Introduction to Sports Betting
Although cryptocurrency and blockchain network may seem comparatively new, online sports betting sites have realised the potential of such tech advancements and the benefits it carries in the digital sports betting industry. Casinos and betting sites that accept digital currencies have gradually expanded their crypto selections and bonuses to their bettors. Sportsbook sites have also seized a part of the crypto market even before the institutions realised the real potential of the decentralised platforms.
With the rising popularity of cryptocurrency among the bettors and the operators, more and more casino and betting sites are introducing cryptos in their platforms as one of their payment methods.
Crypto Sports Betting Overview
Crypto sports betting has made currency usage a champion among the other payment methods even before the gambling venues. Sportsbook operators use the anonymity feature of Blockchain to ensure players, from countries where gambling and betting are illegal, can also place their bets. It is not very challenging to realise that cryptocurrency and sports betting have become a perfect union for online gambling and betting operations.
Sportsbook sites can introduce their new and secure live betting resources to their bettors without requiring any legal hoops or restrictive geographical rules and regulations. Online crypto casinos and other betting giants have successfully used digital currencies and Blockchain networks to take online betting to a whole new level.
Working of Crypto Sports Betting
First things first, understand that crypto sports betting activities are exactly the same as regular sports betting. The main difference between the two lies in the nature of payments. In the case of crypto betting, players are required to have any form of digital currency including Bitcoin, Ethereum, Litecoin, Dogecoin, to name a few. To do this, they need to purchase cryptocurrency and also have a betting account. Sign up with any betting platform and create an account. However, make sure that the platform accepts crypto payments.
Log in to the platform and link crypto wallet in order to transfer funds into the betting site. Make the first deposit from the wallet using any cryptocurrency. Once funds are transferred from the crypto wallet to the betting site, the players can start exploring the sportsbook to find their favourite sports events and place bets on them.
Note that in order to withdraw winnings from the betting site, most online platforms allow their players to convert crypto into fiat-based on the current market rates.
Benefits of Crypto Sports Betting
The reasons why people love placing their bets with cryptocurrency are given below:
Top-notch Security
Cryptocurrencies were engineered with the utmost security and they have inbuilt protection against identity theft, fraud, and other malicious third-party interventions. Players can play without providing their personal and financial information to deposit funds at the betting site, however, they need to provide certain information while purchasing crypto at an exchange. Note that crypto payment methods are perfect for those who are reluctant to give sensitive information to their bookmakers. All they need to provide is a unique wallet address and a private key to play at any crypto sports betting site.
Generous Bonus and Promotional Offers
The greatest advantage of using crypto sports betting is enjoyed by both the sportsbooks and the bettors. In order to make cryptocurrency more popular, various betting sites tend to offer generous and attractive bonuses as well as promotions for making deposits in cryptocurrency. Sometimes, these bonuses can be up to 2 times bigger than what is normally offered at traditional betting sites. The most popular bonuses include welcome bonuses, deposit bonuses, no deposit bonuses, reload bonuses, VIP rewards and cash backs.
Lightning Fast Crypto Transactions
With the best sports betting sites that accept crypto currencies, bettors can make deposits and withdrawals at the fastest speed ever, since there is no third-party intervention involved in crypto transactions. All crypto deposits and withdrawals are processed instantly compared to traditional payment methods which normally take about 5 to 7 working days to process.
Increased Store of Value
We already know that money acts as a great store of value. However, cryptocurrencies outperform money by acting as an even greater store of value. Moreover, the value of crypto increases exponentially over time, unlike money.
Privacy & Anonymity
Crypto sports betting sites ensure complete anonymity and privacy of their players as it is difficult to trace cryptocurrency transactions. Hence, the crypto assets are safely secured from internet hackers and fraudsters.
Why is Crypto Sports Betting popular?
Online sports betting sites accept various kinds of cryptocurrencies based on their top-rated benefits. Some bettors stick to the well-known Bitcoin sports betting sites while others prefer playing at casinos that accept other major cryptocurrencies such as Ethereum, Bitcoin Cash, Dogecoin, Litecoin and others.
The reasons why crypto sports betting is becoming more and more popular by the day are mentioned below –
- Crypto betting sites are extremely user-friendly platforms that are compatible with every smart device so that bettors can place their bets on the go.
- Crypto betting sites that are licensed and regulated by leading regulatory bodies ensure that the games are provably fair and random.
- Crypto betting sites also follow security measures such as SSL protocols and encryption which offer the bettors great security and confidentiality.
Future of Crypto Sports Betting
The future of sports betting with cryptocurrencies is predicted to be more popular in the coming years. The cryptocurrency economy is booming exponentially and it has increased sports betting crypto transactions. With the rise of millions of crypto users along with the availability of umpteen crypto sportsbooks that allow betting with cryptocurrencies, crypto betting is believed to witness substantial signs of progress in future as well.
Conclusion
To sum up, the accuracy, security and flexibility of using cryptocurrency to place bets in their own leagues, is making a bright future for sports betting with cryptocurrency. In the interest of the operators, the increased trust of the bettors and expanded opportunities of promotions derived from crypto has significantly broadened their market potential. With lower fees, enhanced security and faster transactions, crypto sports betting seems to be a profitable investment for any bettor across the world.
