In recent years, there has been a worldwide surge in a trend towards the use of bitcoin in sports betting. Be it soccer or the NFL, betting fans are finding Bitcoin a safe, reliable, and lucrative method of payment.
Likewise, bookies are rushing to claim the benefits of crypto, which brings a whole new audience.
With Bitcoin and other cryptocurrencies, both seasoned and fresher bettors like the fact they can bet completely anonymously, without sharing their personal or financial details. On the other hand, betting companies like the advantages of the blockchain which comes with a higher transparency and safety.
In this article, we will discuss the growth trajectory of Bitcoin adoption in sports betting and its future roadmap.
Impact of Bitcoin on Sports Betting
Bitcoin and the bunch have an undeniable impact on the sports betting industry. The blockchain revolution is already well under way, and on its way to reshape online betting as we know it.
Let’s take a look at what the future of sports betting with crypto might look like.
Enhanced Privacy
One of the best things about crypto in online sports betting is the enhanced privacy. Regardless if you’re using a sports betting site or a sports betting brokerage, your details will stay safe. That’s one of the most important things when betting on sports – keeping your private data safe and sound.
Crypto bookies are protected by SSL encryption and are licensed. However, their privacy is elevated when you use crypto to fund your account or withdraw winnings, as the blockchain doesn’t reveal the data of its customers.
Safer, Cheaper, and Faster Transactions
Another great reason why bettors love using crypto at sports betting site are the anonymous, fast, and cheap transactions. Funding your account or withdrawing winnings via Bitcoin is faster than any other option. On top of that, the fees you pay to the blockchain (not the betting site) are relatively small compared to bank transfers that might charge a lot.
Fast payouts are exactly what bettors love. You can transfer your winnings to your crypto wallet in minutes and enjoy the money your way. If we had to pick only one thing that foresees the future of crypto and how it’ll develop, it would be the lightning-fast transactions.
Decentralized Finance
By cutting the middle man banks, decentralized finance makes it much easier and safer to complete a transaction.
That’s why many consider Bitcoin and crypto the future of gambling online. The decentralized aspect suits everyone and gives you more control over your funds.
Diverse Options
Bitcoin may be the most popular cryptocurrency, but it’s not the only one. In fact, it’s just the tip of the iceberg. Online betting sites also accept other cryptocurrencies, including the likes of Ethereum, Litecoin, and Tether, each of them with a different advantage.
This kind of diversity translates to different betting markets and opportunities. Diversify your portfolio, and you’ll have the advantage of getting the most out of certain betting markets. For example, the volatile nature of Bitcoin doesn’t make it ideal for live betting. For this market, you have Tether, which is always priced at $1.
Unlike fiat money payments which are more or less the same, cryptocurrencies are more flexible and diverse.
Universal Acceptance
Thanks to cryptocurrencies, you can bet in any jurisdiction without worrying about the legal aspect. Even if it’s not legal in your country, there’s a great chance you can use Bitcoin or altcoins at offshore betting sites, which is a big difference from geo-locked bookies.
Low Costs
When you make a deposit or a withdrawal using a bank transfer at online betting sites, you may be charged a fee.
Let’s make one thing clear – betting sites don’t charge a cent on crypto transactions. There are still fees paid to support the blockchain, but those are relatively low. You can move large amounts of crypto and pay insignificant amounts which isn’t the case with fiat money payments.
Conclusion
The future of cryptocurrencies in sports betting is brighter than ever. While some bookies have been against this idea, others have embraced it. The blockchain offers numerous advantages to operators and that’s a fact. However, it is always pertinent that readers do their own research before making any investment related decisions.