Cryptocurrency has changed many aspects and sectors, including sports betting and gambling. The use of cryptocurrencies has become prevalent in online betting, triggering the launch of many crypto betting sites.
However, you can find plenty of options on the SmartBettingGuide expert site, as they have a different crypto betting sites list for each country.
Betting is legally forbidden in several countries and states, and as such, the online betting industry is under the government’s supervision. But due to cryptocurrencies, online bettors can bypass these laws and continue betting even in countries where the activity is illegal. This is because cryptos make betting much safer through its privacy features and security.
It has been estimated in a recent report by Globe Newswire that the global sports betting market will reach $155 billion by 2024. In countries where betting and gambling are legal, there are many expecting to take advantage of cryptocurrencies.
The Beginning of Bitcoin Betting: SatoshiDice
SatoshiDice enabled players from all over the world to place their bets with just their Bitcoin wallets. Bets were made as Bitcoin transactions, with each payout multiplier having a separate address. The site sparked the idea of combining crypto with betting, and thus paved the way for the many gambling and betting sites that use crypto today. While most of these betting sites are crypto-only, there have been some traditional betting platforms that have begun accepting Bitcoin.
Cryptocurrency and Betting
There are several crypto bookmakers that accept sports bets with crypto assets. Most of these sites support Bitcoin due to its popularity, ease of payment, and additional safety. Of course, in recent years, crypto betting sites have diversified their selection to include many other cryptos, such as Ethereum, Litecoin, Dogecoin, and even Ripple.
The mechanism of betting is the same, even with crypto. You choose your team, event, or player, place the amount you want to bet, and wait for the outcome. The difference here is that you do not have to give all of your details to the bookmaker when you deposit the sum, as you just transfer your Bitcoin wallet to the bookmaker’s, and the same goes for the withdrawal process.
Why Use Cryptocurrencies in Betting?
One of the main reasons why using cryptocurrency in sports betting has gotten so popular is due to its fast transaction speeds. There is nothing more annoying or frustrating for punters than to wait for days on end to receive payouts of their bets.
When a player uses bank transfer to fund his account, his bank and the bookmaker’s bank have to approve and process the payment, which is a lengthy process that might take days. With cryptocurrencies, there is no need for such interaction, as the transaction is done directly between the wallets of the player and the site. This means that you do not have to waste time waiting around for funds to be credited to your wallet.
Also, many people do not want to have their gambling or betting activity tied to their bank account, and the use of cryptos allows players to keep their anonymity.
Traditional payment methods, such as credit cards, usually come with high conversion rates or fees for such money transfers. Because cryptos rely on blockchains to approve and execute the confirmation, transaction fees are considerably lower than any other payment method, and there are no conversion fees to pay.
Be it Bitcoin, Dogecoin, or Qtum; you will be able to find a plethora of betting sites where you can place your wagers.
Featured image: kryptographe.com