Terms such as “Web3”, “decentralised”, “NFT”, and “blockchain” are no longer limited to somewhat technical circles alone, and they certainly have not been lost on the budding cryptocurrency investor. However, might they also soon have a place in sports betting? According to the well-known opinions of Maxwell James Sterling, this is already a foregone conclusion. We recently had an opportunity to spend a few moments discussing the potential future role of cryptocurrencies in relation to online bookmaking, and he provided us with a surprising level of insight.
More than a Sports Journalist
If there is anyone qualified to discuss blockchain-based trends, Maxwell James Sterling is close to the top of the list. While be boasts a strong background in sports journalism, his familiarity with other concepts such as statistical analysis and probability theory are just as impressive. This is why looking ahead is not a matter of intuition. It rather involves reading the current state of affairs, and extrapolating valid conclusions.
“Let’s keep in mind that cryptocurrencies are no longer solely limited to trading circles,” he begins. “Tokens such as Bitcoin, Litecoin, and Ethereum have begun to provide real-world solutions when it comes to online transactions. So, it only stands to reason that they are beginning to appeal to average wagering enthusiasts.”
The Next Generation of Online Payments
We wanted to know why cryptocurrencies appeal throughout the online betting (and indeed the larger iGaming) community. Maxwell James Sterling provided a handful of benefits that are not often associated with traditional fiat payments:
- Cryptocurrencies are relatively immune to the effects of inflation.
- The transactions themselves are normally completed within a matter of seconds.
- Crypto-based platforms offer superior level of privacy and discretion.
He particularly emphasises the final point.
“One of the most predominant trends I’ve noticed throughout my X feed involves the notion of online privacy. Individuals are constantly looking for additional means to keep ‘big brother’ at bay, and cryptocurrencies can often present the ideal solution.”
However, he also mentions that these tokens are much more user-friendly when compared to a handful of years ago. Assuming that one already possesses a cryptocurrency wallet, the mechanics themselves are quite similar to fiat alternatives.
How Have Bookmakers Responded?
Bookmakers realise that loyalty is the most valuable commodity at their disposal. So, they are quite eager to keep members happy. Providing them with more flexible payment solutions is an obvious choice from the perspective of pragmatism alone. However, some have been quicker to adopt cryptocurrencies than others. Are there any reasons for sluggish response times?
“One of the issues that I’ve seen come to pass involves traditionalists who are put in a position of management. They are wary about making changes to their payment ecosystems. More often than not, this comes from a lack of understanding how cryptocurrencies actually work.”
He likewise believes that bookmakers who fail to adopt these so-called “hybrid” payment models are at risk of appearing generic, and even outdated.
“The bottom line is that cryptocurrencies represent the next major paradigm shift in terms of how online bets are placed. Although these options have only recently emerged, the associated momentum is already impossible to deny.”
The Need for Transparency
As also wanted to ask Maxwell James Sterling about the decentralised nature of the cryptocurrency community. Would this lead to an increased level of transparency, or might it instead cause confusion?
“I posed this very same question to my Instagram community in late 2024. Most responded that they were not overly concerned about payment transparency. In fact, the majority went as far to say that they would lean towards a fully anonymous payment provider if presented with the option.”
Still, Maxwell James Sterling maintains a balanced perspective. He also highlights that certain security features should still be employed by bookmakers, even those dealing with cryptocurrency accounts.
“Measures such as know-your-client verification are powerful tools that help to prevent serious threats including identity theft, and money laundering,” he asserts. “While these might not be the most convenient processes for the end user, they are excellent ways to provide a greater sense of transparency, and to illustrate that the bookmaker cares about the safety of its members.”
Farewell to Fiat?
Considering his background in statistics and probabilities, we thought that it would make sense to conclude with a final question. Will cryptocurrencies eventually replace fiat-based wagering methods?
“Not at all,” he confidently responds. “We need to remember that there are plenty of benefits associated with fiat transactions. Cryptocurrencies are instead meant to add another ‘string to the bow’ when it comes to convenience.”
He also states that younger betting enthusiasts are more likely to embrace these lightning-fast alternatives. However, we should not prepare to say goodbye to fiat any time soon.
