Ways in Which Cryptocurrency is Defining Sports Betting
Due to the introduction of cryptocurrency and the larger blockchain technology, online sports betting has been transformed. Since more internet surfers are utilizing digital currency, online bookmakers have latched onto the trend to offer virtual currency as a payment option.
Using cryptocurrency as a payment method on online sports betting platforms offers several advantages for punters and sportsbooks. That’s one of the key contributors to the explosion in the popularity of crypto assets. That’s why many bettors are switching to bitcoin bookmakers to take advantage of the highly secure payment method.
The integration of cryptocurrency into sports betting has revolutionized the sector, allowing betting to become swifter and more secure. The world of sports betting merging with crypto presents several pros to sportsbooks and bettors. The result is an explosion in the number of crypto enthusiasts engaging in sports betting.
The combination of the digital currency and sports betting sectors has ensured that users now have enhanced betting experiences. Although bitcoin remains the most popular cryptocurrency, altcoins have begun to dilute that dominance. These altcoins are now being offered as payment methods by online sportsbooks.
This article will highlight the superior qualities of cryptocurrency that makes bookmaking platforms prefer it as a payment option.
Attractive Cryptocurrency Features for Bookmakers
Making Transactions from All Jurisdictions
One of the worst challenges sports bettors face is interference from third parties. Some sports punters conduct extensive research to discover bookmakers that fit their styles and then settle on sportsbooks outside legal jurisdictions.
Nevertheless, they sometimes encounter an obstacle in the form of electronic wallets preventing transaction completion with bookmakers outside of a governable zone. The world’s economy has been rocky for a few years. Coupled with these obstacles, several potential bettors have migrated to other gambling options.
Cryptocurrency offers a breath of fresh air in the sense that its transactions aren’t monitored by intermediaries like banks. Cryptocurrency operated through a digital ledger that provides digital security for punters. It also facilitates reduced charges and quicker processing speed for bookmakers. Because of the absence of an intermediary, bettors can now get a higher percentage of their rewards.
Enhancing the Effectiveness of Sports Betting
The emergence of virtual currency has introduced highly effective payment options for bookmakers. Although one of the instant benefits of crypto is low transaction fees and swifter transaction processing, other crucial advantages exist. For one, crypto cuts out trends in conventional sports betting, like minimum deposit amounts, transaction restrictions, and withdrawal thresholds.
This way, the efficiency in the sports betting sector has increased, allowing potential bettors to scurry into the industry. Although there are cynics that propagate the ‘bitcoin is a bubble’ belief, punters continue to revel in the fact that digital currency offers a level playing ground. Some bookmakers accept only cryptocurrency as a payment method, with all other forms of conventional payments rejected.
No Regulation of Digital Currencies by Betting Agencies
There have been no attempts to regulate digital currencies for sports betting by the appropriate agencies. Nevertheless, there have been whispers of the authorities trying to exert control over bitcoin bookmakers. However, in the meantime, bettors are enjoying the freedom that comes with zero regulations.
Although sportsbooks in the crypto sector have been worried about agencies bearing down on the sub-sector with regulations, blockchain tech has the power to prevent that from happening.
Secure and Transparent Transactions
When you make wagers on bitcoin bookmaking platforms, you’re securing yourself with a transparent form of bookkeeping. This way, you’d be safe from sportsbooks that attempt to scam users out of their money. Essentially, bitcoin bookmakers cannot modify key things related to your bets, like the odds offered on bet markets or your potential winnings.
The whole point of blockchain technology is to display records publicly and allow transactions to get tracked. Moreover, the information on a blockchain cannot practical modified, ensuring that trustworthiness enforced on bookmakers.
Crypto Offers Privacy to Bettors
The nature of the blockchain allows punters to remain private and anonymous. To understand better, if you’re a sports bettor, all anyone would do to find out is check your bank’s transaction history.
However, this is not possible with a cryptocurrency wallet since your address wouldn’t contain any details related to you. Crypto deposit addresses are a string of numbers and letters, ensuring that the wallet user remains anonymous.
Most Used Cryptocurrencies on Sports Betting Platforms
- Bitcoin
Bitcoin is by far the most dominant cryptocurrency in the market. Its market capitalization is $450 billion as of mid-September 2022, with an all-time high of $1 trillion. Also, Bitcoin’s blockchain is a publicly distributed ledger that allows anyone to track transactions.
Bitcoin’s share of the cryptocurrency market capitalization constantly tops 35%, which is why its the most popular digital currency offered by crypto sportsbooks.
- Ethereum
Ethereum is arguably the second most popular digital currency and the first to spread the viability of smart contracts. Since its inception, it has spent most of its time second to Bitcoin on the market capitalization ranking.
Suppose you’re using Ethereum to deposit your sports betting account. In that case, you’ll have to get the address that your bookmaker is offering. Then you’ll need to transfer the funds from a crypto exchange or wallet. Sometimes, Ethereum transfers could run into several minutes. Still, since its Proof-of-Stake (PoS) migration, transactions on its network should be faster.
- Ripple
This is considered one of the fastest digital currencies, with a transaction speed of 1,500 transactions per second. While Ripple can take about 3-5 seconds to complete a transaction, Bitcoin takes 10 minutes on average.
Final Thoughts
Blockchain technology introduced internet surfers to a more secure and swifter form of digital transactions. This was picked up by sports betting platforms, allowing users to enjoy the increased advantages associated with using cryptocurrency.
Cryptocurrency allows individuals from all regions to make wagers on all sports betting platforms, offers enhanced privacy to bettors, and more transparent transactions. The most popular cryptos on sports betting platforms include Bitcoin, Ethereum, and Ripple.
