Cryptocurrency in sports betting

Cryptocurrency in sports betting

Gambling

Cryptocurrency in sports betting

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Sports betting is one of the most popular forms of gambling and as recent statistics show, it is increasingly popular. As Variety reports, most people are more interested in watching more sport on TV when gambling is involved.

The main benefit of sports betting is the fact that it makes watching sports more enjoyable and thrilling. This particular form of gambling also offers a wide variety of options as players can bet on dozens of different sports and events, live or before the game starts. Betting on sports is also user-friendly and has low entry threshold relatively to some other gambling activities (for example, poker). There are even people who make significant profits on it, but of course those are rather exceptions as sports betting is intended to be the way of entertainment in a first place.

Mar 2, 2020; Miami, Florida, USA; Milwaukee Bucks guard Wesley Matthews (9) defends Miami Heat forward Jimmy Butler (22) in the fourth quarter at American Airlines Arena. Mandatory Credit: Jim Rassol-USA TODAY Sports

What is cryptocurrency?

In terms of payment purposes cryptocurrency is similar to usual digital money, but the blockchain technology behind it provides extra features which some users may find beneficial.

First of all, cryptocurrency is decentralized which means there is no instance that regulates it (like Central Bank), users always have full control over their funds. Most cryptocurrencies have a fixed supply and no one can create more, as opposed to fiat money that allows the Treasury Department to simply print more money.

One of the most popular use-cases of cryptocurrencies is gambling. Just in several years the crypto sports betting industry has improved tremendously: according to the last gathered stats, Bitcoin gamblers have wagered almost $5 billion in the range from 2014 to 2017.

More and more cryptocurrency casinos are starting to offer the option for betting on sports with Bitcoin along with e-sports betting which is also becoming extremely popular.

The benefits of using crypto for betting

There is no person who would not have heard about Bitcoin somewhere before, but most people view cryptocurrencies as volatile and unregulated currencies. However, cryptocurrencies offer much more than people think.

One of the main benefits of using crypto is the possibility to remain completely anonymous. You are not required to use your credit card or bank in order to deposit and cryptocurrency wallets do not include any personal information which means that you can easily bet using cryptocurrencies without revealing your identity.

Another significant benefit over fiat money is the safety it provides. When you send your credit card or bank information to anyone, you always run the risk to be scammed. Although a platform can see the wallet address, there is no way they can use it in their favor like it could be with a credit card information.

Cryptocurrency betting eliminates a lot of barriers, not only you don’t need to reveal your identity but you will also benefit from fewer requirements when it comes to minimum betting amounts. Since cryptocurrencies are highly divisible, most platforms allow players to bet amounts as low as one cent. Additionally, withdrawals are near-instant as opposed to waiting days or even weeks to get your money back.

You can even bet for free thanks to the minimum betting requirements crypto allows. Some platforms and websites offer small amounts of cryptocurrency for free which can be used to try out different betting platforms.

Conclusion

There are several clear benefits of using cryptocurrencies to place your bets online. Although purchasing crypto might seem a bit complicated at first, once you understand a little bit better how it works, the benefits will outweigh the possible complications. If you want to remain anonymous, bet safely and withdraw your funds almost instantly, crypto-betting is might the way to go.

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