Introducing cryptocurrencies as a payment method has changed the sports betting industry. The two have proven to be a good match for both the casinos that offer sports betting and the fans.
Many advantages come from using crypto that the fans were eager to embrace. As cryptocurrencies are becoming more common and widely accepted by the broader pool of users, casinos are allowing payments with more altcoins than ever before. At the same time, the use of blockchain technology that powers cryptocurrencies has transformed how bets and odds work and made them fairer and more transparent.
Global Accessibility
Using cryptocurrencies as a payment method makes sports betting available to players worldwide. There are parts of the world that still don’t allow sports betting. With the use of cryptocurrencies and VPNs, players can take part in online wagers regardless of their local laws.
This has also changed which sports are popular and what sports to bet on. That’s why some sports that were otherwise popular only in certain parts of the world now have a global fan base. It happened to cricket and curling but also to karate and rugby.
Fast Transactions
Using cryptocurrencies allows for fast transactions when compared to traditional fiat currencies. The crypto payments are available immediately, and the cost of these transactions is much smaller since there are no intermediaries.
This, too, has changed how the players make their bets. Players are encouraged to add to their accounts if the transfers are fast and seamless. That’s why many online crypto casinos have introduced responsible betting features to address the abuses that may come from it.
Fewer Fees
When using traditional payment methods to make wagers, players need to cover the fees of the transfers. With debit cards and bank payments, the fees usually depend on the amount the player is transferring. It’s more expensive for those who bet and transfer small amounts, as it bites into their winnings.
Since cryptocurrencies work without a centralized system in place, there’s no one to pay the fees to. It’s, therefore, perfect for small and micro transfers such as the ones made to cover an individual bet. The fees still depend on which cryptocurrency the players are using, but regardless of that, they are smaller than with fiat currency.
Transparent Odds
The best online cryptocurrency casinos out there are transparent about their odds and allow players to choose which matches to bet based on their chances of winning. With the use of blockchain technology, the odds are a part of the very code of the currency the players are using, and the payments are automated when the terms of the bet are made.
This helps the players make educated decisions and allows the terms of the wager to change in real-time as the match is played out live. Casinos differ based on the odds they offer, so it helps the player shop for the best one.
Anonymous Betting
Betting with cryptocurrencies doesn’t require the fans to provide any personal data other than the email they are using for their crypto wallets. Using fiat money, however, requires bank account numbers and often personal IDs. This is a key feature in a world where only anonymity is becoming increasingly important.
Some crypto casinos provide sports betting options and require the player to produce an ID to set up an account. This is part of a wider introduction of “know your customer” laws to the world of sports betting.
Safe Transfers
The transfers made with crypto are easy to track and record. This means that no crypto casino can change something about the transfer and the winnings once the payments are made. It provides an extra level of security and encourages the players to participate from abroad.
Since sports betting is global and there are countless bets made on small events at any given time, the safety of the payment is paramount for trust between the players and the casino. With the safety feature being a part of the code and infrastructure itself, the players can trust the casinos regardless of where they are based.
Full Availability
Sports events take place at any given time and all over the world. There’s always some event to follow and bet on. Many players bet on niche events that otherwise would never have a wide audience worldwide.
Cryptocurrencies can be used to facilitate such bets as the payments are available 24/7. Traditional schedules don’t apply since no centralized institutions make the transfers. It allows the players to be fully immersed in sports events and have their winnings available immediately. This is the case regardless of the players’ amounts, as there are no limits to the transfers.
Mobile Gambling
Crypto casinos have mostly moved to mobile devices. The same goes for the sports betting events on these sites. They are either available through apps or through mobile device browsers. The experience is the same with both options and the same as it would be on a desktop device.
Young players are used to betting on their mobile devices alone. It’s convenient and allows the players to make quick decisions as the match unfolds. It’s equally easy and safe to transfer cryptocurrencies to and from an account on a mobile device alone.
Cashouts and Live Events
Sports betting sites allow live betting as the match takes place in real-time. That way, the odds change in real-time as well and adapt based on the result. A skilled player can take advantage of this approach by choosing the perfect time to place their bet.
Many crypto casinos also offer a cash out bonus. It allows the players to cash out some of their winnings before the game ends. Sometimes, this means cutting your losses; in other cases, it lets the player cash out while the game goes their way. With crypto payments, the withdrawals are immediate.
Micro Bets
The use of cryptocurrencies has also led to the introduction of micro-bets. These small and instant transfers are a perfect fit for sports betting. In many cases, the players bet on who will win or lose the main event, but there are also numerous side bets to make –such as the exact score, the actions of individual players, how many penalty kicks a team will have, and so on. These can add to the initial wager or can be an individual side bet.
Therefore, with the use of cryptocurrencies, sports betting sites provide a richer and more complex offer for their player and potentially bigger wins.
To Sum Up
Cryptocurrency casinos that provide sports betting services have benefited greatly from the features inherent to blockchain. They allow micro bets on specific events within a game and live bets while the game takes place. Crypto sports betting sites are also available on mobile devices. The wagers made this way are safe, fast, and less costly than the ones made with crypto.
Betting on sports is available worldwide and at all times. The transfers are safe and produce records that are easy to trace if something goes wrong. At the same time, the players don’t need to provide any personal information, including an ID.