It is quite interesting to see how certain industries advance, and when it comes to the online sports betting industry, I think they are leading the pack.
Why? Well, just take a look at the online sports betting industry a decade ago. There were quite a few legit betting websites that were limited to only certain countries, there was a lack of features and payment options, and it all felt a bit too shady.
Nowadays, the online sports betting industry is completely different. We have thousands of sports betting websites, and plenty of options including live betting, Fantasy sports betting, and of course, various payment options including cryptocurrencies.
To be honest, crypto is such a big trend in sports betting. Have you seen how many new online crypto sportsbooks have been popping online? This shows that we are talking about a sports betting fork with a lot of demand.
But why do people use cryptocurrencies instead of fiat money? Well, it isn’t only that cryptocurrencies are trending. Instead, crypto betting comes with many different benefits, such as faster transactions, higher security, lower fees, and wider global access to betting sites.
All of these things sound good in the ears of every bettor. So, you want to try crypto betting yourself? Here is what you need to know.
Why Are Crypto Betting Platforms So Popular?
There is no denying that the crypto betting market is surging with popularity, but what makes many sports fans convert to crypto betting?
Well, first and foremost, I think it is because of decentralization. People nowadays don’t want to use regular fiat currencies since they are controlled by the government and some people want to be free. That’s why they go for alternative assets like crypto.
Additionally, we have faster transactions. A lot faster! Have you recently withdrawn your well-earned funds from an online sportsbook? Sometimes, the online sportsbook takes 1-2 days to send you the money, and then after 3-7 days they arrive at your bank (depending on location), you have to wait for an additional day or two for the bank to process the transaction just so the money will be transferred to your wallet.
A lot of waiting, right? Well, with crypto payments all of these happen in seconds to minutes (depending on how busy is the network). You hit withdraw, and boom, you have your Bitcoin in your digital wallet.
Also, banks charge a lot of money for bank transfers. They can even get a percentage of your winnings, costing you hundreds of dollars per transaction, depending on how much money you are willing to withdraw.
With cryptocurrencies, the fees are much lower. Yes, we’ve all seen some expensive gas fees that go astronomically high, but on average gas fees for processing crypto transactions are quite low, especially if you use cryptocurrencies like XRP, Litecoin, or Solana.
Lastly, we have security and anonymity. For some reason, many people don’t want to show their identity online, especially when they are placing bets on sports. With traditional online sportsbooks, you must put all your personal information like Name, Surname, Address, and Billing Details and in most cases, you also need to take a picture of a government-issued document.
With crypto sports betting, you bypass all of these things. You just need to have a digital wallet address where to send the crypto, and you are done.
All of these things sound great, right? Well, if you want to try it yourself, you can click here for some crypto sports betting action: https://www.evo.io/
How Does It Work?
Placing bets with crypto is straightforward. First, you choose a betting platform, deposit your cryptocurrency, and then place bets on your favorite sports, be it football, basketball, or even eSports. Many of these platforms allow live betting, so if you like making decisions on the fly, you can bet while the game unfolds in real time.
Why Bet with Crypto Over Traditional Currency?
Well, besides faster payouts and enhanced security, you can also enjoy:
- Anonymity: Many crypto platforms don’t require the extensive personal information that traditional ones do. You can keep your details private while betting.
- Global Accessibility: With crypto, there’s no need to worry about exchange rates or international restrictions. Sports betting has become a global game.
Are There Risks Involved?
Now, of course, with every shiny new trend, there’s a flip side. Crypto is volatile, meaning your winnings could be worth a lot one day and significantly less the next. It’s like hitting the jackpot one minute and getting hit with a bad beat the next—both in sports and in the crypto market!
But many bettors see this as part of the excitement. It’s not just about picking the winning team but also playing the long game with your crypto assets.
Is It Legal?
Now you’re probably thinking, “But is it legal?” This depends on where you live. For instance, in some states in the U.S., crypto betting is fully legal, while others have tighter restrictions. Always check your local regulations before diving in even though crypto is in the legal “grey” area in most parts of the world, and there is no way for the government to stop you from playing.
