Crypto gambling ‘growing in momentum’

There is a growing sense of momentum behind crypto gambling and it could soon cross into the mainstream in a similar way to Uber in the past, according to one leading industry figure.

Joe McCallum is the managing director of Yolo Entertainment, the company that runs the Sportsbet.io and Bitcasino brands, two of the most recognisable names in the sector.

The Yolo head believes crypto gambling is here to stay and is gathering more trust and understanding, which is partly as a result of the various partnerships that have been formed.

Sportsbet.io, for example, has a deal in place with football club Southampton – who were relegated from the Premier League to the Championship last season – and it has previously joined forces with other big names from the sport such as Watford and Arsenal.

“There’s an interesting fact about the Premier League. There was a poll asking how savvy fans were in terms of crypto and Southampton topped that. It demonstrates our partnership is getting the message across,” McCallum said in a new interview with iGaming Business.

The Bitcoin logo was positioned on the shirt sleeves of Watford players as part of their deal with Yolo and McCallum explained how the partnership worked to get people talking about crypto.

“People were asking what it was, it was provoking a reaction,” he said. “Even on the pitch other teams were asking what it was, so the players were educating one another on crypto.”

While crypto sports betting sites and crypto casinos are still relatively new, they are enjoying growing popularity even though they can be controversial. Chelsea – one of the largest clubs in Europe – were reportedly set to unveil top crypto casino and sportsbook Stake.com as their new shirt sponsor for the 2023-24 season, only for the angry response of fans to scupper the deal.

“You’re dealing with the club’s heritage so you have an element of responsibility in terms of what you can and can’t do,” said McCallum, who noted the link between Southampton and the Sportsbet.io crypto gambling site was not initially popular. A survey showed just 17% of the fans were in favour of the Yolo partnership at first, but this grew to 68% in the deal’s second year.

McCallum believes crypto is now close to becoming a part of regular life, noting how Uber was a controversial ideal at first. “You think you’d never get into a stranger’s car; that’s alien across any culture,” he said. “But once you do that, it becomes this mass adoption of the practice.”