Cryptocurrency in Sports Betting: The Most Popular Kid on a Block

(3 votes, average: 2.33 out of 5)

Loading...

Mining! Bitcoins! Cryptocurrency! These words seem to have taken the Internet by storm. You hear them so often, seemingly from everywhere. Cryptocurrency is on top of the world banking system, and even if you’re skeptical about it, you’ve got to admit the idea has power behind it. No wonder bitcoins (and altcoins, any cryptocurrency besides bitcoins) are conquering the world of sports betting while crypto gambling has long become usual practice.

According to a recent social survey, around half of all Americans over the age of 21 have placed bets on a sporting event at least once. So crypto sports betting is basically a joint force of two web titans. Let us guess: you’d like to dip a toe or two in this pool (because it looks hella attractive), but you still have doubts about how to pull it off? Hmm. Are we right on time with this article or what?

A Starter Kit

Let’s say you have a few bitcoins and a favorite sports team. For those who don’t know, a few bitcoins is a real big sum in fiat monetary terms. And let’s also say you have a strong feeling in your gut that this favorite team of yours is going to nail a game or, at least, you have blind faith in their abilities. Either way, the thought of betting has occurred to you a couple of times by now, hasn’t it? But where do you even start? Is cryptocurrency betting scary? How will you be able to get your winnings? Is it even safe? You might think that we know the answers to these questions, but honestly, we have no idea. It’s far too complicated.

All right, all right, we’ll stop messing with you. Logically, if you want to get yourself involved in this business (or pleasure, whichever fits you better), you need an almighty cryptocurrency. Cryptocurrency can be divided into two principal groups: bitcoins and altcoins. Does it make that significant difference? Not really! Does it matter which type you’re going to use for sports betting? We don’t think so!

Find yourself a good, reputable website that will fulfill your requirements. Based on customers’ reviews and the rankings of professional media outlets, which we’ve meticulously analyzed, we’ve found some well-respected and reliable sports betting platforms. Betway Sports, Spin Palace Sports, and 888sport are among the best. They have great reward systems, reliable customer support services, high stakes options, and awesome bonus programs. While you’re still exploring your options with different types of cryptocurrency, always keep in mind that all web sportsbooks always accept bitcoins. Hold on: what is a web sportsbook? It’s the same as a sports betting website, and it’s actually not too complicated.

Reason #1: It’s Cheap

It’s not that betting is cheap. You may sometimes lose an impressive sum of money if your faith in a beloved team blinds your logic and common sense. It’s about banking fees. No matter what bank you use and what currency you prefer, there is no way you can avoid fees. One of the most attractive features of cryptocurrency is that it requires such ridiculously small fees.

In terms of sports betting, one of the most popular withdrawal choices is a check. Apparently, people still can’t let go of this old-fashioned yet reliable type of financial transaction. It’s hands down legit, but it’s rather expensive at the same time. Check fees can be as high as 50 bucks! What if you’re not into high stakes betting? You don’t want to lose that kind of money. So for those who don’t agree with those robberies from banks, cryptocurrency will always be a better choice.

Reason #2: It’s Fast

We don’t know about you, but we’re done with all those banking days and banking hours. When you win it big at a sportsbook website, you get excited and you’re eager to get your winnings ASAP. And with fiat money, that’s far from reality.

It takes quite some time to process all the transactions. What about cryptocurrency? If a couple of seconds doesn’t seem like too much time for you, then you should definitely go with this option.

Cryptocurrency withdrawal never exceeds 48 hours, and please note that these are not just business hours. Let’s not forget that bitcoins and altcoins aren’t connected to any bank.

Reason #3: It’s Anonymous

It’s a common practice among all web casinos and online sportsbooks to gather a lot of sensitive information about their customers, especially when it comes to their credit scores. Do you know any person who would feel absolutely comfortable with giving up personal data and info about credit cards? Neither do we!

With cryptocurrency, this step is irrelevant. With a bitcoin, a minimum of information about the receiver of a transaction is required.

But still, it can’t be compared to your whole personal profile to which every bank has access.

By using cryptocurrencies, your money is protected at a higher level, and there is a lower risk of fraudulent activity.

There Is Always a Little ‘But’

It may seem that when it comes to sports betting cryptocurrency is the only obvious choice due to all advantages stated above. First and foremost, predicting cryptocurrency prices is close to impossible, and if you aren’t living in a bubble, you must have heard about all the recent fluctuations. So there is always a risk when it comes to bitcoins and altcoins. You never know what you’ll get as a result. Okay, fine, that’s a slight exaggeration, but we never meant to terrify you and scare you away. It’s just that if you’re the kind of person who likes stability and wants to calculate your every move, cryptocurrency can be somewhat unpredictable. Oh, wait. What are we even talking about? You bet money on sports! You can never be sure of anything.

The biggest problem with cryptocurrency is… drum roll… the fears and concerns of customers. There are no problems with bitcoins and altcoins, per se. After a withdrawal, you can leave your money in cryptocurrency, or you can convert it to a fiat version. In order to do so, you’ll still have to pay some fees. Will we ever have the opportunity to transfer money absolutely fee-free? Not yet, at least. However, an average fee requirement in the world of crypto finances is only 0.25%, while a typical bank will ask 10%, 20%, or even an outrageous 30%. So it’s your call. Just remember: cryptocurrency isn’t as complicated as it seems!