Cryptocurrencies have always had a reputation in the financial market.
Before, they were consumed in the world of illicit businesses, and nowadays, they seem to have restored their bruised reputation. Today some people can even visit their local supermarket and opt to pay in crypto.
After infiltrating the casino and sports betting scene, crypto betting has become the next thing in gambling. You will find all you need in a bookmaker review, guiding you to the best crypto betting sites, with one of the main attributes, including lower transaction fees, if any, along with added layers of security and ease added to your overall gameplan.
Embraced tech advancements will dominate the future, and the future is now. So is crypto betting a must-have, or are our traditional e-wallets enough to make it or break it in the lucrative gambling game?
Which cryptocurrencies are used for sports betting?
Whilst you will find many cryptocurrencies, some will feature more prominently on gambling sites, with some of the currencies having broader market shares. Here are some cryptocurrencies you will most probably find at sports betting sites.
Bitcoin – The mother of all cryptocurrencies is Bitcoin, with many sites advertised and marketed as Bitcoin betting sites. Although recently suffering some challenges that some of its shares plummet, Bitcoin typically enjoys a 40% + market share, with its price value topping the $45,000 mark. Due to heavy traffic, transactions in Bitcoins are not as swift as other currencies; however, it is regarded as the most secure.
Ethereum – Ethereum is another cryptocurrency gaining steady momentum, but it does not have the same popularity and usage as Bitcoins. Players can opt to use Ethereum to fund their sports betting whilst also using tokens earned at any Ethereum-powered platforms. The currency is extremely fast compared to others and will make your deposits and withdrawals done in seconds.
Litecoin – Litecoin is another cryptocurrency that has enjoyed fuelling sports betting transactions. It only has a slim 0.59% of the overall crypto market but offers fast transactions, security and also adherence to user privacy is pristine.
Is crypto sports betting worth it?
There is never a better way to answer a question than to list the pros and cons. Here we will be doing the same to look if it is worth using cryptocurrencies to fund your gambling. Let’s have a closer look at some insights.
Pros of betting using cryptocurrencies
Security and privacy – We often hear about fraud happening on credit cards, with identity theft at the forefront of illegal operations. An e-wallet could pose a lower risk than using your credit card for gambling, yet the threat to your security and privacy remains. Crypto transactions are powered by massive amounts of encryption, making each transaction unique and 100% secure. Apart from this, the market stability of cryptocurrencies also plays a significant role in security; longstanding currencies will smother the tide if the market goes bust with the current inflation.
Banning of credit cards in the UK – In the United Kingdom, the UKGC went ahead and banned credit card usage for gambling purposes; hence alternative ways of payment were sought by both sports betting sites and gamblers alike. With the need for ease of payments, cryptocurrencies could come in handy.
Staying anonymous – If you do not want your gambling transactions featured in your banking statement and want to keep your private life private, there is no better way than doing that with crypto. The player’s safety using the currency is the paradigm in the crypto world; hence the currencies offer many layers of security and features that will keep your identity safe at all times.
Faster transactions – When you visit a betting site, you will see all the payment methods listed. Remember that some payment methods have longer timescales than others, with your withdrawals only reaching you 2-5 working days after your original request. Should you opt to use cryptocurrencies as opposed to other methods of payments, your transaction (both deposits and withdrawals) will be done immediately, with no waiting times or processing fees interfering.
Cons of using cryptocurrencies for betting
Banning by countries – Unfortunately for cryptocurrencies and their users, many countries have prohibited their constituents from using crypto and blockchain. Some of these countries are Algeria, China, Colombia, Bolivia, Egypt, Indonesia, Iran, India, Nepal, North Macedonia, Russia, Turkey, and Vietnam. Whilst many find ways and means to visit gambling sites when gambling is prohibited in their country, using cryptocurrencies could be deemed as fraud and tax evasion, a crime that could carry a hefty prison sentence.
Assets and their liquidity – Almost all currencies globally are also deemed as liquid assets. In Finance, liquid assets are the assets that can become materialised in minutes. In the crypto world, asset liquidity works differently, with the process and the assets taking longer to reach you compared to other currencies.
Market value and overall hits – Whilst many countries seem to be taking a stand towards crypto, it is safe to say that ultimately its market value will take the long end of the stick.
Is crypto betting even worth it?
Now that we have looked at the pros and cons of sports betting using cryptocurrencies, security is an element that gamblers take into consideration – and if you would like all your sports betting fun to be light, fun and secure, crypto is the way to go!
Apart from that, crypto bookmakers also offer specific bonuses if you opt and choose to wager on sports using cryptocurrencies.