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Crypto Can Be a Positive, Disruptive Force.” Kiosk Manufacturer Kenneth Larsen Explores How the Industry Can Prepare for Sports Betting’s Next Revolution
Introduction
As of February 2025, Bitcoin and other cryptocurrencies are increasingly used in the sports betting industry, including for betting machines. As cryptocurrency adoption continues to soar, Kenneth Larsen, CEO of KT Group, warns that the sports betting industry is not doing enough to prepare for it. While Larsen is optimistic about the potential for cryptocurrency to transform the sector, he believes that regulatory alignment, education and awareness, and infrastructure development are needed to leverage the revolutionary potential of decentralized digital currencies fully.
“Crypto’s integration into sports betting offers a clear opportunity to shake up the market, but the industry isn’t quite ready to meet the moment,” says Larsen. “That’s a shame because it could be transformative, with an improved user experience, a more transparent, open playing field, and secure, cost-effective transactions. Crypto can be a positive, disruptive force for sports betting — if we do the work to make it happen.”
The advantages of crypto over fiat for sports betting
Larsen identifies three primary advantages of cryptocurrencies in the sports betting landscape:
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A new way for bettors to engage with terminals
“Cryptocurrencies enable near-instant transfers, significantly speeding up the betting process for bettors. The seamless nature of crypto transactions is appealing to tech-savvy players, and adoption could position operators as forward-thinking and receptive to their needs.”
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Increased transparency and trust
“Blockchain technology provides an open ledger of transactions. Such transparency can help address one of the sports betting industry’s most persistent issues: trust. Bettors and operators gain the assurance of secure, verifiable transactions while providing additional protection against fraud, chargebacks and data breaches.”
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Cost-effective transactions
“Traditional fiat-based payment systems can incur costly transaction fees and often run into processing delays, especially for international users. Cryptocurrencies enable near-instant transfers with minimal fees, meaning global betting platforms can enhance user experience and cut costs at the same time.”
Getting regulation right
While establishing a legislative framework is incredibly complex, Larsen does have some pointers on which approach he believes would be most effective. “I would propose a structured framework, implemented by government legislation. Adoption could drive a nationwide law that operates as a transparent, clear law across all states. Currently, there’s a tangled web of laws. Federal oversight, with a policy of standard guidelines, would assist in streamlining compliance laws whilst still appeasing each unique state’s autonomy.”
Education and awareness
“The industry hasn’t quite grasped yet that crypto has redefined what users expect from online platforms,” he says. “A significant portion of the new generation revels in the decentralised essence of crypto. They crave both privacy and speed, and currencies like Bitcoin offer a host of enticing perks, like anonymity, robust security features, and lightning-fast transaction times.”
“These payment options are fast becoming non-negotiable with an increasingly tech-savvy demographic, and we in the industry need to adapt to this paradigm shift.” he explains. “Of course, blockchain technology isn’t without its risks, and users must educate themselves on the potential pitfalls to protect themselves.”
Infrastructure development
Larsen stresses that any advancement in regulation and/or awareness may be futile if operators don’t ready themselves for adoption. “Naturally, the adoption of crypto into the betting space depends on whether operators invest in technical infrastructure. Secure wallets, integration with multiple different crypto options, and user-friendly interfaces are all key to provide a betting experience that leverages all crypto has to offer.”
Ultimately, Larsen is confident that cryptocurrency isn’t just a passing trend, but a cornerstone of the industry’s future. “We know the market is resilient, and consumer interest in crypto is undeniable. The question is no longer ‘if’ crypto will revolutionize sports betting — it’s when. It’s up to us to seize the opportunity with care and conviction.”
Credit: https://kioskterminals.com/
About KT Group:
KT Group is a globally recognized provider of full-turnkey self-service kiosk solutions designed to meet the diverse requirements of clients. With expertise centered on crafting self-service kiosks and digital signage terminals that exceed client expectations, KT Group has solidified its position as a leading international manufacturer in the field.
Over the past 15 years, the company has expanded its presence, establishing staff and offices in multiple countries across the globe. This global network enables KT Group to provide efficient and timely service to customers, regardless of their location.
Contact Information:
Better Agency
Cayle Hotene
Our Take on Sports Betting and Bitcoin
Bitcoin machine operators, at least ATMs, seem to be their own worst enemy so far. Reference recent splashing all over Colorado news. A bipartisan group of Colorado lawmakers is proposing regulations for the crypto ATMs to protect consumers who fall for a growing list of scams. The legislation would create daily transaction limits, would require machine operators to reimburse consumers who have been scammed in some cases and would require disclosures on the screens of the machines alerting consumers to the possibility of a scam. Not unlike California. You think transaction fees for ATM cash are high? Check out 20+ at Bitcoin ATMs. Very predatory.
Sports betting may be sanctionable venue where bitcoin is transparent and works.
Still, as of February 2025, Bitcoin and other cryptocurrencies are increasingly being used in the sports betting industry, including for betting machines. Here’s an overview of the current situation:
- Online Platforms: Many online sportsbooks and betting platforms already accept Bitcoin and other cryptocurrencies as payment methods.
- Betting Machines: Some physical betting machines, particularly in jurisdictions with more relaxed regulations, have started to incorporate Bitcoin and other crypto payment options.
- Regulatory Landscape: The use of Bitcoin for sports betting varies significantly by country and jurisdiction. Some areas have embraced it, while others have stricter regulations.
- Anonymity: Bitcoin transactions offer a higher degree of privacy compared to traditional payment methods.
- Speed: Bitcoin transactions can be processed quickly, allowing for faster deposits and withdrawals.
- Lower Fees: Cryptocurrency transactions often have lower fees compared to traditional banking methods.
- Global Accessibility: Bitcoin can be used across borders without the need for currency conversion.
- Volatility: The value of Bitcoin can fluctuate significantly, which may affect betting amounts and payouts.
- Regulatory Compliance: Betting operators must navigate complex regulations surrounding both sports betting and cryptocurrency use.
- Technical Implementation: Integrating Bitcoin payment systems into existing betting machine infrastructure requires technical expertise.
- User Adoption: While growing, cryptocurrency use is not yet mainstream, which may limit initial adoption.
The trend suggests that Bitcoin and other cryptocurrencies will likely continue to gain traction in the sports betting industry, including betting machines. However, the extent and speed of adoption will depend on factors such as regulatory developments, technological advancements, and consumer demand. As always, it’s important for bettors to be aware of local laws and regulations regarding both sports betting and cryptocurrency use in their jurisdiction.
More Sports Betting Bitcoin Background
Published Release of GLI Gaming Security Framework Modules GLI-GSF-1 and GLI-GSF-2
February 12, 2025 – Gaming Laboratories International, LLC (GLI), is pleased to announce the final published versions of the following modules to the GLI Gaming Security Framework (GLI-GSF):
GLI-GSF-1: Gaming Information Security (GIS) Controls Audit v1.0: This module sets forth the common controls necessary for auditing a gaming organization’s gaming information security management system (GISMS), to ensure robust security measures across all aspects of gaming operations.
GLI-GSF-2: Gaming Technical Security (GTS) Assessment v1.0: This module establishes the minimum benchmark on which to perform security testing on a gaming organization’s gaming production environment (GPE), including but not limited to servers, internet websites, mobile applications, internal, external, and wireless networks.
The GLI-GSF was created in response to an overwhelming industry request for a comprehensive framework covering gaming security. Leveraging three and a half decades of knowledge and gaming industry insight, as well as a thorough review of global best practices for information security, GLI worked diligently alongside Bulletproof Solutions to establish a framework for gaming security. The GLI-GSF-1 and GLI-GSF-2 have been finalized based on industry feedback received.
These initial modules apply to all forms of gaming, effectively replacing the technical security tests previously established in GLI-27 for landbased gaming operations and, in the near future, will replace the technical security controls previously established in Appendix B of GLI-19 and GLI-33 for interactive gaming and event wagering as other modules are released.
Each module in the GLI-GSF is a culmination of industry best-practices. The GLI-GSF is created using a collaborative approach which involves thousands of gaming industry stakeholders. This framework is intended to assist regulators by creating baseline security guidelines which they can adopt and/or utilize in the manner they see fit. In addition to assisting regulators, this framework is of tremendous value to gaming organizations who seek comprehensive guidance and recommendations for enhancing security across all aspects of gaming operations, saving both time and expense. The GLI-GSF is available for free download on the ‘GLI Standards’ tab found at www.gaminglabs.com
Comments
- Mike Jarmus — Strategic Marketing for Crane past role — This is a great article, and I completely agree that the sports betting industry must stay in tune with the evolving cryptocurrency landscape. Based on our research, 28% of American adults (approximately 65.7 million people) own cryptocurrency. However, ownership does not necessarily equate to transactional usage, highlighting the gap between adoption and practical application. While crypto’s role in sports betting is undeniable, its success depends on both regulatory clarity and infrastructure development. Not only should sportsbook operators take notice, but OEMs of betting kiosks and even component suppliers like CPI must adapt to ensure seamless integration between traditional and digital payment ecosystems.
- To drive widespread adoption, two key hurdles must be addressed. First, federal clarity on cryptocurrency regulation is essential. State-by-state policies create fragmentation that slows progress. Second, the inherent volatility of cryptocurrencies can be mitigated by incorporating stablecoins or, in the long term, a U.S. central bank digital currency (CBDC). While the Bitcoin Lightning Network significantly improves transaction speed and reduces costs by processing payments off-chain, it does not address price fluctuations. Therefore, sports betting operators, kiosk manufacturers, and payment providers must collaborate to develop cash-to-digital solutions that seamlessly integrate with mobile devices, allowing for both crypto and fiat transactions. The industry’s ability to adapt to these evolving payment technologies will determine how effectively it capitalizes on crypto’s potential.
More Bitcoin and Sports Betting Articles
- The Bitcoin ATM Market and Its Potential – Kiosk Industry
- Bitcoin ATM Bitcoin Kiosk News – Kiosk Industry
- Sports Betting Kiosks Come to Ohio in Big Way
- Sports Betting Kiosks – Sports Wagering – Kiosk Industry
- Sports Betting Kiosk & Gaming News — SuzoHapp Shortlisted
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- cryptocurrency kiosks
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- Bitcoin ATMs at ATMIA
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- bitcoin kiosk information systems bitcoin ATM
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- Bitcoin ATM Kiosk image
Recent Bitcoin News
- Reference recent splashing all over Colorado news. A bipartisan group of Colorado lawmakers is proposing regulations for the crypto ATMs to protect consumers who fall for a growing list of scams. The legislation would create daily transaction limits, would require machine operators to reimburse consumers who have been scammed in some cases and would require disclosures on the screens of the machines alerting consumers to the possibility of a scam. Not unlike California. You think transaction fees for ATM cash are high? Check out 20+ at Bitcoin ATMs. Very predatory.
- Nebraska – regulations advanced — A measure that would make operators of controllable electronic records, such as cryptocurrency, subject to regulation under the Nebraska Money Transmitters Act advanced from the first round of debate Feb. 11.