The Benefits and Downsides of Cryptocurrency as the Future of Sports Betting
The sports betting industry—and online gambling overall—is always looking for innovative ways to overhaul each of its aspects. Whether it’s new betting markets, payment providers, or simply a new service, it always tries to stay ahead of the curve and attract a diverse range of bettors. It can also be said that the industry evolves together with technology, as new tech finds a range of applications at the top sports betting sites.
One aspect the industry is laser-focused on these days is the acceptance of cryptocurrencies as payment. That’s a reality we could imagine 5 years ago, but now, most betting sites are rushing to accept crypto. And it’s not just another payment method. The blockchain has paved the way for innovation within the iGaming industry to the point that many consider it the future of sports betting.
How Cryptocurrencies Shape the Future of Online Sports Betting
We all know the advantages of online sports betting. Being able to bet from the comfort of your home or on the go is something we couldn’t imagine in the past. It’s here, though, and better than ever. It’s safe to say that sports betting sites offer more advantages than land-based venues. You get to bet on a much broader range of markets, including live betting markets that offer an engaging and fun experience. Payments so far were limited to bank transfer, cards, and e-wallets, but cryptocurrencies such as Bitcoin have ushered in a new era in terms of sports betting payments online.
Built on an exciting technology known as the blockchain, they give sports betting sites a fantastic base to build upon. Safe from prying eyes and not controlled by governments or financial institutions, the blockchain is heaven for iGaming operators. That doesn’t mean it’s illegal. This is a publicly distributed ledger where all things are safely recorded, without the possibility to erase traces. It’s a cornerstone for the future of sports betting, and operators love it.
Crypto’s main advantage for bettors is the anonymity. No matter what you think of it, gambling is still a big stigma. Most players don’t want to be seen gambling nor do they want such expenses to show up on their cards. Cryptocurrencies offer safe and anonymous gambling, something we’ve been dreaming of for a long time.
By playing with crypto, you’ll also be open to better deals and offers. Most betting sites are trying to jump on the brave new train, and they want to appeal to a whole new generation of players. Cryptocurrencies mean bigger and better bonuses compared to fiat money offers. Bet with Bitcoin and you’ll find sportsbooks offering exclusive bonuses for loyal members. Everything is better when betting with crypto, so you can and should reap the rewards.
Transaction speeds have also been improved with cryptocurrencies. It’s safe to say that no other option is faster when it comes to deposits and withdrawals. Deposits have already been fast, but in terms of withdrawals, cryptocurrencies have no middle-men involved. It means that you can receive your winnings in crypto in just around 15 minutes or faster unless the sports betting site causes delays.
The blockchain is a fully decentralized platform that’s not under the control of banks or governments. Which means no one will meddle in the any business model. Of course, the blockchain is as safe as it gets. Many experts will say its nearly impervious. A new block is chronologically created at the end of every blockchain when something new is recorded on it. Since the new block is connected to the hash of the previous block, editing and updating—or scamming–the data within is impossible. In short, scam betting platforms might became a thing of the past if the online sports betting industry moves to the blockchain in the future.
Transparency is another advantage of using cryptocurrencies at betting sites. When you make a bet on high odds at your bookie of choice, a network of computers will verify it. Your bet will then be stored in a new block with a hash string, which makes it finite. No one can touch or alter it, and it’s the same on the bookmaker’s side. It’s a much more transparent process than betting at sportsbooks nowadays where your data can be revealed for different purposes or via hacks.
What Are the Downsides?
While the upside of betting with cryptocurrencies is huge, there are still a few downsides bettors need to be aware about. First and foremost, cryptocurrencies are still a new thing, and not everyone is hyped about them. It’s the same with every new technology. But, the fact that they’re not legal in many countries makes the learning curve much more complicated. Plus, the cost of implementing such technology is great, not to mention legal obstacles in many jurisdictions.
Another big problem at the moment when it comes to betting at blockchain platforms are shady sites. Don’t get us wrong – the blockchain is safe and trustworthy. However, we can’t say the same about the organizations behind it. There have been several scam projects so far, mainly because of the fact that blockchain and crypto are not legal in all parts of the world. Of course, these scams don’t hurt the betting industry, but the name of the blockchain instead.
There’s no question that the pros of cryptocurrencies at online betting sites are bigger than the cons. In fact, there’s no question that they represent the future of sports betting. A distant future, it might be said, but a future nonetheless. The blockchain and crypto show us how we’ll interact with betting platforms in the future, so think of them as a peak in a crystal ball.
Of course, current implementation of such projects is costly and not that well received. But, things will change in the near future, with many jurisdictions realizing the impact of crypto. Until then, we can only wait, but what the future holds is certainly exciting.