Cryptocurrencies and blockchain technology are completely transforming the iGaming sector, which is a term used to describe all online businesses that are legally operating in the real money betting sector.
In other words, online sports betting sites (aka bookmakers), dedicated poker sites, online casinos, and bingo and lottery websites all fall under this umbrella term.
Here is a closer look at why so many industry leaders and experts say that crypto is the future of sports betting, highlighting some of the key benefits of depositing, betting, and placing bets using legitimate cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) on fully licensed and regulated sportsbooks.
Is crypto the future of sports betting?
As cryptocurrencies are becoming less volatile and more widely accepted and adopted by the mainstream, more people than ever are choosing this online payment solution at the virtual checkouts on their favourite sites as they move away from traditional online payment methods like PayPal, Visa and Mastercard credit and debit cards, and bank transfers, which are deemed less secure.
Using the cryptocurrency payment method brings with it many user benefits, and experts say that it’s just a matter of time before cryptocurrency payments, facilitated by blockchain technology and smart contracts, will completely dominate the payment sector of the online betting industry.
Operators are constantly looking for new ways to raise their global profiles and tap into newer, modern audiences. One way to do this is to accept a broader range of secure online payment methods, which is why so many business owners these days have started accepting cryptocurrency in their cashier/banking sections as a viable payment method for registered members.
Accepting one or more cryptocurrencies at the virtual checkout has increased conversions, boosted retention and customer satisfaction, and ultimately increased annual revenue. Online sports betting sites are now more accessible than ever for millions of people worldwide due to the operator’s willingness to embrace blockchain technology and cryptocurrency.
What are the benefits of using cryptocurrency for sports bettors?
The good news for sports bettors is that using cryptocurrency has several benefits. On today’s best crypto sports betting sites, some of the most notable benefits that crypto users can look forward to are the following:
- The best thing about using cryptocurrency on betting sites with WWE betting markets (and markets for almost every other major professional sport) is that the transaction fees (if any) are lower than all other online payment methods, meaning users have more money to place bets
- The highly sophisticated, end-to-end cryptographic encryption levels are much higher when using cryptocurrency compared to traditional online payment methods, meaning your transactions are more securely protected, tamper-proof, and always in safe hands. In other words, you never have to worry about security breaches or any of your PII (personally identifiable information) and other sensitive information getting hijacked or intercepted by cybercriminals
- When using cryptocurrency on sports betting sites for deposits and withdrawals, you can look forward to complete anonymity due to the very nature of these decentralised technologies – transactions aren’t interfered with, tracked, monitored or recorded by government agencies, banks or any other centralised financial institutions
- Most sports betting sites also now have a growing number of ‘provably fair’ casino games, meaning players can independently verify the outcomes (and therefore, the true randomness of the results produced by the random number generators) themselves, which enhances transparency and fosters a sense of trust in the industry as a whole
- Crypto users can usually benefit from much higher transaction limits (e.g., bigger deposit and withdrawal limits)
- Crypto users can benefit from exclusive bonuses and promotional offers, and often better loyalty rewards
- Crypto transactions are processed in the blink of an eye compared to all other traditional online payment methods
- Deposit and withdrawing with cryptocurrency on betting sites is one of the most secure ways to top up iGaming accounts and cash out winnings
The other advantage for crypto users who sign up to licensed and regulated online sportsbooks to bet on the WWE Royal Rumble, UEFA Champions League, Premier League or Masters golf, for example, is that they generally don’t need to complete the intrusive, time-consuming KYC (Know Your Customer) age and ID verification process.
This frustrating and somewhat annoying process typically involves uploading scanned colour copies of your driver’s license, passport or national ID card and copies of recent bank statements, energy bills, mortgage statements or mobile phone bills as proof of address.
Final thoughts
As you can see, there are many plus sides to using cryptocurrencies for both the user and the business operator, which is why it is expected to be the future of online sports betting, casinos, and traditional gaming sites.
The most important thing to remember when signing up to an online sports betting site, like those currently featured on the globally renowned BitEdge.com iGaming review site, is to gamble responsibly at all times.
Many top crypto sites these days actively promote responsible gambling, meaning they will have a range of safer gambling tools that users can manually set to ensure they don’t exceed their initial spending budgets.
The best thing to do, where available, is to set session time reminders or win/loss limits. Others find that deposit limits work best for them, or setting personal spending caps.
Setting these limits and being a sensible online gambler ensures you keep things safe and fun. However, responsible gambling also means never logging in to place bets or play games in the real money mode while tired or under the influence.
