Crypto sports betting entails betting with the use of cryptocurrency coins. That is, rather than betting with fiat money, individuals can freely use crypto coins such as Bitcoin, Bitcoin Cash, Ripple, Dogecoin, Ethereum, Litecoin, and available options to make their bets. This form of betting has gradually started to become a bigger part of the online betting industry as more and more online sportsbooks and casinos are adopting this method.
While other sportsbooks are adding crypto sports betting as among the available options for making payments, there are even certain sportsbooks that accept only cryptocurrencies as their form of payment, thereby excluding fiat. The reason for this is not difficult to understand; with cryptocurrency betting, what this means is more security and more privacy for online sports bettors. You can find different crypto sportsbooks on CryptoBetting.
In fact, with the rate at which cryptocurrency is being adopted into online sports betting, one might wonder whether a time will come when crypto sports betting will get to rule the world, that is whether or not the cryptocurrency will ever become a more dominant form of transacting during sports betting than even betting through fiat currency which is currently the main form of payment used when betting.
To consider whether this could one day become the order of the day in online sports betting, there are certain factors to be considered, the factors we shall consider shall span across things such as the efficiency of the cryptocurrency payments in comparison with payment via fiat currency, whether cryptocurrency is sustainable in the long run, the volatility of cryptocurrency among other factors to be considered below. These factors we shall consider include:
One of the main considerations in online sports betting deals with how fast online transactions are, no one wants to be kept waiting after depositing into their account, most especially after making a withdrawal/cashing out into their bank accounts. While regular transactions such as bank transfers, credit/debit cards, e-wallets could take between 24 hours to 48 hours or more, or even up to 72 hours (3 days) when it involves making withdrawals, this is not the case with cryptocurrency transactions. Therefore, this issue is solved with cryptocurrency transactions.
When using trustworthy crypto wallets, any withdrawals into your account are carried out instantly, therefore doing away with the need for slowly waiting for days for your money to come to you. Therefore, with this factor, crypto transactions are one step ahead of fiat currency transactions on online sportsbooks.
This is the main issue associated with cryptocurrency. It is very volatile; by volatility, this means the value changes very fast. Hence you could make a deposit and place a bet and win but by the time you are to withdraw, the value of the crypto coin could be lower than it was when you had placed the bet. You have won the bet but due to volatility, you have lost more money due to volatility.
Cryptocurrency volatility can only be brought to a halt by the time more individuals embrace the coin and make use of it in day-to-day transactions. However, it is slowly being accepted in more mainstream industries, which may take some time before crypto volatility issues may be solved. However, when you compare fiat currency under this factor, fiat currency is way more stable because it is the accepted and regulated currency of such a nation’s government.
For cryptocurrency to rule the world, this is a huge factor. Nobody wants to lose their money when they wish to make more money instead.
- Increased options not limited to regions
With cryptocurrency now among the online sports betting options, there are several types of crypto coins that can be made use of. Coins are produced every day and with more coins, sports bettors have choices to make. The mother of all Crypto coins is Bitcoin which has the highest worth among coins, as its value is over $35,000. Others include Bitcoin Cash, Ethereum. Litecoin, Dogecoin, Ripple, Binance and so many other options are still getting added. Hence, where an online sportsbook creates such an option on their website, holders of such coins are free to make their bets using such coins. Hence, even when you’re short on one coin, you could make use of another which is offered by the online sportsbook.
- Universal Value and No National Limitations
Another great thing about this is regardless of where you reside, you can make use of the coins as they still maintain the same value. So, if you’re traveling from the United States to the United Kingdom or Canada, you need not worry about the value/need to convert your currency. This is because, with crypto, the value is the same all over the world. Hence, it has no national restrictions nor is its value limited by the country you are in. So, your bet in one country is the same as whichever you move to.
- Privacy and Security
This is a big factor. Cryptocurrency transactions are completely more private and secure than fiat currency as there is no need to put down their banking information. Also, since banking information is not dropped, there is little possibility of bank accounts getting targeted. Hence, there is more assurance of privacy and security and these are two things that sports bettors love.
What lies ahead with Crypto sports betting?
If cryptocurrency transactions can floor fiat currency transactions in some of the factors discussed above, particularly in terms of becoming more stable, as well as in terms of its maintenance of privacy, then it is no doubt that crypto sports betting will rule the world sooner rather than later. However, if crypto betting still has its faults, then most individuals may still prefer to bet with fiat being assured of the stability of the currency they’re making use of, in such circumstances, then it may still take a while before we consider if crypto betting can do away with fiat currency transactions and eventually rule the world.
However, at the rate at which cryptocurrency has been going, together with the recent adoption of coins such as Bitcoin as legal tender in certain countries, it is no doubt that cryptocurrency sports betting is well on its way to usurping fiat currency and ruling the world.