.png){kind=logo}
Bitcoin is influencing the IPL in India: Cricket stands as the unrivaled titan of sports in India, commanding the allegiance of more than 60% of the nation's populace. In stark contrast, football, while popular, falls significantly behind with only 32% of Indians showing interest. Given cricket's pervasive hold on the nation, it comes as no surprise that it has also become a focal point for wagering activities. Concurrently, the cryptocurrency revolution has swept through India, with an astounding number of over 100 million individuals holding digital assets, a figure that surpasses any other country in the world. In comparison, the United States trails behind with a mere 27 million cryptocurrency owners. With such staggering figures in both cricket fandom and cryptocurrency ownership, it was inevitable that these two domains would intersect.
Cryptocurrencies, such as Bitcoin, are becoming increasingly popular among gamblers, and for good reasons. For starters, all transactions are anonymous, immediate, and far less expensive than more typical payment methods. Sports betting is a massive industry in the country, with an average of 140 million bettors. However, during major events like the IPL (Indian Premier League), this figure might rise to 340 million. For the majority of those bettors, it's all about cricket and Bitcoin.
Professional cricketers, including illustrious names like Harbhajan Singh, Thangarasu Natarajan, and Prithvi Shaw, have also been drawn to the allure of cryptocurrencies. Singh's collaboration with a major Bitcoin exchange platform is a testament to the growing intersection between sports icons and cryptocurrency ventures, leveraging their fame to attract new investors.
The convergence of cricket and cryptocurrency extends beyond individual investments, with technology companies capitalizing on the sport's popularity to market digital assets. A notable example is the OKX Crypto Cricket Cup, launched by OKX, a leading Web 3.0 startup. This innovative tournament, held from October to November 2023, coincided with India's hosting of the 2023 Cricket World Cup, offering participants the opportunity to earn non-fungible tokens (NFTs) representing real-life cricket teams. With substantial rewards and incentives for participants, the OKX Crypto Cricket Cup aimed to promote Web 3.0 products and foster engagement within the cryptocurrency community.
However, alongside legitimate endeavors, cryptocurrencies have also been associated with scandals and fraudulent activities within the cricket industry. Former Zimbabwean cricket captain, Heath Streak, was embroiled in controversy after admitting to providing inside information to an Indian bookmaker in exchange for cryptocurrency payments. Streak's actions led to his suspension from the sport for eight years, highlighting the risks associated with illicit cryptocurrency activities in cricket.
Similarly, regulatory issues surrounding cryptocurrencies persist in India, despite the country boasting the highest number of cryptocurrency owners globally. The absence of comprehensive regulations has created challenges in addressing fraudulent activities and ensuring investor protection. Safety concerns also loom large, with instances of cryptocurrency fraud and scams plaguing the industry, underscoring the need for robust regulatory frameworks and heightened vigilance.
Despite these challenges, Bitcoin's inherent features, such as decentralization and transparency, offer significant advantages in terms of safety and security. While fraud remains a concern, the finite supply of Bitcoin and the transparency of blockchain technology contribute to its resilience against central bank manipulation and inflation. Moreover, blockchain-powered gaming and betting platforms provide users with visibility into transaction histories, enhancing trust and accountability within the ecosystem.
Despite having the highest number of cryptocurrency owners in the world, India has failed to regulate the sector. Meanwhile, cryptocurrency laws are primarily based on other regulations, such as the Money Laundering Act of 2002 and the Companies Act of 2013. A cryptocurrency bill was supposed to be released in 2021, but it is currently awaiting Parliament's approval.
Bitcoin includes important characteristics that serve to make it safer and more transparent than traditional money. This includes the fact that it is decentralized and all transactions are visible on the public ledger.
Nonetheless, frauds remain an issue. Recently, the Indian police apprehended eight.
Suspected of participation in a $300 million cryptocurrency fraud. Nearly 100,000 people have been affected, including government officials and law enforcement officers. The fraud was detected in 2023, but the thieves had been operating since 2018.
Bitcoin has a finite quantity of 21 million units. This implies that Bitcoin's value is protected by its scarcity, which also keeps it safe from central banks and inflation. Blockchain-powered gaming and betting websites are also transparent. Users may view the platform's ledger and analyze its functioning. For example, it is easy to verify the validity of payouts.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
