Is Cryptocurrency the future of sports betting?
Online gambling is very versatile, and sports betting, in particular, has a diverse range of options starting from featured markets to odd selections and down to deposits and withdrawals. Bettors can be very demanding, and the need to expand this part of their service has led many betting companies to adopt the Bitcoin system.
Cryptocurrency is a decentralized currency and a powerful way to place bets over the internet. It is universal, and its digital nature means that physical boundaries do not limit it. It eliminates the issues involved with country-to-country transactions.
Cryptocurrency And Bitcoin
Over 6,000 Bitcoin alternatives are in circulation in the virtual space. Common ones include Litecoin, Dogecoin, Ripple, Zcash, and Ethereum. However, none is widespread because they failed to take off as Bitcoin did.
You can acquire these digital coins recording or verifying e-transactions digitally as well as solving complex equations in a process known as cryptocurrency mining. Although, this requires some level of expertise in the area. The easier option would be to buy and sell on cryptocurrency exchange platforms. Here you can acquire Bitcoin by trading with traditional currencies or alternative cryptos.
Online Betting With Cryptocurrency
The concept of cryptocurrency can be daunting for first-timers because not many bettors are well versed with the technology. However, the buying and selling of Bitcoin and its variants is quite simple once you get the hang of it. It took a while before it gained the title of the leading crypto, following the release of the software in 2009. Now, it is one of the top mediums of exchange for financial transactions. An estimated 60% of Bitcoin transactions across the globe are online gambling payments.
In the past few years, the acceptance of cryptocurrency as sports betting payment method has received mixed reviews from bettors and bookies. Nonetheless, crypto sports betting sites are continually on the rise, and a considerable portion of them are relatively new in the industry because older bookmakers are slow to open up to this solution.
Some sites are cryptocurrency specific, while others are already established sportsbooks who have added it as a payment option. This method is rather unconventional, so bookies who incorporate it on their sites are seen as forward-thinkers.
Why Is Cryptocurrency Safe And Secure?
As a decentralized payment system, a crypto transaction between two users is recorded in a digital ledger. It then replicates and stores itself in a blockchain database network. This dual copy system is a preventive measure against hacking and unauthorized alteration. A transaction that doesn't show up on both copies will be flagged. Being intangible, it relies on cryptography, which protects against fraud and counterfeiting.
You do not have to provide any information other than your crypto account and an e-mail address. Personal details are not required, and this means you get to maintain the utmost privacy and eliminate unwanted exposure.
Before you can start betting with the world's no 1 pseudo currency, you need to know how to create a Bitcoin wallet.
I assume you are familiar with e-wallets like PayPal, Skrill, and Neteller. These intermediaries are a bridge between your bank account and your betting account. Bitcoin wallets work on a similar principle, which is to store, safeguard, and shield your money from theft or hacking. There are several crypto wallets available. They work with various operating systems and are designed to suit varying needs. Pick a suitable one and register on it. It will generate a digital ID to enable you to unlock your crypto account. As mentioned earlier, you can fund your wallet through mining or cryptocurrency exchange.
Once you have set up a Bitcoin wallet, you are ready to dive into online sports betting
Making Deposits With Cryptocurrency
- Sign up on any of our recommended sportsbooks by completing the registration process. Remember to look out for bonuses on offer
- Go to the cashier section of the site
- Choose a cryptocurrency like Bitcoin as your preferred option. The sportsbook will provide its Bitcoin address
- Go to your wallet, type in the bookmaker's address and transfer the amount you want to deposit
- Finally, return to the online betting site and confirm the payment
Making Withdrawals With Cryptocurrency
- Log in to your account and head to the cashier section of the betting site
- Click on the withdrawal button
- Enter the amount you would like to cash out
- Provide the address to your wallet and confirm the request.
How Does Cryptocurrency Compare With Other Methods
Centralized regulation is the primary factor that differentiates digital currency from other payment methods. A central bank does not control the movement of money. In addition to that, transactions with this method leave no hardware trail. The only way to monitor them is through the blockchain, but it will still be difficult to pinpoint exactly where the money went. The system is, therefore, anonymous. With cryptocurrency, you can easily get away with gambling in countries where it is not yet legalized, while sports betting payments with online banking and other e-wallets would not be feasible options.
You do not provide any personal data, so identifying the sender or recipient takes a lot of effort. In contrast, with regular currency, you need to present adequate identification in a well thought out verification process. Crypto bookies function just the same as standard sportsbooks. There is no difference in betting either. The steps are identical; you choose a sport, pick an odd, and place a wager.
Advantages Of Using Cryptocurrency
Free deposits and withdrawals
Cryptocurrency has risen in popularity in such a short time because practically all transactions are free of charge. The large overhead costs which accumulate over time as with bank transfers and e-wallets are not an issue here. This is beneficial to bettors and even more so to bookies. It also cuts down on those associated with support staff. You also do not pay any conversion fees.
If you have ever come across a bookie that advertises super fast payouts, light speed withdrawals, or anything along those lines, chances are it is crypto powered. Bitcoin deposits are not just quick; they are instant, as in the blink of an eye. Deposits can be completed in less than an hour and 1 or 2 days at the latest. Bettors in the US are left waiting for days on end when dealing with fiat money, so for punters in the region, this is a ray of sunshine on a cloudy day.
Unregulated markets Are Favored
The US, for one, has recorded a boom in online gambling since the rise of Bitcoin. Restrictive laws dampen the fun of betting, and with only a few states allowing regulated sports betting, it can be troublesome to transfer funds using card payments or online banking. Thanks to the digital currency system, bookies are able to process transactions without any issues.
Disadvantages of using cryptocurrency
Fewer promos and features
A lot of the perks associated with online sports betting are not available to their full capacity on crypto sports betting sites. For instance, you will find smaller bonuses, mediocre VIP schemes, and fewer promos. These features are the opportunity cost of free transactions with cryptocurrency payments.
Security and legal issues
Bitcoin, for instance, is legal, but since there is no backing from a central banking system, it is not adequately regulated. This makes it susceptible to illegal applications. Even with the security measures to prevent hacking or counterfeiting, there are still quite a few loopholes. They offer lower financial security than their fiat counterparts. Lost or stolen Bitcoins are nearly impossible to retrieve because there is no consumer protection protocol to limit losses.
They are not stable and could collapse at any time. The value of the Bitcoin can change drastically from one moment to the other, and this is determined by the open market. In other words, Bitcoin is worth only what people are willing to pay for them. This drawback is unique to cryptocurrencies because the value of traditional currencies is influenced and controlled by a central authority.
Online gambling is one of the first and currently the biggest mainstream use of digital currencies. Their role in the industry is likely to become more significant in the future. They are volatile and can quickly lose their worth, but they can also be extremely profitable if you understand how to work with them. Depending on the coin you use, payouts can be done in a matter of hours. At the current rate, this payment solution should see continuous exponential growth. If that happens, it could help stabilize the presence of these digital coins.
Cryptocurrency For Sports Betting FAQs
How risky is online sports betting with Bitcoin?The risk involved with digital coins is mainly associated with their volatility. They can lose value at any time and become worthless. However, in the same way, they can appreciate and become very lucrative.
Is there a list of restricted countries for cryptocurrency sports betting?This payment method is globally accepted and perfectly legal. If sports betting is restricted in your country, cryptocurrency may be the best option to engage in online betting. If gambling is legal, then fire away with Bitcoin, Litecoin, or any of the recognized coin currencies.
How do I keep up with cryptocurrency conversion rates?You can simply check a currency converter on the web. There are several of those that you can access for free. Many crypto sportsbooks will automatically convert to the dollar equivalent of your deposits. Sportsbook conversions are always up to date with current values.