Some people buy cryptocurrencies as one of the variables in their investment portfolio; others pay for products and services with crypto, just like any other fiat currency.
As more and more merchants add crypto to the list of accepted payment methods, the scope of their practical use changes.
How Does Crypto Betting Work?
The sole process of placing wagers in crypto sports betting isn’t any different from online bets made in traditional currencies. The websites that accept cryptocurrencies publish odds on certain sporting events just like any other bookie, let users create their accounts, and do their homework to offer various incentives.
The main reason why we have more and more crypto betting sites (and casinos) is the general growth of the market. As reported by Forbes, there were more than 300 million cryptocurrency owners at the end of 2021. At this point, it’s estimated that almost half a billion people worldwide have bought and possessed crypto at some point. Therefore, it’s not surprising that, according to Sergio Zammit, sports betting is worth $250 billion worldwide in 2024.
This increasing market value made iGaming stakeholders consider adding crypto to their pools, and many of them have done so.
Why Use Crypto Betting – 5 Easy Pieces
Cryptocurrencies dwell on decentralized blockchain technology, meaning that no higher traditional authority either monitors or regulates what’s going on. Here’s why this way of handling transactions and user data is beneficial:
Speed of transactions: When you enter your credit card details, it might take time for the issuing bank, the payment processing provider, and the acquiring bank to handle the transaction. It might take hours to have your betting account credited with the amount you’ve paid. Crypto transactions, on the other hand, are typically completed very quickly, making the iGaming experience more dynamic and exciting.
Affordability: The aforementioned issuer, acquirer, and payment mediator take their share to complete credit card transfers. Crypto payments also incur certain transfer costs, but much lower than traditional fees for online transactions in fiat currencies.
Security: Betting sites and their customers can rest assured that the payments made on the platforms are highly secure. Thanks to blockchain, each transaction is recorded and secured with a time stamp, and accepted by the relevant peers in a chain. It’s demanding to meddle with those payment data.
User–centered usability: Crypto wallets and exchange platforms are created with various users in mind. In other words, they usually come with concise interfaces and clear instructions, so that their users can make transactions without much hassle.
A long surging streak: There’s more to crypto than using it only for playing bets. Those guys from the intro – the ones who invest in crypto for the sake of portfolio diversity – could save the assets they make in iGaming in cryptocurrencies. If we know that the value of Bitcoin has risen by 7,644% since 2014 (yes, more than seven thousand five hundred percent), keeping assets in Bitcoin makes sense. One thing, though: the recreational users of crypto shouldn’t react to each market change but keep the coin as long as possible to see the benefit; also, always first consult a financial advisor on the best ways to use crypto for investments.
A Few Considerations
Although their number is growing, there are still fewer online bookies and casinos that accept crypto payments than those with fiat currencies and payment methods.
Also, when deciding what crypto betting sites to play on, check their reputation and licenses. If such a platform doesn’t possess the necessary permits, it probably doesn’t meet all the compliance requirements. Conversely, those who comply with the relevant regulations are highly likely to highlight it everywhere on the website.
In a nutshell, approach every crypto iGaming platform the same way you’d examine a traditional one. This refers to both onshore and offshore websites. While cryptocurrencies are decentralized and don’t undergo traditional financial scrutiny, crypto casinos do have to meet legal demands to get licensed.
The Final Word
Now you know more about crypto iGaming advantages (and a few considerations). Hope these tips, hacks, and examples will help you enjoy your crypto betting and gambling experience more than before.
Make reasonable choices, compare market options to use the best ones, and have a good time!