor has with a platform. It measures how deeply users interact with the platform, the length of gameplay and their desire to use the platform again. To provide genuine engagement, you’ll need to go beyond simple offers to create meaningful experiences that encourage participation.
Take bonuses, for instance. Of course, these features have long been part of this industry. However, beyond just providing the standard bonus features, you want to diversify your approach in an effort to overcome the industry’s growing competition. And this is where crypto’s tokenized rewards come into play. They are not like the traditional bonuses, which often feel limited and one-sided. In other words, you may not be able to use bonuses earned on one sportsbook in another.
However, since tokenized bonuses are transferable, you can store them in a personal wallet or trade them in a secondary market. This way, your rewards feel more like actual assets, rather than temporary credits that disappear once used, which could make you more invested in the platform and increase your likelihood of returning.
And as you may know, loyalty really pays off. SAP Emarsys says customers who return spend up to 67% more than those who are new to the business. Additionally, Bain & Company claims that a 5% increase in retention could lead to a 95% increase in profitability. Even better, tokenized loyalty programs can help sportsbooks build stronger community-focused ecosystems.
Think of it as a sportsbook offering staking-based benefits, where punters who hold more tokens can unlock exclusive chats, betting insights or early access promotions. These community-driven features can help create emotional attachment, making the entire experience more than just placing wagers.
What about reducing the cost of transactions?
Well, as simple as it may sound, reducing transaction costs can help improve retention rates. You don’t want to deter bettors simply because they realize that processing fees are consuming a significant portion of their money. Traditional payment processors and banks typically impose service charges that can accumulate over time.
This can especially be hurtful during cross-border transactions, where currency conversion fees are involved. Imagine spending up to 6.25% of every transaction amount on fees alone. That’s money punters would rather use to place more wagers than to cover unnecessary costs.
But as already mentioned, crypto removes the need for intermediary financial institutions, which can significantly reduce many of these fees. Actually, tokens like Stellar (XLM) can cut the cost to as low as $0.0000041 per transaction. Once gamblers realize they can spend less on processing fees when transacting with your platform, they’ll have one more compelling reason to choose it over competing sportsbooks.
In other words, digital currencies can help improve your competitiveness by making your hockey betting platform feel more customer-centric. After all, modern gamblers want more than just an online website that allows them to place wagers on their favorite sports.
For instance, if they realize you only have slow payment methods, they may as well turn to alternative bookmakers who offer the convenience they seek. Crypto can also help reach tech-savvy bettors who want greater control and more secure wagering experiences.
