Why Betting With Crypto Could Be a Good Idea

It is fair to say that cryptocurrencies are going nowhere. From what was initially an underground, niche new way of conducting transactions, the rise in popularity – and move to the mainstream – of digital currencies is nothing short of phenomenal. Crypto has entered into every facet of our modern everyday lives.

Whether it is ordering your groceries, buying digital art, or using one of the many Bitcoin betting sites, we can now use cryptocurrency just about everywhere, It is that last example that we wanted to look at in closer detail. Online sports betting only became legal in many US states in the last few years but already there are plenty of sportsbooks that accept crypto.

If you are interested in digital currencies and use them for other transactions, we thought we would highlight some of the reasons why you might want to consider using crypto for betting too.

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Privacy

Many of the positive factors of crypto sports betting are the same as why people like to use digital currencies across the board. One of the most popular is the anonymity crypto affords its users. Online gambling has already given more power to the bettor but some people may be concerned with the amount of personal and financial data that needs to be shared.

When it comes to using cryptocurrency with your betting, privacy levels are much higher Crypto wallets do not require as much personal information as you would normally share otherwise, so there is less risk of your details being shared or even stolen. Gambling this way preserves your privacy.

Access

We mentioned earlier that sports betting has only recently been legalized in many US states and the situation is similar in many other regions across the world. As cryptocurrencies are essentially borderless, any idea of international boundaries disappears, allowing more global accessibility for everyone.

Without having to adhere to conversion and exchange rates, as fiat currencies do, crypto bettors also have more to play with. With a global price for Bitcoin, Ethereum, and other popular cryptocurrencies, customers can be more in charge of their finances and keep stricter control of their bankroll.

Lower Fees

Online commerce and transactions may have made it easier than ever before to make purchases and deals across the world but it has meant that we generally have to pay charges or fees. Everyone in the transaction chain tends to take a cut and that can severely affect potential winnings when it comes to sports betting.

Not only are the transactions using cryptocurrency much faster than fiat currencies – meaning that winnings can be collected more quickly – but any fees tend to be much lower. Customers may find that there are no charges at all, as the online sportsbooks are more than happy to accept crypto too.

Security

We have already explained how without the need to share so much personal information when using crypto, transactions are far more private. This process has the added benefit of making the entire transaction more secure too. With so much risk of fraud, any extra level of security has to be an advantage for any online user.

The chance of being faced with a chargeback is greatly minimized when online bettors use a cryptocurrency as well. Security is one of the great advantages of decentralized currencies using blockchain technology and that is always welcomed by those making transactions of this nature.

Innovative

A fairly straightforward benefit of using cryptocurrency to bet online is that it is an example of innovation. Sportsbooks have been around for decades in some form or another and have tended to be a part of a remarkably successful industry. The fact that these betting operators are now looking to crypto shows that these are the currencies of the future.

Sportsbooks are always looking for ways to stand out from the crowd in a competitive industry and the ones that have now decided to accept crypto are the ones that are thriving. Using digital currencies is innovative in itself and just a sign of future developments in the way we make our transactions.

Figure 2 Betting on sports with cryptocurrencies has proved very popular - Source: Unsplash

Good for Sportsbooks Too

We touched on this earlier but it is not as though it is only customers betting with crypto who are benefitting. The sportsbooks themselves are only too happy to accept digital currencies. There is a danger of missing out on potential business if crypto isn’t accepted and all the same advantages that we have outlined here apply to iGaming operators too.

The transactions are quicker so the sportsbooks – like the bettors – have more control over their money and can be assured that they are as secure as they can be. With no need for third-party banking institutions, operators can also pass on some of the savings on to the customer in the way of better prices and deals.

Using crypto for online betting seems to be a win-win situation for everyone involved. The crypto industry continues to evolve alongside online gambling and it is exciting to anticipate what developments might come next.

I (AKA CatBurg) have a lifelong passion for sports, especially football and basketball. I enjoy the thrill and excitement of sports betting and everything in between. My teams are (Packers #GoPackGo) and who I am betting on!