Sports in England have become one of the biggest sources of revenue for the country and one of the biggest attractions for both its citizens and tourists. For example, the English Premier League is the most-watched football league in the world. Games are watched by billions of people around the globe, and thousands of people attend the games every weekend. Sports had to stop their activities because of the difficult situation we are going through and it is expected that the revenue from this years’ events tickets will reach the $620 million mark.
According to an investigation from Statista, these numbers represent a decrease from last year’s revenue (which was $1,421 million). However, it is expected that this figure will be reached again by 2021 and that revenues surpass the $2,000 million mark by 2024.
Due to the popularity increase in sports, leagues, and teams are looking for solutions to improve their services and offer a safer, faster, and more comfortable experience to their fans. One of the alternatives that are already being tested is the sale of tickets through blockchain technology.
This system was briefly tested in 2018 and its results were very successful. Before the current crisis, Lancashire Cricket Club had plans to sell tickets to its games through a blockchain-based platform. This experiment couldn’t be completed because of the crisis, but the plan is expected to resume in 2021.
Using a blockchain system for the sale of tickets to sporting events could have several benefits for the fans and teams that begin to utilize this process.
No more fake tickets
Immutability and security are some of the advantages blockchain technology has to offer. Therefore, using this system in ticket sales would allow teams to control the distribution of tickets and therefore reduce the activity on the black market. This would also help to eliminate fake tickets.
Safe and easy payments
Another advantage of this system is that ticket purchases would be faster and safer. Digital wallets will be vital to complete this process. One of the best options on the market is Bitfoliex, which is recognized by its security and simplicity. Through this platform, users can make international payments within seconds with the highest security standards. They are said to be integrating with many teams around the world to provide a new way to transact.
Convenience for the fans
Finally, another advantage would be the comfort users would have with this system. The acquisition of tickets would be safer and faster. Transactions would be completed within seconds and without the need for long lines. Furthermore, users wouldn’t risk buying fake tickets or paying high prices on the black market.
The next step of technology in sports will most likely be related to cryptocurrencies. Several teams of the English Premier League have opted for this technology, and up to seven teams have already obtained sponsorship contracts with companies from the crypto world.
The popularity of sports in England and the constant innovation of the digital world makes this partnership a very powerful one. Therefore, technology and the crypto industry could have a bigger influence on the sports world. Not just in sponsorship deals but also in other aspects of the game.