Crypto sports betting is quickly gaining traction as more sport bettors choose to do away with fiat currencies. Over the years, cryptocurrencies have become a preferred choice on online sportsbooks. With lower fees, quick processing, and enhanced security, cryptocurrencies are proving to be a worthy choice. This is evident as the bitcoin price soared in the USA, ahead of the Super Bowl played on February 15. Being the most-watched sporting events, crypto sportsbook expected a huge number of wagers to be placed. Clearly, crypto sports betting is taking betting to the next level.
Most popular cryptocurrencies in sports betting
Bitcoin being the pioneer of cryptocurrencies is the most renown cryptocurrency with the largest market share. However, there are over 2,000 alternatives traded worldwide. Some have gained popularity over the years though Bitcoin still remains at the top. Each comes with a different purpose and use. Across most sportsbooks, you won’t miss these cryptocurrencies: Ethereum, Litecoin, Bitcoin cash, Dash, and Cardano. In this smart betting guide, we give you details on why bettors are choosing cryptocurrencies, its advantages plus the surrounding legalities. Additionally, we will detail the downside of using cryptocurrencies in sports betting.
How cryptocurrencies are improving sports betting
There is no doubt that cryptocurrencies have and will continue improving sports betting for bettors. The safety that comes with this currency is among the top reason why bettors prefer it. Cryptocurrencies use blockchain technology which is inherently secure. In addition to this, there is no transaction limit making it easy for punters to work with their preferred minimum and maximum deposits. Transactions are quick, usually take a matter of minutes, and have little to no fees attached to them. Sportsbooks have also made crypto betting lucrative by having tailored made bonuses for crypto bettors.
The downside of cryptocurrencies
Like fiat currencies, cryptocurrencies also come with various disadvantages for players as well as the sportsbook. The lack of regulation beyond blockchain technology is among the top disadvantages of crypto sport betting. Additionally, there is no gaming commission that has tasked itself with regulating crypto sports betting. The price volatility is also a downside to these currencies as the price fluctuates often. The value of cryptocurrencies can vary from extreme low to exploding highs. Moreover, bettors might face difficulty when they need to reverse transactions as cryptocurrencies have no chargebacks once a transaction is complete.
The legalities of crypto sport betting
Cryptocurrencies are relatively new and so is their legality in most countries worldwide. There is complexity surrounding the use of these currencies in sportsbooks. Currently, Crypto Gambling Foundation is the only organization established to ensure fairness and safety in crypto gaming sites. In countries such as the US, few states such as New Jersey, Delaware, and Nevada allow crypto betting legally. However, in the UK gaming using crypto is completely legal in UK-licensed crypto operators. Regardless of the legalities in each country, there is no hefty punishments or jail terms if caught transacting using cryptocurrencies.
How to play in a crypto sportsbook
There isn’t a lot of difference when it comes to betting in a crypto casino. Once a player has already established the sportsbook they want to wagger on they can proceed to register by filling in their details as in normal casinos. The difference only comes in with the method of payment. with crypto casinos players use crypto currencies such as Bitcoin, Ethereum, Bitcoin cash, Lite coin. With this they can then choose the teams they want to wager on and place their bets, withdrawing is also not different once the bet has been finalized. TH
The future of cryptocurrencies and sports betting
Cryptocurrencies might have taken the betting world by storm, but their legality still remains murky and complex. However, we can all agree that these currencies are here to stay. Apart from this, crypto sports betting is proving to be much easier and better for players worldwide. Their safety, flexibility, and speed of transactions will remain unmatched by fiat currencies for a long time to come. As for now gaming commissions and regulatory bodies have no control of these currencies but as their use continues to explode we can expect an attempt to gain control. Despite this, the future of crypto betting will heavily rely on how mainstream society will continue to accept the use of cryptocurrencies. In spite of the welcoming nature of western nations, countries such as China prohibit the use of crypto-currencies even reinforcing the ban by not allowing banks that use these currencies. Moreover, companies such as Tesla’s turn around on accepting Bitcoin still puts a question on how cryptocurrencies will fair in the future. However, we can expect that these currencies will continue to prove worthy with time as they continue to rise in value.
