Unpacking the NFL’s Crypto Betting Surge

Sports betting is a huge industry in the US. According to studies from Investors.com, while it’s only been about six years since sports betting was legalized in the country, 2023 saw an estimated $120 billion in wagers placed.

On average, 1 in 5 adults say they bet on sports at least once a year. Among all the different sports that bettors can place wagers on, football remains the most popular. A recent Variety Intelligence Platform report reveals that 4 out of 5 respondents admitted football is their preferred sport to bet on.

Just this year, poll results shared by the WAMC broadcast station noted that 39% of all Americans placed bets in time for the Super Bowl Sunday activities. This makes sense, given that this massive NFL event is considered one of the biggest betting days every year when the industry sees many fans working with sportsbooks and using fiat currencies to speculate on the outcomes of important matches. As sports betting goes digital, however, football is seeing a growing trend wherein more people are turning to crypto currencies. This is in light of the digital tokens’ many benefits both within the context of sports betting and the NFL.

Why and how crypto works for NFL sports betting

As we explained in a previous article, most NFL sports bets are made online. This is because of the relative safety, ease, convenience, and perks that online betting providers offer. For instance, BetOnline is a well-known sports betting site that offers betting lines on NFL games. Currently, there are hundreds of websites available for US bettors that cater to millions of sports fans nationwide. Per Statista reports, the number of online sports bettors is expected to hit almost 37 million by 2025.

Now, while many of these sites accept traditional currencies, the last several years have seen the emergence of those that specialize in cryptocurrencies. Such is the case for Thunderpick, which is a leading crypto-only platform. On the site, users can place wagers on a number of sporting events, including the NFL. Using a variety of tokens, including Bitcoin, Litecoin, Ethereum, and Tether, to name a few, users get to peruse a variety of betting lines. In line with other online betting mediums, users can look forward to benefits such as a welcome bonus of 100% and fast, fee-free transactions. These factors bode well in NFL sports betting because they allow users to remain more agile with their betting strategies and help minimize certain risks associated with the practice.

Since cryptocurrencies are decentralized, they’re not controlled by the same third parties, which makes transacting fiat currencies slower and more costly. As such, any bets made can be completed in a more timely and budget-friendly way. This is especially helpful considering that odds for such high-stakes leagues like the NFL can change on a dime, and Pew Research previously stated that the average sports bettor puts up to $100 on the line per wager. The fact that crypto also exists on blockchain technology, which ensures it cannot be monopolized or redirected, means that there is an added level of security. While this doesn’t mean security in the sense that bettors are more likely to win, it reduces their risk of having sensitive data breached or outcomes manipulated. This is why an Alpena News post recently posited that crypto sports betting, as a whole, is poised to overtake traditional sports betting soon. In line with this, Crypto Times reveals that more than 47% of all online gambling transactions in the US in 2024 so far have used Bitcoin.

What the future holds for NFL crypto betting

Although some hesitations remain around the use of cryptocurrency because of its volatile nature, these digital tokens are still an undeniably valuable and relevant asset class. As such, the NFL has taken to embracing cryptocurrencies with great enthusiasm, even in comparison to other professional leagues. Whereas other big entities, like the NBA, have only recently started to adopt more crypto-related offerings into their landscape, football has integrated digital tokens across numerous sectors.

For example, Bitpanda, a Vienna-based digital investment platform, was recently named a long-time NFL partner. Through this collaboration, the two parties are able to boost each other’s reach and scale across new and old audiences. Namely, as the crypto platform allows fans to access exclusive fan experiences, the NFL gains support as it stretches its impact across the relatively new European market. Aside from this, NFL players themselves have been vocal about their interest in crypto within the sport. As athletes who double as trendsetters among their adoring public, the weight that these stars put behind crypto use is not lost on the masses. In the last few years, a number of players have requested that part of their salaries be given in crypto. One of the most noteworthy instances of this involved Odell Beckham Jr., who requested that his 2021 salary be in Bitcoin. Within a few weeks, the token saw a 41% valuation jump, subsequently bumping up how much the wide receiver earned. The fact that teams themselves are willing to offer this means that even management heads are comfortable with using cryptocurrencies. With all these said, it’s evident that crypto is well entrenched within the NFL’s ecosystem, which means crypto sports betting is only set to see more opportunities and support arise.

For more on the NFL and the Baltimore Ravens, please check out our other articles on Russell Street Report.

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