The use of cryptocurrencies in transactions has several perks. The untraceability of transactions is one such perk that is responsible for its expansion. Furthermore, the use of cryptocurrencies for sports betting, though relatively new, is expanding at a rapid pace. The fast and secure transactions cryptocurrencies provide are one of the main reasons for their rapid expansion in the field of sports betting.
How to Place Bets Using Crypto?
Placing bets using cryptocurrencies is easy. The following steps would guide you on how to place a bet at the best crypto sports betting sites.
- The first step is to find betting sites that accept the use of cryptocurrencies. Choose a licensed and regulated website after doing some thorough research.
- Once a website is chosen, create an account with the website by registering with the sportsbook.
- Once registration is complete, go to your account and add money to your account.
- To add money, first make sure your wallet has enough cryptocurrencies. To buy cryptocurrencies, go to any crypto exchange and buy cryptocurrencies using any fiat currency of your choice. Then transfer the money from the exchange to your secure digital wallet, which will be used to store all cryptocurrencies henceforth.
- Paste the digital wallet address provided by the sportsbook into your wallet to add cryptocurrencies to your sportsbook account.
- Once you add, choose an event where you want to wager on and place a bet using the recently added cryptocurrency.
- Make sure your conversions are correct before placing a bet to avoid the risk of losing money by betting more than you desire.
Merits and Demerits of Crypto Sports Betting
There are several merits and demerits to betting using cryptocurrencies, which we are about to discuss below.
Merits
- The processing fee for any transaction using cryptocurrency is minimal as there is no involvement of any third party banks to oversee the transaction.
- Since the value of cryptocurrency can fluctuate, it holds more value than its worth as its prices can rise exponentially at any given time.
- The transactions are much faster and more secure. Currency conversions can be a hassle, but the use of cryptocurrencies eliminates that.
- Deposits are never rejected as there are no third-party banks involved.
- The anonymity and privacy offered by cryptocurrencies is much higher, and as a result, it becomes much more difficult to hack due to its untraceability.
- Most sportsbooks provide much higher deposit and withdrawal limits while using cryptocurrencies.
Demerits
- When match fixing is detected, the identity of the fraudulent crypto bettor can not be detected due to the untraceable nature of cryptocurrencies.
- The use of cryptocurrencies is still prohibited in certain countries, making it unviable for use in sportsbooks.
- Once a payment is made, it can not be reversed as there are no chargebacks.
- It can be difficult to convert cryptocurrencies into liquid assets and is not as easy as converting fiat currencies, which can be done in a matter of seconds.
The Rise of Crypto Sports Betting!
Crypto sports betting is becoming far superior to traditional betting nowadays. The merits discussed above aid this cause. The gambler’s details are protected by blockchain protocols, which means you can place a bet from literally anywhere. Gamblers can now place bets without having to worry about breaking the law at the online casinos. Multiple digital currencies can be used to gain an advantage over other players to win more money. The use of cryptocurrencies has been a gamechanger as it has brought players from all over the world onto a single platform where they can play without having to worry about breaking the law.
Final Verdict
Even though cryptosports betting is a new way to bet, it provides users with a safer platform to bet on. It simplifies the whole betting process, making it a lot easier for new players to start their gambling journey. The added flexibility, security, accuracy, and speed of transactions has increased the bettor’s trust, making crypto sports betting the new wave of the future. The lucrative promotional offers offered by crypto sports betting significantly broaden the market as they entice potential customers into the world of gambling. Try not to miss out on this investment opportunity as it is a great way to make money in the current market.
