The sports betting industry is one of the largest in the world and over the years new technology has made it easier along with faster for punters to place bets. Most wagers are now carried out on mobile apps instead of visiting a high street bookmaker as there are many advantages that applications have over traditional bookies. The next generation of apps that use cryptocurrency to power its platform is now started to launch and due to the advantage these hold over traditional applications, they should become a mainstream way to place bets soon.
More advantages come with the best crypto sports betting sites than there are negatives but a lot depends on which platform you gamble at as there are lots of fake platforms you need to avoid. That said, however, below, I share my outlook of the same before diving into a review showcasing the best cryptocurrency sportsbooks on the market today.
One of the advantages revolves around crypto sports betting anonymity, where users using the blockchain protocol don’t leave behind a traceable money trail as it’s witnessed in traditional sports betting. Gamblers can place bets anonymously without sharing their personal information such as banking info, thus keeping hackers at bay.
Unfortunately, a lot of countries have banned betting in their countries. Traditional sports betting platforms also come with disadvantages such as hacking and mega corruption conducted by bookies. When it comes to depositing and withdrawing on these platforms, players find it a handful of events, especially if they’re doing international transactions.
Cryptocurrencies have given users a free and broader platform to bet freely without worrying about laws covering their jurisdictions. Cryptocurrency use is legal in the United States, where betting is prohibited in many states; to bypass these restrictions Crypto sportsbooks make it easy for US-based bettors to place wagers. These decentralized betting platforms can be accessed by all as they are not controlled by an individual as they run on the blockchain around the world autonomously.
The creation of multiple digital currencies, including BTC (Bitcoin), Ether (Ethereum), and dozens of altcoins, allows gamers to place bets without worry, which is an added advantage over traditional sportsbooks avenues.
In betting sites of yesteryear’s, bookies offer sign-up bonuses alongside impossible odds to attract gamblers who end up losing big. Cryptocurrency sportsbooks have taken another approach to attract and offer clients better gaming odds. They grant them higher crypto sports betting bonuses for smaller wagers and still turn in a profit, by lowering down their overheads.
Yet another advantage of using crypto sports betting sites is the efficient and quick withdrawals. Bookies using traditional platforms are notorious for making players pay withdrawal fees before processing their winnings. Bitcoin and other cryptocurrencies are electronic, and platforms using these currencies eliminate the need of third parties, thus making withdrawals and transfers into the gamer’s wallet a quick endeavor.
When it comes to making deposits, cryptocurrency sportsbooks grant customers a better avenue to deposit and transfer monies to offshore accounts. Unlike the olden days where processes took days and were littered with fraudulent activities, transactions today take seconds to get processed. For withdrawals, users share a link for their e-wallets, and funds are shared to the same address without a fuss, they can also convert the same to fiat currencies if they wish to withdraw and use the amounts for something else.
Like everything else, there are disadvantages of using cryptocurrency sportsbooks, some of the cons include;
Cryptocurrency volatility: cryptocurrencies are volatile by nature, when we look at Bitcoin we see this to be accurate, especially now when its price is high but is known to fluctuate up or down by thousands of dollars within minutes. It goes to show that punters on these platforms need to pay attention to the currency’s volatility when making bets and to collect their winnings.
No Refund Policy: When it comes to using cryptocurrencies, there is a zero refund policy. However, if there is a cryptocurrency that has started offering refunds, let me know so that I review this piece to help those who are yet to know of its existence!
There is still a long way to go before cryptocurrency becomes a mainstream option but thanks to technology advances in the gambling sector using this form of tech, it will help to fuel interest and demand. Many of the new crypto sports betting sites 2020 will not work, so you need to be fully aware of this before purchasing any tokens but the ones that do take off, it is possible to see big returns on the value of the proprietary token rising.
Blockchain Sports Betting Blockchain technology is being lauded for helping bettors, and bookmakers get more benefits than they would play in conventional gambling platforms. Crypto sports betting offers different solutions…
