Meta: Here is a closer look at whether betting with cryptocurrencies, facilitated by blockchain technology, is the future of online betting.
Placing sports bets on legally permitted websites has significantly increased over the past few years as the demand for safe and secure online betting websites rises.
Cryptocurrency is also more mainstream than ever as more people turn away from traditional online payment methods and fiat currencies, searching for safer, faster, and more reliable ways to pay for goods and services online, which cryptocurrency and blockchain technology provide.
iGaming and eCommerce website owners worldwide have also become more flexible in the payment methods they accept and allow their customers/fully registered members to use one of a handful of crypto coins at the checkout to pay for goods and services.
Here is a closer look at digital currencies like Bitcoin (BTC), Ethereum (ETH), DogeCoin (DOGE), Tether (USDT), Litecoin (LTC), and Ripple (XRP), to name a few, which could help revolutionize the online sports betting industry and take it to the next level.
Are there any benefits of using cryptocurrency on sports betting sites?
Using cryptocurrencies on the best crypto sportsbooks brings many benefits. As a fully registered member of a crypto-accepting online sports betting site, the main benefits you can look forward to when using cryptocurrency for deposits and withdrawals on that site include the following:
- Faster transaction processing times
- Anonymous transactions
- Enhanced security
- Increased deposit and withdrawal limits
- Access to probably fair games
These are just five of the many benefits of using your favourite digital currency in the cashier section of your favourite sites when topping up your account and cashing out your winnings. Let’s now take a look at what some of the above actually means.
Faster transaction processing times
When using cryptocurrencies to deposit and withdraw, users can typically count on much quicker transaction processing times compared to the more traditional online payment solutions, such as Visa and Mastercard credit and debit cards, Neteller, Skrill, PayPal, and other eWallets, Apple Pay and Google Pay mobile/digital wallets, and bank transfers.
Anonymous transactions
Due to the very nature of decentralized blockchain technology, none of your personal details, private banking information or other sensitive data is used in crypto transactions, meaning you can deposit and withdraw in complete anonymity. No centralized, government-controlled financial institutions, agencies, or banks can keep track of your transactions.
In fact, on most of today’s most trusted crypto-accepting sports betting sites, you don’t even need to send in proof of ID or address documents because the KYC (Know Your Customer) account verification process isn’t enforced. However, you may find that the KYC process is required on a handful of crypto sportsbooks so you can gain full access to that site’s services and products.
Enhanced security
It’s a well-known fact that the higher levels of cryptographic encryption used in cryptocurrency/blockchain payments keep your transactions safer than traditional online payment methods like the ones mentioned above. It uses a peer-to-peer model, which means that it’s basically impossible for cybercriminals to intercept/hijack your transactions and steal your money.
Increased deposit and withdrawal limits
Most crypto-accepting sportsbooks reward players by allowing them to deposit much larger amounts than certain daily, weekly or monthly deposit limits that are often placed on credit and debit cards and other traditional payment methods. Withdrawal limits are higher, too.
In other words, if you win a life-changing sports bet or a multi-million-dollar progressive jackpot on one of these sites, you will receive your winnings in full when using cryptocurrency instead of receiving the payout in monthly instalments when using traditional payment methods. However, with that in mind, some sites may still have a monthly capped withdrawal amount, so always check the maximum deposit/withdrawal limits before signing up anywhere.
Access to provably fair games
When you sign up to a crypto-accepting online sports betting site run by a reputable company, you will also often find that they have a separate online casino product with thousands of computer-generated and cutting-edge live dealer games, such as blackjack, roulette, baccarat, craps, poker, slots, bingo, video poker, and scratchcards.
Many of these same sites also now have ‘provably fair’ crypto games that allow you to independently verify the fairness of the outcomes/results in those games yourself.
Is crypto sports betting the future?
Because crypto coins and blockchain technology bring so many benefits, it seems highly likely that the future of sports betting sites will rely on cryptocurrencies.
This technology makes payments more efficient, and security is enhanced for everyone involved.
It could still take many years before all online sports betting sites accept the crypto payment method. Still, it certainly looks like we are heading in this direction, where the technology could one day completely reshape the iGaming industry and how we interact with these websites, ushering in a new era of growth and innovation.
Final thoughts
Anyone who decides to join a sports betting site to place bets using cryptocurrency instead of fiat currency must gamble responsibly at all times. Take frequent session breaks or session time reminders, and set a reasonable budget before you deposit and start placing bets.
To give your sports bets the best chance of returning a profit, conduct as much research as possible into an event before it starts, and try to understand what the implied probability rates and odds are trying to tell you about that event’s most likely outcome
With that in mind, try not to forget that even betting on the favourites doesn’t always guarantee you will win and that sports betting odds are subject to change at any moment.
