Advantages of Crypto Sports Betting: A Game-Changer for Bettors and Betting Companies

In recent years, the use of blockchain and cryptocurrencies has experienced a surge in the sports betting and gambling industry. This shift has not only provided bettors with more options but has also opened up new possibilities for betting companies. In this article, we will explore the advantages of crypto sports betting for both the bettor and the betting companies, shedding light on the transformative impact of this emerging trend.

Rise of blockchain in sports betting

The core of crypto sports betting lies in blockchain technology, which ensures community operation and data protection. Blockchain's decentralized nature makes it particularly appealing in an industry where trust and transparency are paramount. The rise of blockchain in sports betting signifies a departure from traditional methods and introduces a more secure and efficient way of conducting transactions.

The field of sports betting has always been surrounded by a layer of controversy and risk of corruption. Blockchain technology has the potential to revolutionize the sports betting industry by offering greater transparency, security, and fairness to players.

Crypto in sport betting

Crypto gambling sites are gaining traction, providing sports bettors and online casino players with increased flexibility and opportunities. To engage in crypto sports betting, a player needs to follow a simple process:

1. Choose a Crypto-Accepting Betting Site: Bettors need to select a reputable betting site that accepts cryptocurrencies.

2. Open an E-Wallet: To manage funds, users create an e-wallet where they store their cryptocurrency and transfer it to the chosen betting site.

3. Purchase Cryptocurrency: Users can buy cryptocurrency through various means, such as credit cards, and link their wallet to the sportsbook account.

4. Start Placing Bets: Once the wallet is funded, bettors can start placing bets on a variety of sports.

Legality

One of the significant advantages of using cryptocurrency for sports betting is its legality. Crypto-accepting foreign online betting organizations, not being a subject to U.S. regulations, allow users in all 50 states to bet legally on sports. This freedom enables users to choose from various gambling lines and payment methods, including cryptocurrency.

For an online gambling site to operate legally, it must hold a betting or gaming license from an appropriate licensing authority. Many gambling sites choose their location based on the legislation and regulatory practices they must adhere to, often requiring them to operate at least part of their activities within the jurisdiction of the licensing authority. The rise of digital currencies, like Bitcoin, challenges these regulations, as cryptocurrencies operate beyond traditional monetary systems.

The legal landscape in the US is uncertain, with changes over the years. While online gambling is not federally legal, several states have introduced legislation to make it legal. However, the federal government prohibits online gambling.

Advantages for the bettors

There are plenty of advantages compared to the traditional payment methods, but here are just some listed:

1. Promotions and bonuses: Crypto sports betting offers lucrative bonuses and unique features, including sign-up bonuses and deposit matching schemes, surpassing traditional currency incentives.

2. Simple registrations: The registration process for crypto sports betting is straightforward, eliminating the need for extensive data submission.

3. Range of games: Crypto betting sites offer a diverse range of games, including table games like blackjack and roulette, with better return percentages compared to traditional betting sites.

4. Quick withdrawals: Withdrawals from crypto sports betting services are faster, with some completed in a matter of hours, providing a quicker and more efficient payout process.

5. Anonymity: Anonymity is a crucial aspect for online players, and crypto sports betting sites offer a higher level of privacy, allowing users to maintain their identity while participating.

Future of crypto in sports betting

While facing legal challenges, the future of crypto sports betting looks promising. Organizations like the Crypto Gambling Foundation are working towards ensuring transparency and ethical standards in the industry. As more states and countries legalize online sports betting, the popularity of crypto sports betting is set to soar.

Numbers in sports betting

In 2021, the crypto space reached its pinnacle, signaling what appeared to be the most promising year for crypto users with anticipated record-breaking figures. The proportion of crypto bets surged to 35%, whereas non-crypto bets accounted for the remaining 65%. The subsequent year witnessed a 10% decline in crypto usage, which was unsurprising given the prevailing bear market and significant dip. As we await the conclusion of 2023, a more comprehensive assessment of the figures will provide valuable insights into whether the crypto revenue has rebounded.

Despite the decline in 2022 crypto is slowly gaining its share in the market, and all the predictions are that it will continue its rise in the gambling industry. Especially knowing that in 2020 the use of crypto in gambling increased x3, compared to 2019.

Bitcoin dominance

When it comes to the currencies mostly used in the gambling industry, bitcoin still leads with over 70%, followed by ethereum with 13% and litecoin with more than 5%. Even though Bitcoin is still far from mass adoption, more and more ecommerce websites are supporting cryptocurrencies as a payment method. You can use Bitcoin to buy real estate, cars, jewelry, NFTs, and even insurance. Despite all that, the biggest chunk of all Bitcoin transactions occurs in crypto casinos. So roughly 50% of all BTC transactions are gambling related.

Conclusion

Crypto sports betting emerges as a game-changer, providing bettors with unparalleled advantages and transforming the landscape for betting companies. The simplicity of registration, quick withdrawal processes, anonymity, and diverse game options contribute to the growing popularity of crypto sports betting. As the industry continues to evolve, it is poised to become the preferred choice for both seasoned and new bettors, offering a deeper and more dynamic gambling experience.