Cryptocurrencies like Bitcoin, Litecoin and Ethereum have completely changed the way sports betting works – and whether it’s the lower transaction fees, the faster payments, or the increased anonymity that comes with making payments online, it’s clear that crypto and sports betting is a natural fit. In this post, we’re going to be taking a look at some of the main ways in which cryptocurrencies have changed the industry.
Easier, Faster, And More Secure Payments
Let’s imagine you’re making a deposit at a conventional online betting site. Let’s, for the sake of argument, assume that you’re going to be using a debit or credit card to make this deposit. Once you’ve selected the amount you wanted to deposit, you would then need to enter your long card number. Next up would be the expiry date, and finally, the CVV from the back of the card. See the problem?
That’s a lot of information to be giving an online gambling website – and regardless of whether you trust a bookie completely or not, there’s always that degree of ‘is it safe’ when you make deposits like this.
When you use a cryptocurrency to make a deposit, it’s a completely different ball game. Instead of giving your sensitive payment method information to the betting website, the only thing you need to do is copy their cryptocurrency wallet address, and send them whatever currency you’re going to be depositing in. Within a couple of minutes, the deposit will show up in the bookie’s back-end system, and you’ll be able to begin placing bets right away!
Another major benefit of using cryptocurrencies at online betting websites is that there are no middle-men when you make payments. For example, when you make a payment online using debit and credit cards, VISA or MasterCard act as the ‘middle-man’ between the transactions. Not only are they able to block a payment (if they’ve been instructed to by government bodies), but they can also take quite a significant fee. Most online gambling websites pay between 1-4% on every single card transaction, and as you can imagine, this fee is passed onto punters. You may be asked to actually pay the fee, or you may see it reflected by the bookie offering you smaller and less frequent bonuses.
New Betting Websites
A competitive market is almost always a good thing. As we’ve seen in most industries across the world, the more companies that enter an industry, generally, the better the products – and the lower the prices to consumers. The same rings true for online gambling, and with so many betting and casino sites online, today, there are better odds, better welcome bonus offers and better betting experiences.
Of course, with cryptocurrencies we’ve noticed a number of crypto-focused betting sites open. Many of these sites only accept cryptocurrencies – and this makes them a popular destination for punters around the world.
Let’s take a look at 5Dimes, for example. 5Dimes is one of the oldest cryptocurrency betting websites on the planet, and it was one of the first sites to begin allowing punters to make deposits and withdrawals (and bet with) Bitcoin. The site revolutionized the cryptocurrency side of the online gambling industry, and it set a strong benchmark for competitor websites that we saw opening up over the next few years.
Today, there are more betting websites accepting cryptocurrency payments than ever before, and many of them have started accepting new cryptos, too. For example, you’ll find yourself able to use Bitcoin, Bitcoin Cash, Litecoin, Dodgecoin, Ethereum, Monero, Zcash and Dash.
Punters ‘Avoid’ Prying-Eyes
Due to the way in which cryptocurrencies are developed, they’re generally seen to be a much safer alternative for punters when compared against conventional payment methods. Now, for players throughout Europe, this generally won’t be a problem. However, take a look at players from Asia – China, the Philippines and Thailand. These countries have notoriously anti-gambling governments, and they’ve been known to actually fine – and in some cases – jail those who place bets online. This is one of the major benefits of using cryptocurrencies like Bitcoin; it’s completely anonymous. Nobody can trace the payments into and out of your online gambling accounts, and as long as you follow some basic security measures, you’ll be able to gamble without anyone knowing!
Another major advantage of using cryptocurrencies at sports betting websites is that transactions do not show up on your bank statements. A major problem with making payments using debit and credit cards, is that your bank statement will show gambling transactions. This is all well and good – until you decide you want to apply for a mortgage or other forms of credit. Generally, online gambling transactions are viewed as highly negative by potential lenders, and many punters have found that their request for a mortgage has been outright denied, simply because there were a few gambling transactions on their account.
This simply isn’t an issue when you’re using cryptocurrencies, so, along with enhanced privacy and security, it’s also a good way of ensuring that you don’t get any ‘black marks’ against your name, in regards to credit.
Over the past 5 years, the number of sportsbooks that accepts cryptocurrencies like Bitcoin and Zcash has increased dramatically. There are now more than 60 online gambling websites that either specialize in, or accept cryptocurrency – and you’ll be able to enjoy a fast, secure and hassle-free online betting experience when you choose to use a crypto.
Bitcoin – and other cryptocurrencies – are also easier to acquire than ever before. There are hundreds of online trading platforms that allow you to purchase them – and you can choose to do so using cash, debit and credit cards, EWallets like PayPal and Skrill, and even by making a direct bank transfer!