Blockchain technology and cryptocurrencies have been around for some time now. While they still seem relatively new to an average internet user, online casinos have already seen their potential and have begun to integrate them. The digital gambling industry is being enhanced and advanced each day, and we clearly see the apparent benefits of these tech advancements.
You can use crypto to place bets on almost any game, whether it is NBA or NFL odds, and even in casino games. The technology allows for faster transactions, bonus rewards, and potential earnings even after withdrawing your winnings thanks to the volatility of cryptocurrencies.
Crypto Deposits Are Preferred by Sportsbooks
One of the greatest benefits of crypto betting is that there are no fees enforced by third-party regulators. Outside interference is always frustrating and challenges both the betting providers and bettors. In addition, placing bets in crypto makes sure you stay completely anonymous on the internet, so you might gamble even from the areas where it is not considered legal. You wouldn’t be breaking the law by doing this.
The lack of interference by third-party regulators allows sportsbook platforms to provide more favorable odds and incentives to players. The math is very simple – providers pay less in fees, they get extra savings, thus they are able to offer better odds to players. Additionally, processing times with crypto betting are almost non-existent, so providers also don’t need to wait for deposits and payouts.
Sportsbooks can also use the crypto they get from players to earn in the long-term, due to the constant changes in the price of all cryptocurrencies. However, the main reasons to accept deposits in crypto over fiat money are ease of use, fast transactions, anonymity, security, and potential long-term earnings.
Crypto Makes Betting More Efficient
Efficient betting methods have been implemented since cryptocurrencies were introduced in the industry. Previously, we had quite large transaction fees, very slow processing times, transaction limits, minimum deposits, and minimum withdrawals. With the implementation of crypto, all of these were simply gone, the efficiency has improved significantly.
Digital currencies and blockchain ledgers attracted more players to the betting industry than all other alternatives combined. Digital sports betting was completely renovated with the acceptance of decentralized online gaming and sudden popularity in crypto. And with the current pandemic situation, we only see the online sports betting community getting larger.
New gambling passages were opened up for players who specifically want to use only digital currency to gamble. A completely new playing field has been made by the sportsbook and gambling experts over the last couple of years, and we can only expect it to keep advancing in the future. You’re now able to find betting platforms that exclusively accept only crypto for withdrawals and deposits.
No Regulators in Crypto Gambling
Gambling commissions and authorities currently have no control over what’s happening in the gambling industry with crypto. Some operators and more experienced players do warn that potential attempts to gain control over gambling with crypto are possible. However, others say that the government will never be able to interfere with what will happen with gambling and cryptocurrencies.
Platforms say that they are ready and prepared to adjust to changes. Still, it is very unlikely that authorities will ever be able to pass the blockchain ledgers’ stealth to gain the upper hand. Therefore, we only see an increase in platforms that feel more comfortable with implementing digital currencies on their websites.
One thing is for sure – sportsbooks platforms now have control over crypto and blockchain. By thinking smart and transforming these features into essential betting tools, we now have a completely new betting experience available in just a few clicks. Blockchain is designed to ensure privacy and protect identity and assets.
This gives peace of mind both to players and to providers. We just need to be consistent and keep the blockchain and crypto relevant in order to stay out of the radar. Hopefully, we will be able to sustain this system and have a more enjoyable gambling experience at any given moment, and all of this is thanks to digital currencies and new technologies!