Crypto Sports betting has exploded, modernized, and transformed the online betting industry. Today, sports betting accounts for the largest market share in the world betting industry. According to Zion Market Research, the fast-growing market was valued at 104.31 billion USD in 2017 and is expected to hit 155.49 billion in 2024.
Sports betting has embraced technology by using cryptocurrency as a mode of payment. Anonymity has helped gamblers gamble even in areas where gambling is deemed illegal. Sports betting is on another level since crypto jumped on board. Get the full details below on how crypto has changed the sports betting world.
Security is one of the significant factors that contribute to the growth of any gambling business. Most of the best online sportsbooks have tapped the potential of crypto by incorporating it into their business. Cryptocurrency is secure compared to the traditional methods of payment. Players who use Cryptocurrency as a mode of payment no longer need to disclose their details. Sports betting sites sigh in relief as there is no cashback once the system receives compensation. Modern technology has rubbed off scammers who try to reverse money to play for free—sports betting uses Security Socket Layer (SSL) and Transport Layer Security to safeguard gambler’s details.
The world demands quick services, and sports betting did not take long to give its consumers the best. With crypto, bettors enjoy fast transactions compared to other traditional methods that could take minutes or even hours. Cryptocurrency is universal; thus, players no longer have to convert them to their country’s currency. Many bettors are concerned with their withdrawals. Blockchain technology has helped bettors withdraw their money instantly after the site has processed the cashout request. The presence of third parties is a thing of the past, and players enjoy low costs of transactions that existed before.
Anonymity is the main reason why sports betting has gained masses attention. Some players would not like to disclose their identity or hobby. In addition, some countries have banned all gambling activities. The use of cryptocurrency has eased the burden by allowing players to gamble without leaving a trace. With blockchain technology, players only need a crypto wallet address to cash out and cash in their winnings. Organizations and governments can hardly oversee player’s transactions. Due to anonymity, hacking cases have been reduced as players only provide information about crypto and the address.
Low transaction costs
We can hardly underestimate the power of traditional methods of payment such as credit cards and eWallets. However, they can be challenged to charge transactions when a player wants to deposit or withdraw winnings. Bitcoin has offered a remedy by erasing huge transactions fees as bettors can deposit as much as they want. Third parties are not involved, thus allowing blockchain technology to provide lower transaction costs. Bettors using bitcoin are likely to pay 1% or less of the money they moved. Cashing out $400 in bitcoin could cost $4 or less.
Access to more betting sites
Many sports betting sites that operate in unregulated markets have turned to Bitcoin. The peer-to-peer network has attracted them in connecting them directly with customers. In countries where gambling is illegal, players can access numerous bitcoin betting sites and place their bets anonymously. Players in some countries face stiff banking laws that make it challenging to wager on their favorite sport. Bitcoin has nothing to do with banks, and no matter how much a player wins will be deposited in their wallets.
Winnings can grow bigger
Bitcoin constantly changes in value, meaning that there are times when the value increases. When players deposit their winnings from various sports betting sites through bitcoin, they are likely to get a more significant value when the currency shoots up. Players seize the opportunity by using cryptocurrency as their mode of payment to leap benefits.
Decentralization is the buzzword of the decade. Sports betting has realized that decentralization is the bottom-up approach to run an organization where power is delegated and spread among many customers. Decentralization has helped in making bettors feel empowered to manage and contribute to the system.
To mention a few, corporate giants such as Google and Facebook have heard their share of controversies in national headlines due to trust bleaches. With bitcoin, bettors can participate with zero trust issues. Bettors do not have to feed their sensitive information; they only need their wallets. In addition, the betting industry has attracted consumers, millennials, and generation Z due to its ability to gain user confidence. The system that uses blockchain technology has lowered the risk of systematic failure.
Ever since cryptocurrency set its foot in the sports betting industry, much has changed. Bettors have complete confidence in the industry, and they seem to enjoy low and fast transactions brought by the technology.