Introduction
Cryptocurrencies and blockchain technology are on the verge of becoming mainstream. Already the financial sectors have started incorporating cryptocurrencies in their systems, not just because of their growing popularity but because of the extensive list of benefits that digital currencies bring over traditional fiat currencies.
About Crypto Sports Betting
Crypto sports betting has become an integral part of the gambling industry with gamblers all over the world switching to cryptocurrencies from fiat currencies. Crypto sports betting offers more security, faster transactions, eliminates legal restrictions, and reduces transaction fees because there are no financial intermediaries to intervene; crypto transactions happen directly between the two parties.
Working of Crypto Sports Betting
Staking at a crypto sports betting site is very simple. Users just need to register at a reliable crypto sports betting site with their crypto wallet IDs and make the required initial deposits. As soon as the bookmaker receives the deposits, they allow players to stake on their favorite sports.
Is Sports Betting with Crypto Safe?
Yes, sports betting with cryptocurrencies are safe, it is even safer than betting with fiat currencies, but players need to choose a licensed and reliable sports betting website to place their stakes. There are many sports betting websites emerging lately, but not all are trustworthy and therefore, players should choose the websites wisely.
Why use crypto for sports betting
With the ongoing COVID pandemic that has left people confined to their homes, more people are showing interest in online sports betting. This huge demand from sports betting enthusiasts has urged the operators to make the platforms much more convenient, hassle-free, and fast; incorporating cryptocurrencies in sports betting speeds up the transactions thereby giving the players a hassle-free betting experience. Some other benefits of using cryptocurrencies in sports betting are as follows:
The decentralized nature of cryptocurrency
Cryptocurrencies are decentralized that adds an extra layer of security to the transactions as there is no financial intermediary involved between the parties transacting in crypto coins. Therefore, no government policies or political pressures can affect the crypto transactions. The crypto holders themselves are the owners of their crypto coins and no banks and governments can take them away from them or can freeze their accounts.
Cryptocurrencies and security
Cryptocurrencies and security go hand-in-hand. Every crypto transaction is encrypted and recorded in a transparent blockchain ledger that is immutable which makes it virtually impossible for hackers to edit or delete them. Thus, when it comes to sports betting cryptocurrency or other forms of gambling, cryptocurrencies make the transactions safer and ensure the punters that their payouts and deposits are safe and no one can manipulate them.
Anonymity is ensured
Sports betting is strictly prohibited in some countries and therefore, gambling enthusiasts who cannot get a chance to gamble legally, follow illegal practices like entering gambling sites with VPN networks, etc. But with cryptocurrencies, anyone from any part of the world can bet on their favorite sports without any worries, because cryptocurrencies allow punters to gamble anonymously. Crypto betting sites do not require gamblers to verify their identities and therefore bettors can keep their gambling activities a secret.
How does this anonymity guarantee safety for sports bettors?
The anonymity of transactions guarantees safety for sports bettors. For gambling in any crypto sports betting website, punters are not required to share any of their details like name, address, or bank account with the bookmakers. The only thing that is revealed is the wallet address and therefore without any personal information available, no hackers can trespass into the bettor’s account and manipulate their data or funds. Moreover, each crypto transaction is encrypted and recorded in the immutable blockchain ledger and hackers can’t break the encryptions.
Play anytime and from any place without worries
With guaranteed security and anonymity, punters can play anytime and from anywhere without any restrictions. Punters just need to find a licensed sports betting site and a robust internet connection to enjoy sports betting.
Crypto Sports Betting V/s Traditional Sports Betting
Crypto Sports betting has many advantages over traditional sports betting, the most important being anonymity of transactions. Another advantage of using cryptocurrencies to stake in popular sports is faster transactions for both deposits and payouts, as punters are not required to wait for getting confirmation from banks as in traditional sports betting. Crypto sports betting sites also maintain hi-tech security measures to keep the data and funds of their players safe from hackers. Moreover, crypto sports betting sites have the power of blockchain technology to support them.
Final opinion
Though crypto sports betting and traditional sports betting have similar domains, they have their own set of pros and cons. As such, traditional sportsbooks are easier to find as compared to their crypto counterpart. Some players enjoy the hustle and bustle of traditional sports betting while others want to stake in complete serenity, and cryptocurrencies make online sports betting a player’s paradise.
