Cryptocurrencies have become an integral part of our everyday lives. They managed to gain a foothold in almost every industry – ranging from entertainment to gambling. The latter one is especially noticeable, as it can be called one of the most popular industries in the world, where people put their money.
Crypto sports betting alongside gambling is an opportunity and during the coronavirus pandemic that ravaged the whole world, numerous people moved to different activities. Right now placing bets with different cryptocurrencies is a possibility and there are anticipations that we are going to witness even more opportunities in the future. In the following article, we will have a deeper look at crypto sports betting and what awaits in the future.
Facts to Consider When Engaging in Crypto Sports Betting
To ensure that bookmaker players do not have any problems when replenishing an account, betting operators offer them not one, but several options for crediting funds. Well, the most popular and most profitable today (especially when compared with other methods) is the payment with cryptocurrency.
Numerous punters value cryptocurrency because it guarantees anonymity. Due to this feature, bets for a certain category of players become more attractive using this payment method. After all, it is no longer likely that a bank or other payment system will provide your data to a third party. Now, when registering a cryptocurrency wallet, you are not even asked for your first and last name. Accordingly, with all the desire, no one can tell anything about you.
Usually, crypto sports betting offers more incentives and hefty bonuses than traditional sportsbooks. With Bitcoin bookmakers everything is different. They normally provide more opportunities than their standard counterparts. With that being said any BTC sportsbook welcome bonus will be more profitable and larger in terms of money. In addition to bonuses, crypto sportsbooks provide more tournaments and competitions where players can engage and make additional money. The prize is several Bitcoins and considering the price of the world’s largest cryptocurrency, it is indeed a great gift from any bookmaker.
If you register on European sports betting sites, you will most likely be affected by currency conversion issues. If you use cryptocurrency, you can immediately get money in dollars and not spend money on conversion. So, in addition to anonymity, this option is also more profitable in some cases.
It is generally accepted that Dogecoin has one of the lowest costs compared to other cryptocurrencies. Bitcoin is generally the most expensive one but still compared to fiat money the difference is massive.
The advantage of cryptocurrency transfers is also speed. Deposits are usually instant, and you don’t have to wait long for withdrawals. Speed will be especially appreciated by those who have previously used bank transfers, which take an unacceptably long time. This is usually the longest and most disadvantageous option.
Imagine you are transferring money to your traditional bank account. Before the money is transferred and approved, first it should go through the bank verification process. It could take up to a week before the transfer is finalized.
Speaking of benefits, sports betting with cryptocurrency payments can also be more attractive. There is no fixed transfer fee as with other payment systems. Transactions are handled by many intermediaries, and they set the price for their services themselves. Sometimes you can even find those who will not take anything for it. Although in such cases, you usually have to wait a bit.
Competition among those who carry out cryptocurrency transfers allows you to choose the option that is most profitable for you. Once you can choose the free option and wait, another time you can pay and get money for bets instantly. Moreover, you can also choose the size of the commission.
What are the Possible Outcomes of Crypto Betting?
As the Internet develops rapidly and almost every month we see new altcoins appear in different financial markets, it is highly likely that crypto betting will become a trend in the future. That being said, more and more crypto bookmakers will appear and even now the number of such bookies is large. Even though the majority of crypto bookmakers have limited options in terms of the offered cryptocurrencies, for sure, they will increase the overall amount.
At the same time, we should also anticipate that not everything will go well for the crypto industry. For example, several experts and financial analysts think that Bitcoin is not as reliable as it may seem at the first glance and eventually, the world’s largest cryptocurrency will disappear from the international financial arena. Hardly anyone can make such assumptions but digital coins are adamant about changes. If they disappear, so will the possibility of betting with cryptocurrencies. However, in the near future, there are no even miscellaneous signs of that happening because more and more industries are gradually accepting payments with various cryptocurrencies.
Read more: How to Pick Between Crypto Cards